How to make money online? I wonder how many people ask this question in any single day.
In fact, correct me if am wrong, one of the reasons you found this article and blog, is because you searched “How to make money online?”
And may I just thank you for coming over and choosing this article from the many and various options you found.
Before we get started and dive into all the fabulous ways you can make money online, I just want to warn the process isn’t as easy as many online entrepreneurs have portrayed it to be.
I bet you are already cautious of everyone claiming to help you on how to make money online simply because of the number of scammers you have encountered or heard of. Facebook groups such as “Buyer Beware” only help to strengthen your belief that most if not everyone on the online business is a scammer.
I am not one to tell you on how ONE thing led me to make six figures online as monthly recurring revenue. Far from it; I have experimented with probably everything that this platform has to offer. Of course other than YouTube.
You can start making money online starting with what you already know. You may have been trained in the subject or you simply have passion on the subject. It does not matter. What matters is that you are willing to put in the time and work to see your goals to fruition.
Now the one way to make money online is to sell what you already know.
It can be baking, programming, singing, music, drawing, pottery… et al.
Why sell what you already know?
In today’s world, entertainment is now ON-DEMAND basis. It isn’t like the time we were growing up and we would rush home to catch our favorite program when it came on television. Nowadays, you watch your favorite programs at your own leisure time.
The education system has not caught up with this, but it will eventually.
What is the use of learning concepts that you will probably never use in your career? Why not learn at your own time and when necessity demands it?
E-learning is a $107B industry. Why am I telling you this?
Well, stick with me… You may also be thinking this is the same for any industry. Which is true, if you look at any industry be it mechanical, electrical or design; they are all billion or million dollar businesses.
But how do you think models like Udemy, Lynda.com, Cousera, Ed Cast and many more came to be? Most of these platforms have realized people no longer can’t afford going to school and others opt to learn what they can actually use in there day to day career life.
So you can pretty much start teaching people about what you already know in five different ways. Definitely, there is more. But I have only tried four of these and planning to launch a model with the fifth model in December. Read on and discover what method I am planning to use in my December launch.
Also, these are current models I currently have a little bit more knowledge on how to go about making money online.
Also Read: How to make money as a blogger
And what are these five core ways to make money online?
- Co-creation offers
- Membership site
- Coaching/Consulting online
View a masterclass simply as a physical workshop or seminar but now held online.
This is actually the easiest and quickest ways to make money online. It will help you establish if the market is actually in need of what you are offering or not.
Masterclasses require the shortest amount of preparation. Let it be something you can teach in ninety minutes to two hours’ time. So whatever it is, you have got to branch it down as much as you possibly can. If you are an accountant, the tax season just passed but a good masterclass example is to show people how to file their yearly income tax online.
You tell one or two people to send you the necessary files and with them show others how they can file their own taxes. You can do this even with showing small business owners on how to file their monthly tax records online. This is something you can do while sleeping and many people don’t know how to go about it. So why not charge people and show them how to do it.
This also establishes you as subject expert on the matter.
You can do coaching and/or consulting online or offline. That is your choice. I decided to make this the second option of how to make money online because you are probably thinking one-on-one tutoring will make you more money than hosting a masterclass.
This is absolutely true.
But picking one method of making money online doesn’t mean you can’t use the other methods. In fact you can use all methods if you so wish. But how many people can you serve one-on-one on any single day?
Probably two, if you push it let’s say three.
With an online masterclass you can serve hundreds of people at one given time.
So leave your one-on-one coaching and/or consulting to clients you consider to be the most ideal clients you can have and would love to work with. Also, this allows you to be choosy and make your one-on-one time to be quite premium if you so wish.
So whatever you teach in a masterclass, it is the same concept you are going to repeat in your one-on-one coaching.
You can sign one-on-one clients into your three or six month plans. This will enable you to teach your clients what you already know and not get sucked into the corporate world.
As the term suggest, co-creation means creating a product that you have done but your clients can just fill in the blanks. Here you have done the heavy lifting for them.
I borrowed this term from Bushra Azhar and I adopted it when I created twenty five DIVI layouts and sold one hundred and twenty different licenses to customers. The DIVI layouts were already pre-made websites that they could simply download and install. It came with a fully functional premium WordPress theme (DIVI) designed with place holder texts and images. All a customer had to do was download, install, change the copy and images and they have a fully functional website.
The basic package had the five main pages every website has and the other two packages a customer could opt to work with me or have more pre-made layouts of other website pages.
This method is best if your product can be offered exclusively online. If it requires a bit of training, then I would suggest you opt for a masterclass or a mini course.
Mini-courses are much bigger than masterclasses. Now as an accountant you probably won’t be stuck with simply filing of taxes.
A mini-course will require you to take you customer from one point of pure ignorance to a point of knowledge in four to eight modules.
As an accountant, you can now teach your customers/small business owners how to actually manage their numbers. How do they know if they are profitable? How can they balance their sheets? What tools should they use? What bank accounts should they open? How should they file their monthly taxes each month?
You can add checklists, swipe files and done for you templates wherever necessary.
The more you offer the more you can charge, and the more you charge the better the guarantee for your paying customers.
The final way you can make money online and this is through membership sites.
Now this is the method I plan to use on my December launch. And as I seeing it, it may be launched sooner than I thought.
A membership site is the best way to guarantee stable monthly recurring revenue. This is simply because for someone to keep being a member of the site and receiving value from being a member then the customer has to keep paying the monthly fee. Otherwise, they are out and no longer receiving value.
To use this particular method, you need to be ready to keep adding a tonne of value each month to keep your current members pay to be a member.
So, unlike the other four it isn’t a one-time thing and done. It is requires more commitment but offers a better buffer for your monthly revenue.
So are using any of these methods currently? If not, what are you waiting and if you are using other methods, mention them in the comment section and I will link back to your article.