The almost impossible question: how to make money online? When I read the book 4 Hour Work Week, I was determined to figure out how to get around this. Over the year, I figured there are a multitude of ways you can go about.
Stage 1: Freelancing
I started off as an SEO consultant in Singapore who took in freelance projects for a retainer fee of $1500 a month for a period of 6 months. I would then manage the projects off a laptop and communicate with my clients through email. It was that simple.
However, freelancing meant that I couldn’t pick my clients, and my income was capped at a freelancer level. It got frustrating after a certain and I decided to launch my own business. I also re-invested into digital marketing courses, that explored other models of making money online.
Stage 2: Starting Your Own Consulting Business
So, what are some business models you can start that don’t involve selling scammy Clickbank products?
Here are some ideas:
- SEO consulting business
- Web design business
- Email Marketing
Get leads through your website, consult/ coach them through Skype, or hire a sales person in your country of residence for sales. Charge them a retainer, communicate with your client through Skype or email.
However, when you start your business, you’ll need to understand business concepts such as getting your first paying client, positioning, systems and customer service. It isn’t as easy as you think. It requires an advance level of knowledge.
Stage 3: Starting Your Own Online Business
Now, let’s get to the biggest monster of online businesses. These are business models that drive the most revenue and have the biggest upsides. They are the E Commerce and online courses models.
- E Commerce
I’ve a friend who made 6 figures in a month from affiliate marketing. He drives traffic from sites such as Facebook to different products to different audiences, and tests for profitability. I don’t really know the technical details behind creating an E Commerce store, however, it exists, and you can try it.
- Online Courses
Online courses are a model I’ve been delving into. Growthlab, created by Ramit Sethi does a great job at breakdown how to create online courses. Information products are often low cost and easier to produce.
How to Make Money Online: The Successful Mindset of an Entrepreneur
I went 3 years as a student/ wantrepreneur/ freelancer. There are mindsets you need to adopt to become a successful entrepreneur in general, whether it’s making money online or running an offline business.
- Goes out and tests business ideas in a low cost manner
- Invests in his own entrepreneurial education such as digital marketing skillsets
- Creates content
- Calm and deliberate
- Build systems
- Tracks progress
- Obsessed with getting results for clients
- Never tests out a single idea for the fear of failure
- Consumes blog posts after blog posts
- Doesn’t invest in skillsets
- Frazzled, stressed out and overwhelmed
- Doesn’t rely on systems, but is all over the place
- Doesn’t track progress and key performance indicators
- Boasts about his making money, instead of getting results for clients
The psychology of entrepreneurship is extremely important, I didn’t take note of this until I found myself procrastinating, not meeting deadlines for months and years on.
Tool Kits Required to Making Money Online
I use this to liase with clients, do sales calls and previews.
Google drive allows you to share files. It’s great for project management.
I use Vodien, a Singapore based host, since I’m based in Singapore.
- Content Management System – WordPress
Guides on How to Make Money Online with Integrity
Growthlab creates kick butt advice on copywriting, monetization and gives awesome business systems advice. Their free material is better than a lot of paid material out there. You can learn a lot just by reading the blog posts and signing up for their newsletter.
- Email marketing
- Business systems
Backlinko outranks many of their international competitors when it comes to SEO from Wikipedia to Forbes. They also started as a one man show, their founder being Brian Dean. They’ve create a system for content creation and promotion, which is what I like about their approach towards SEO.
- Content marketing
Or you can check out our SEO course.