Discover more from The Glenn Meder Newsletter
How To Make Money Online
As you know, I am a serial entrepreneur. Being an entrepreneur is not for everyone, but if it's in your blood, you have to do it.
And the good news is, it is SOOO much easier than it used to be. The saying that "it takes money to make money" is not necessarily true nowadays.
Let's compare an old school business to starting an online business.
If you want to start an old-school business, such as a restaurant, for example, you need to...
Find a location. Once you find a location you will need to personally guarantee your rent for at least five years! So if you are looking at space that costs $10,000 per month, you are committing to $120,000 per year, and $600,000 over 5 years! This is before renovations, design changes, kitchen, furniture, signage, etc.
Hire staff. You would be surprised at how much staff a restaurant needs. You need to hire this staff at least a month before the restaurant opens. You need to train them, deal with HR, taxes, etc. Super expensive!
Purchase Inventory. You need a full supply of food and alcohol.
Advertising. And then you need to pay for advertising, which is an often overlooked expense. Advertising is expensive!
And here's the thing... all of these expenses need to be committed to BEFORE YOU MAKE A DOLLAR in revenue! This is a very money intensive business!
But, an online business is much different.
With an online business you can create a website, app, blog or piece of software that services a very tight niche, but since your market is the whole world you can still generate some good revenue. With an online business...
You don't need a location. Work out of your house (take a tax break for your office).
Instead of hiring employees, hire independent contractors to provide support for you. You will be surprised at how much work you can get done for just a little investment. You won't need to pay taxes or deal with any of the employment laws, as long as you do it right.
If you're going to sell products, find good products that you can dropship, which means that the company will ship the products for you. This means that your investment in inventory will be very low.
If you do it right, your investment and overhead will be very low, but your potential for making money is still very good.
How Do You Learn How To Do an Online Business?
There are some very good resources for learning how to create a simple, profitable online business. It comes down to WHO should you listen to. And here's the rub, because there are a TON...A TON!!! of people who want to teach you how to make money online.
Most of these people make all of their money simply by teaching people how to make money online. So, in other words they want to teach you how to make money online by teaching you how to teach others how to make money online. it's an incestuous circle of craziness, and it takes a long time to separate the sincere experts from the blowhards.
I believe that Pat Flynn is as honest as they come. I've been following him for years. He has a great podcast, and he has excellent courses that will actually give you what you need to get started. Here are some links...
Will It Fly is a free course that Pat created to show you how to analyze different ideas that you have so you can figure out whether it will be successful before you invest too much into it.
1-2-3 Affiliate Marketing is a paid course that shows you how to properly do affiliate marketing. This is a tried and true way to generate money online, and it's one of the easiest ways. I recommend this course!
If you've ever thought about creating a podcast, I recommend Power-Up Podcasting. This is a paid course by one of the masters in the podcasting world. I purchased this course at full price myself, and I love it.
In summary, if you are an entrepreneur at heart, go for it. It really can offer you significantly greater freedom than a job can. You don't need to quit your job either, but rather start by doing something on the side. Build up an income and create a stable business. Then you can decide if you want to quit your job and do this full time.