How to Make Money Online: 5 Key Steps to Making Money Online
Most people conclude that making money online is very difficult and it cannot be done without having computer skills, knowledge of programming, and marketing experience; however, there is a specific formula that lets you earn money online without any of those special skills.The most rich and successful online marketers are using this exact formula, or some variation of it to make handsome full-time livings online. In fact, the median salary for an Internet marketer is over $80,000 per year. In this article you will find the 5 key steps to take anyone from zero dollars online to regular and predictable money online.The five steps to making money online are as follows:1. Pick a niche
2. Choose products to promote
3. Build the foundation
4. Give away something amazing for FREE
5. Build a relationship and make offers to your prospectsNow, let’s discuss each of these five steps in detail so you can get a better handle on what it really takes to make money online.Step 1: Pick a niche
One of the most crucial things that beginners tend to get wrong is choosing the right niche or marketplace to build an audience. Most novice marketers will skim over this step which is the surest and fastest way to go broke when trying to make money online.Now, the important thing when choosing a marketplace is to do enough research to conclude whether or not the niche you want to enter is profitable. Also, if you choose one that is too big then you will find it to be insanely competitive and it will be hard for you to find an identity. It’s also very hard to create compelling value for a huge group of people with different sub-interests.The best advice when choosing a niche is to drill down on a narrow sub-niche of a marketplace that is already profitable. To look at an example, a popular (but big) niche is the health & fitness marketplace. If you wanted to choose a sub-niche of this marketplace you might look at a few options like Organic Diets, or KettleBell Workouts, or Lose Weight From Home. These examples are small segments of a huge marketplace, but if you spend a little time to uncover them you will be ahead of the 95% of people trying to make money online.Step 2: Choose Products to Promote
Many entrepreneurial addicts want to do everything, especially when it comes to creating and building the product. When just beginning, avoid the urge to build products. To quickly start making money online you should start out by selling other people’s stuff. This business model is called Affiliate marketing and is most commonly used by brands like Amazon, Netflix, and the like.Affiliate marketing will let you earn money online faster than creating your own brand of products. Once you have put together a system for nurturing new leads, marketing products, have built a small one page website (more on that in step 3), and have learned which hooks to avoid, you can start to build your first product. Luckily, you can take advantage of a new business model very similar to affiliate marketing, but with a slight modification making it immensely more profitable. More on that in a moment but you can immediately take advantage of sites like ClickBank, JVZoo, Commission Junction, and thousands of other different affiliate programs.Step 3: Build the Foundation
Making money online requires real estate dedicated to conducting business, a sort of store front. Simply sending traffic through your affiliate links will not sell many products in the long term. Doing this is a sure way to waste your ad spend and sacrifice long term business relationships.For a real business savvy long-term approach to earn money online, I suggest to establish a website. Your website can be as simple as a one page “landing page” which captures leads via an opt-in form. Modern software allows smart marketers to create drip fed campaigns of automated emails that go out to nurture your prospects. This tool is the crucial secret that will help you to make money online systematically and predictably.Step 4: Give away something amazing for FREE
On your landing page give away something absolutely amazing, meaning something your prospects will literally walk over glass barefoot to get, and give it to them for free.Specifically if you’re marketing other people’s products you will want to pre-sell the service or product, add on top of the value, and foster a sense of trust. The way to achieve this outcome is by giving away free content that will attract your target market, and have them saying “Did I pay for this?”After opting in to your subscriber list prospects will be drip fed a series of emails which establish authority, trust, nurture a relationship, and make relevant value-driven offers. Image being able to communicate specific conversations with each of your leads you get… in a specific order, at specific times according to their subscription signup date. This strategy is very powerful.Step 5: Build a relationship and make offers to your prospects
By using autoresponder software like Aweber or GetResponse you will have the ability to create automated campaigns that can build your authority in the eyes of new prospects, and nurture your relationship. This ability is paramount in successful business because people do not buy from people they don’t know, like and trust.Inside the same campaigns that build trust and authority with new prospects will also feature your affiliate campaigns. Now that you have built trust and authority with your community of subscribers they will be molded and receptive to your endorsement of products that can help them achieve their desired result.
Ways To Get Your Finances Under Control
Establish a budget: There’s no better way to manage your finances than by being keenly aware of the interplay between your net income (how much you take home after taxes) and your total expenses (including fixed expenses like bills and variable expenses like clothing or entertainment). See our companion article “Creating a Household Budget” for an easy path to a clear and cogent financial plan. Making use of software, like Budget Forecaster from Strativia, makes the task even easier.Make more money: Indeed, it may sound simpler than it really is, but it’s by no means outside the realm of reason. Just take a look at what you’re making now and try to find ways to augment it, be it asking for a raise, working extra hours, holiday or overtime, taking on a part-time second job, applying for a promotion or for a whole new job with an entirely different employer – there are numerous ways to increase your earning power.Pay yourself first: This is an ages old lesson that is as tried and true as they come – the instant you receive each paycheck, take 10% and sock it away in savings. Plan to live off of 90% of your income and you’ll be slowly but surely building a sizable nest egg that could end up lasting you a lifetime. But if you don’t do this religiously, first and foremost upon being paid, then there will be no money at month’s end to save at all, not 10%, not 1%.Pay your credits cards off: Credit card debt is a brutal, self-feeding cycle that can decimate your savings faster and more effectively than almost any other financial burden. At the very least, make your minimum payments on time so that your credit report remains untainted. Good credit is priceless in today’s world. And in many important circumstances, excellent credit can even compensate for poor income and savings. The best course of action, however, is to carry no balance. Pay your credit cards off in full as soon as you possibly can. Then restrain yourself from using your credit cards except when you know you can pay off new purchases in full at your very next billing period.Make your 401K contributions: Especially if your employer makes matching contributions, take maximum advantage of any 401K plan you have available to you. Not doing so would cheat you at the very least of the income from those matching funds, not to mention the income that can be gained from savings account interest or investment maturity. You wouldn’t turn down a company bonus would you? Then don’t let your company’s 401K plan go to waste.Stay on top of your investments: As time passes, the economy fluctuates, and an intelligent investment today may be a foolish investment tomorrow. You need to review your portfolio regularly and readjust it regularly to avoid loss and pursue gain. Remember, though, avoiding loss – or protecting your capital – is infinitely more important than pursuing gain. Don’t let any one stock comprise more than 5% of your total portfolio, and don’t let any one industry comprise more than 20%. Remain diversified and readjust your distribution of assets as the performance of your holdings changes. Seek professional financial guidance as necessary.Build an emergency fund: Start saving money in a separate, FDIC-insured account and build it up until it contains enough to cover six months of your expenses. Take a look at your total expenses (both variable and fixed) from your personally designed or Budget Forecaster household budget and then multiply it by six to discover how much you should keep in an emergency fund. Then leave that money alone until and unless you need it. Should the unfortunate day come that you do, you’ll be glad it’s there.Get your free credit reports: Your credit reports can be among your greatest tools for acquiring credit or they can be your biggest hurdle. The government decision to allow consumers a free copy per year of each of their credit reports from the three major reporting bureaus – Experian, Equifax, and TransUnion – is an opportunity to take charge of your finances that should not be ignored. See our companion article entitled “Get a Free Copy of Your Credit Reports” for further details.Review and update your insurance policies: As with bank terms and credit card rates, insurance premiums also change considerably over time. A good deal yesterday could be a lousy deal today. And with your ability to go online, you can easily compare and contrast insurance offers in an instant. Important coverage to make sure that you have on both your home and auto insurance plans is cost replacement insurance. Decent liability coverage is also of the utmost importance. And also be certain that the insurance on your home accurately reflects the true value of your home today.Start A Business: Starting a business is easier today than ever before. There is all sorts of informational material, resources, and tools available to help you, and most of them are free. Whether it’s selling books on eBay, developing a sleek new high-tech product from scratch, or outsourcing your intellectual talents there is a market out there for almost anything. Whether you decide to go into business full time or part time, there is money to be made that will ultimately help you to keep your finances under control by increasing your income.
Looking for Ways To Finance a Franchise? There Is Only 1 Way When Financing a Franchise Investment!
You’re there. You have made the decision. You’re committed. You have timelines now. We’re talking about your franchise finance decision and the next challenge you have in the franchise process – financing a franchise. How many ways to finance a franchise are there? Only one… the right way! And we’ll show you how.The ability to finance your franchise properly and satisfy the requirements of the franchisor without putting you overly in debt is what it’s all about of course. And if you do it right then you of course have the potential to grow a business, profit from it, and build owner equity for either long term resale of personal financial gain. That’s simply what it’s all about, and boy does it help if you like what you are doing, at the same time taking on the entrepreneurship role in Canadian business.The good news is that your are lucky, because franchising couldn’t be any hotter or more popular. Franchises move goods and services in the billions in Canada, and you’re now part of that movement.But let’s be realistic, whether it’s a franchise investment of any other business start up the same critical needs apply relative to planning and financing.Homework. Did you hate it in school? Well here it is again because we strongly suggest to clients that you are now in homework mode when determining how financing a franchise works. It’s all about planning, which includes ensuring you have a profitable potential business on your hands, as well as understanding ways to finance a franchise in Canada.Business plans are critical to your franchise investment. It’s a case of demonstrating your business has both profit potential plus, and this is what interests the lender, that you have the ability to repay your debt and loans. The franchisor naturally is interested in long term success of the chain, and your ability to pay royalties as they become due, usually monthly.When you address the franchise finance decision you must consider a number of items – they are as follows – what is the total all in cost, what methods are available to finance each part of the cost breakdown, and finally, and perhaps most importantly, how is the actual financing done.The costs to assess in a franchise finance investment are as follows – the initial franchise fee, the cost of fixed assets or leaseholds to your business – i.e. equipment, signage, vehicles if required, etc. And finally, if you did all that and didn’t address working capital for ongoing operations and growth then you are setting yourself up for failure.Clients are always looking to us for a magic solution and a one stop finance strategy for their franchise investment. The closest we can come to that is the government BIL/CSBF loan, under which the majority of franchises are financing in Canada. You can successfully augment this strategy by equipment financing for a variety of assets as well as a small working capital loan, usually unsecured. Don’t forget also that your own owner equity investment becomes the final piece of the puzzle.And getting back to our business plan, ensure that you have covered off all the debt you need and that if reflects your ability to pay it back.Financing a franchise. Challenging? Yes, we guess so. Possible? Of course. Speak to a trusted, credible and experienced Canadian business financing advisor with franchise experience who will help you navigate, successfully, the only way to finance your new business – the right way!