Hi, and welcome to Day 4!
To day we're going to take a look at some business models within the internet marketing industry.
I'll go over each briefly and explain the basic premise of how you make money. Each type is covered in much more detail through video, presentation, and written tutorials in the Wealthy Affiliate training database.
This is what I do, and it's what you'll learn in your beginners courses. Basically, you choose a topic, product, or service within a “niche”. The more specific, the better. Remember my example about motorcycle helmets from day 1?
Custom motorcycle helmets is an example of a niche.
We want to find a small area of the market where people are interested in reading information online, and also interested in buying stuff. Some niche ideas could be
- Big screen 3D TVs
- Lose weight for vegetarians
- Deep sea fishing
- Mountain climbing
- Board games
- Urban farming
- Facial hair fashion
- Tech for babies
- …and there are millions more
Money is going to be made by affiliation with companies that sell the equipment you need to do these things. You can affiliate with several companies at once, or just one. It's up to you.
Build an Authority Site
Also considered the second stage to niche marketing, this a more aggressive plan. Rather than focus on one tiny part of a niche, you expand out.
Continuing from the example above, while the site may start out only featuring custom painted Harley helmets, you can eventually expand to off road helmets, full faced designer helmets, and even other types of motorcycle gear.
What started out selling one specific thing is now selling everything motorcycle related. Get enough buyers, write enough articles, keep your site ranked in Google for long enough, and you'll have AUTHORITY. More people will link to you + find your stuff. Financial success is exponential from there.
This is why it's important to choose a good domain name. Pick something that describes your niche, but something broad enough that it doesn't “lock” you in to selling only ONE item.
Monetization is the same as above.
Market Your Services
Once you learn how to build a site, rank it, and get traffic to it, you will now have very in-demand skills. If you don't like the idea of “selling products”, but would rather sell some kind of service, you can do that with a website as well.
Create a logo, think of a brand name, and promote your business in online marketing circles. Marketers like me LOVE to have high quality, hard working, knowledgeable people work on our websites, and we'll pay good money for it.
Sure, there are plenty of people that can do these things, but they rarely know how to market their own services! They can build a great logo, but they can't find the people that want it.
And this is just speaking about the online world.
Do you own your own brick and mortar business? Leveraging the internet to expand your customer base and communicate better with potential clients is a great way to make money online.
Alternatively, did you know many small business owner don't even have a website? The corner pizza store may be awesome, but anyone who hasn't grown up in your city won't know about it. When they come into town on a business trip and search in Google, “best pizza in [your city]”, what would they find?
With a bit of experience, you can take your internet marketing skills to build websites and rank them in Google for businesses in your area. It's super easy to rank for these keywords because most of the time they are very non-competitive. Businesses will pay hefty fees for a service like this, so this could be a very lucrative endeavor.
The hard part is going to be working up the confidence to do a sales pitch, and refining your services over time. But I know plenty of guys that do this full time. Once you get one satisfied client, the others come running!
This is not the official term for this style of internet marketing, but I think it's fitting. It does take longer than usual to start making big bucks from this, but the concept is very simple, and it's one of the most fun ways to make money.
Basically, you blog about whatever it is you do. What are your hobbies & interests? Post some videos to YouTube, post regularly, tweet to your fans. By putting up some general ads from Google (Adsense, Chitika, + others), you get paid a few cents each time someone clicks an ad.
It may not seem like much, but when you can get 30,000 people to your blog per month, if Google puts up appropriate ads for your visitors, you could be making a decent living from this. You don't even have to promote any products!
My roommates sister does this. She lives a pretty lavish lifestyle of travel and adventure, all the while blogging about it. She does a terrible job of monetizing the site, but she has plenty of readers.
The catch is that you need to do something interesting enough that people want to read!
This is a bit tough for newbies, but if you have a knack for business or a great idea, it could be for you. Even if you just have a specialized skill or kind of knowledge that you can write down and put into a PDF (as a digital information product), this is one of the most profitable strategies available.
You make the product, then other people help you sell it. Essentially, the “niche marketers” from above sell your product which means they are doing the hard work of promotions. They do 75% of the work for 15% of the profits, while you do 15% of the work and take 75% of the profits.
I remember a story of a very successful guy who wrote a simple DIY guide on how to build your own solar panels to save energy at home. IT was simple, but useful information. There's a webinar we recorded a few weeks back where the presenter created his own guide on DIY humming bird feeders! How's that for creative!
This is pretty popular because it mixes elements of quick profit and all the fun of internet marketing. You choose the topics, you make the sites, and get them started making money. Rather than wait for profits to trickle in, you can ‘flip' or sell the site to someone else who wants the cash flow.
For example, I prefer cash flow over a lump sum of cash, so I am considering buying a website next month. The website only makes $1,000 per month, and the owner is charging about $6000 for the site.
This means that It will take me 6 months to break even on the site, but after that, I have a money making site I didn't build. The builder however, gets a huge pile of cash amounting to $6000!
I think this would be best to do after you've built a few sites, but this is a cool idea for anyone that likes the idea of flipping houses, but afraid to jump back into the real estate market.
BONUS: Adsense Site
This is probably the simplest plan, because it doesn't take much strategy. By placing Google Adsense (Google Ads) on your website, you do not have to do any promotions at all. You simply blog about whatever you want…as long as it's related to a specific topic…and try to get traffic to your website.
This can be free or paid traffic, it doesn't matter. More traffic = more money. It's as simple as that.
Of course, Google doesn't pay very much. Just a few pennies per click. So you need a lot of traffic to make good money with this model. A LOT. Still, the simplicity of this type of business is very attractive to many people, and most of the Buzzfeed or Mommy Blogs you read online are monetized using this method.
Yup. You will learn about this inside WA. Be sure to ask me if you have any questions about it!
These are not the ONLY business models out there, but they are the most prominent ones. I do not suggest you try them all! This can be very overwhelming and you could get burnout. Follow the training and make your first niche marketing site. As you progress to higher levels, you'll get a more concrete idea of which direction you want to start taking your business.
About The Wealthy Affiliate Online Entrepreneur Certification Program
This is the course that will get you started on your internet marketing journey. It will teach you “niche marketing” to begin with, and you can then expand from there with some of the more advanced training within WA.
Basically, the course takes you from having zero internet marketing knowledge to having a real website you can make money from. It takes about two weeks to complete, depending on how fast you go through it.
There are ten lessons total, and they explain everything in detail, along with videos and tutorials. Plus, if you need help along the way, there's always the support of the WA community.
But your training doesn't stop there! That is just Level 1, and there are actually 6 Levels altogether!
To access Level 2 and above, you'll have to be a premium member. We'll talk more about premium membership tomorrow (Finally!) I'm pretty sure that by the time you finish the Level 1 Course you'll see how awesome WA really is, and be very eager to start Level 2 Training.
*Disclaimer* The “Certification” is recognized within the WA community, but is not a college or University course to count towards any degree or credit of any kind.
Tasks for today:
1. Complete Another Lesson in the Online Entrepreneur Certification course. Remember that you get two free website with your Starter Membership in WA, and the training will show you how to get your first website set up. If you haven't done it already, you can make a practice one below (don't worry, you can delete it and start over later if you like).
You don't have to do anything to your website. Just create the free domain on Siterubix.
2. Say hello on my profile! You've made it this far, so go ahead and introduce yourself to me. I can see that you're serious about starting an online business, and I'd like to meet you. I want to help you succeed – this way I can follow you, read your blog posts, and check in to see if you need any help.
3. Take a rest! Today was pretty intense as far as how much we learned and did. I'm sure your brain is fried 🙂 Do something fun, or just veg out in front of the TV. Pick your poison!
Tomorrow is Day 5, the last day of our course. We're finally going to dig into the differences between the Free and Premium memberships at Wealthy Affiliate, as well as get an in-depth look at the value WA provides to members of the community.
Remember that WA is the same place I learned to build my first website and start earning income from it.
You definitely can't miss tomorrow's lesson. Don't forget to look for [OM2C] in your inbox!