How to Start an Online Business (Part 4)
NONE of the links in this series are affiliate links. I just want to give you value!
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We are continuing in this series on how to start and grow an online business. If you missed it, here are part one, part two, and part three. I hope you’re getting excited about the possibilities. Creating side income or a full-time income is a real option with an online business.
We’ve talked about picking your topic: Decide who you want to help and what you want to help them with. Create a strong foundation that involves your social media presence and your website. Start building an email list because that’s where the sales will happen. Build your audience and use large publications to reach an untapped audience.
The last four years have been surreal, but it shouldn’t feel that way because I worked hard to get here. The hard work does pay off if you stay consistent and don’t give up. Today, let’s talk about the money aspect of this. Money isn’t the main reason to start an online business, but you do need it to live. And, businesses make money.
6. Create things to sell.
The cool thing about an online business is that what you sell is mostly digital information products. The idea of “passive income” can be a little misleading because things like, speaking and consulting, aren’t necessarily passive. You can create digital offerings to go with the speaking and consulting. They work nicely together.
There are many options that you can create to generate income. The simplest is a guide—a 10 to 20 page PDF that works your audience through something specific. You can price it at $5 to $10 bucks. Chris Guillebeau does a nice job creating guides.
You can write and publish a book(s), which is how I made all of my money when I first started out. You can create and run a class like the one I will offer at the beginning of January. A class doesn’t have to be complicated—remember, the content is what people want. You can use a free conference service like Free Conference Call and host the video/audio on a password-protected page on WordPress. There are also many great plugin options that keep the cost down.
You can also create a full-blown course. This usually involves videos, audio, some documents, and a closed group for support and encouragement. You can also make money through ads or affiliate links on your website. There is no shortage of ways to monetize.
Start slow. The best thing to create is what your audience is asking for; you should listen to what they’re telling you they want. Test your idea. Set up a page that talks about what you’re creating and offer pre-sells. If no one buys, then maybe you might not be on the right track. If a bunch of people buy, finishing creating that thing.
The cool thing about large publications is that you can leverage them for sales. Some examples. This one article on The Huffington Post led to over 2,000 book sales, this one on Mind Body Green led to 1,600 book sales. Large publications give you a book widget for you books.
You can get indirect sales by strategically linking to what you have going in. My client Nick did that when he launched his membership website, and a got a ton of new members from this article. BUT, you have to be super careful. Editors hate it when you come off as promotional.
The best way to sell your offerings is through your email list. When you add value through your free content, you will then have the opportunity to sell a few things. The value has to come first and use your free content to give a peak into what the paid offerings will be like.
We’ll pick this up in part five, which will be the last post in the series. The key with all of this is to study what will work for you and what you’re trying to do. Then, create a plan and take action. Don’t give up before you give yourself a real chance to build something.
You can build a business that supports a life you love. It will take time, and it will take overcoming failure along the way, but it’s possible. I can’t wait to see all the success stories that come out of 2016. I know there are many who will take massive action. Cheers!
How are you going to monetize your online business?
