In this article we are going to look at why you should start an online business.
We will look at why and how to get yourself earning income online.
Disclosure : Some of the links below are affiliate links, meaning, at no additional cost to you, I will earn a commission if you click through and make a purchase.
It is no secret today that the internet is a crucial part, truth be told, central part of the world economy.
It is also a central part of a lot of peoples lives from how they pay their bills and how they socialize, right up to how they earn a living.
Increasing numbers of businesses are expanding their presence online and expecting their employees to be competent, if not highly skilled, with regards to the online world.
The increasing presence of this skill set requirement, combined with the advancements in technology, is leading to a lot of companies downsizing their workforce.
People who were once in jobs with long term prospects are now finding themselves replaced by machines and algorithms.
Combine that with the rising costs of living, such as soaring rents in urban areas outpacing wages from employment, it would be prudent to learn the skills needed for the coming future.
What If You Got Fired From Your Job?
Can anyone today truly say with complete confidence that they are secure in their current employment?
As I mentioned above, a lot of people are finding themselves replaced by advancements in technology or laid off due to companies downsizing their workforce.
Also, as the population in urban areas increases, so does the supply of labor for the job market.
Basic economics starts with the simple principle of supply and demand.
In times when employment is high but available workers are scarce. Higher wages start to be offered in order to attract employees.
When available employees significantly outmatch the available amount of jobs, then employers often offer lower wages.
If one person does not want to work for x amount, then there are many people out there who will and are looking for work.
Now, think back to what I said about a lot of companies starting to replace people with technology and downsizing work forces for various reasons.
Combine that available labor pool with the current population growth and you have the potential for an over abundance of employees in the future labor pool.
You can come to your own conclusions as to what they will mean for both future job availability and the wages they will pay.
In that case, I hope that a lot of people in the future either look to starting their own businesses or at least creating other income streams.
If not they may end up looking at some not so attractive wage offers, assuming they can find a job.
Full Time Income Vs Extra Income
There are plenty of people making a living online. Some that are making fortunes and countless others making extra income online while still working a job.
When people think of an online business, they often have preconceived notions of huge websites with offices of staff and offline infrastructure.
Granted there are many businesses like that online, but there are so many people using very simple business models to make money online.
Some people are literally running their social media on their phones and monetizing their followers using various techniques such as affiliate marketing.
Other people launch their own books, clothing lines, YouTube channels, etc.
There are many ways to make money online.
Here are a few examples.
Social Media Influencer
Some of you may have heard of some social media influencers making absolute fortunes online from their followers.
You have probably wondered how they make their money.
I will address YouTube briefly before moving on to the other platforms.
YouTube channels typically earn most of their revenue from the ads that roll before and sometimes during the videos they create.
You will notice that increasing amounts of channels are starting to do sponsored product videos aswell as including affiliate links in the video description.
But YouTube is not the only social media platform that can make you money.
Each platform has its own nuances and guidelines for what kind of links etc they can post on that specific platform.
Some will allow you to post links off the page and others will not.
Often, the ones that will allow outbound links will have influencers who will recommend products to the followers and include a link in the post.
The link will take the user to the product page or website and will also contain a special link that earns the influencer a referral fee.
The fee is most commonly a percentage based on the amount of sales generated from the influencer’s links.
In other words, every time one of the influencer’s followers click on a link that refers them to a product, the influencer will earn money on anything they purchase.
Now, take a moment to consider that some influencers have millions of followers.
I’ll let you work out the money potential…..
Other influencers promote their own products to their followers or will sometimes do sponsored posts.
Sponsored posts are quite common on Instagram for example.
A lot of fitness models will post pictures of health supplement products you may have noticed.
Those posts are usually paid for by a supplement company and the rate is based upon the amount of followers the model has.
Some influencers can earn $30,000 upwards for posting a picture of a product.
It is not only fitness models who use this business model.
There are many influencers doing sponsored posts in all kind of industries and product niches.
I will go into more detail on the question of “what is affiliate marketing” further down the article.
The key to making money online as an influencer is building a significant following.
The following will build based on the content you post on your feed.
If you are interested in this business model you will need also learn how to market on your chosen platforms.
At the bottom of this page I will tell you where to find information about marketing on social media.
In the old days of publishing it was very hard for a new author to get their work published and royalties were rumored to be less than amazing.
Today a lot of authors simply self publish their work on digital and paperback platforms via services available online.
They can write their work on their laptop and upload the file to platforms that then convert the file into digital and paperback file format.
The author can then set the price they want for the book and any money after platform fees, such as printing costs, is profit for the author.
The author can also market the book for themselves as they see fit.
Most will use social media platforms to create followings of eager fans ready for the authors next book launch.
Unlike most business models, an author is a product line where large percentages of the consumers end up buying every product (Book) from the line.
If an author has multiple titles available it is not uncommon for fans to buy every single piece of work the author produces.
Not many business models can say that about their product lines.
It is not just authors of fiction who are making money from this model.
There are people who create online subscription magazine that people pay monthly for to receive digitally.
Other people are doing recipe books, comic book series, financial books, self help books, and the list goes on.
So even if you are not creative writer, you may have knowledge or ideas you can monetize.
If you are an artist you can create books of your work and sell them.
The possibilities are as varied as any traditional notions you may have of publishing due to print on demand.
Most authors will now offer their work in both digital and paperback formats.
Digital is simply a case of uploading the file (Usually created in Word or a similar software) and either creating, or paying someone else to create a cover.
This e-book can then be purchased and downloaded by readers.
Paperback is simply a case of uploading the same file to a print on demand platform.
Print on demand is exactly as it sounds.
When a person pays for the book, it is then printed and shipped straight to the reader.
Amazon has a service that allows authors to upload the file, set the price, and it is then listed for sale on Amazon.
Once the file is uploaded and formatted to ensure everything is in order for printing, then Amazon takes care of downloads of digital and print delivery of paperbacks.
Here is the Amazon Service Print On Demand
At the bottom of this page I will tell you where to find information about marketing your own books.
Affiliate Marketing is simply the practice of posting links and earning a commission or similar referral if people click through the link and buy the product it links to.
I mentioned this above in the Influencer section.
There are a huge amount of companies that offer affiliate programs.
One of the biggest and most well known is the Amazon associates program.
How this works is very simple.
Someone may have a blog and/or social media following.
The person may be involved in the fitness scene and often posts articles and pictures for their followers.
The person joins an affiliate program that offers 6% on referred purchases.
The program gives the person access to links for various products.
When posting a picture on their social media, they start adding the affiliate links to fitness products.
The person gets 6% commission on any money spent by the people who click the links.
Bear in mind, if the person posts a picture or article, and it goes viral, it takes the links with it.
So those links may end up in front of large, if not huge, amounts of people.
Content, once posted, may be viewed months or even years after the original post date.
This means that an article wrote or picture posted may earn the person more money over the course of time.
There are many affiliate programs online.
Many large and well known companies, retail and otherwise, have affiliate programs online.
Everything from general shopping, such as clothes, jewelry, health products, through to credit card offers, flights and hotels, etc.
Almost any product available for purchase online can be found as part of an affiliate program.
You do not have to be a blogger or fitness model to do affiliate marketing.
Anywhere you can post affiliate links is a place where you can earn money.
Some people join social media platforms and simply start a following around a certain product topic.
They then post pictures every day with links attached.
Their followers expect to see lots of product pictures and links in their feed.
This means that people follow specifically to receive such links.
Other people build blogs or followings and post articles related to their chosen topic.
Links are included within the article and they build a following based around the content they post.
This does require the post writer to create informative and/or interesting content.
Some YouTube channels will do review videos for products and include their affiliate links in the video description.
The person in the video will often tell me people to click on the link in the description if they wish to view the product sales page.
Consider how many views some videos get, let alone the total views for a channel.
At the bottom of this page I will tell you where to find information about learning affiliate marketing.
With the advancements being made in technology and, as I stated above, the ever increasing populations in urban centers, it would be wise for people to consider creating their own income streams online.
Some of you may decide to start an entire business online while others of you may choose just to create a bit of extra income each month.
Whatever the case may be, you will have to learn how to market online.
Even if you are not specifically interested in affiliate marketing, you still need to learn the basics of marketing online.
Where To Learn Online Marketing
You can learn online marketing by searching around the internet if you so wish, but I personally chose Wealthy Affiliate for my education.
I joined many years ago and still use the platform to this very day.
The education course is broken down into training modules and most have tutorial videos within the modules.
There is also a built in social media platform that allows members to chat and ask each other questions.
They offer a free starter membership and this allows you to look around the platform and use most of its features for free.
I suggest taking a look simply because it is free to do so.
If You Are Interested In The Entrepreneur Mindset Then Take A Look At The Following Book.
The Lone Wolf Entrepreneur
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