Making Money on the Side with Online Marketing
One of the frequent questions we receive is how you can make money on the side. So let’s face it, almost everyone wants to make extra money on the side. Taking it a step further, most of us want to leave our jobs behind and work for ourselves. Making money on the side is a great gateway to generating a scale able, full-time income down the road if you chose to go that route.
In this article, we’re going to look at how you can start making money on the side. But first, it’s important that we recognize the common hurdles that most people looking to earn extra money online must overcome.
The Two Most Common Hurdles When Making Money on the Side
There are two main obstacles that most people that are looking to make money on the side have to overcome. First, is a lack of time. Second, is a lack of money or resources. Obviously, if you’re working forty or more hours a week then you’ll only have a certain amount of time each week to commit to working on developing a solid side income. Likewise, not many people that have extra money lying around are looking to make more money on the side. These people likely already have solid income streams set up.
So, our goal is simple. We need to develop a plan that can be accomplished with a minimal investment of time and money.
Identify Your Greatest Asset(s)
When it comes to making money online, the easiest way to generating profits is to find a problem and develop and/or offer a solution. All of us pay for solutions to our problems. Most of us do this each and every day. When we’re hungry, we pay for food. We don’t go out hunting every day or for every meal. Nor do most of us grow our own fruits and vegetables. Although we could, we opt to pay for our food at grocery stores. Why? Perhaps it’s convenience. Or maybe we value our time more than the money that we spend on food. No matter how you break it down, we’re paying for a solution to our hunger. This same principle can be applied to thousands of other problems that people face each and every single day.
So, when developing an online business when you’re short on time and money all starts with one key variable: what value are you able to provide that will solve someone else’s problem? Take a look within and analyze your strengths. Tap into your knowledge and then see what products are on the market that is already solving the problem you’ve diagnosed.
This is where it can get a bit tricky. Some people often view competition as a bad sign. These people think that if an existing solution already exists, then the market is oversaturated or more difficult to break in. However, in the year 2016, almost every evergreen niche has been revealed and is full of competition. Assuming, of course, that the niche is profitable. More experienced marketers view competition as a good sign. If people are already spending money on a solution, then they’ll spend money on your solution as well. Now, you just have to develop your own solution present it to your potential customers.
So, how do you develop a product? First, take a look at what is already on the market. Then find a unique way to improve the product and put your personal touch on it. Whether it’s branding, or the format, or the price, or lacking information… find a weakness that other products on the market have and exploit it. Market your product to clearly show how it’s better than what is on the market already.
Information Products are Ideal for Side Income
Information products are the ideal solution when it comes to making a side income. This is due to the simple fact that once the product is created, all of your efforts can go into marketing the products. Other methods, like physical goods for example, will require you to manage inventory, process shipments and ultimately minimize the already limited time that you can spend promoting your products. Likewise, offering services are highly profitable; however, they’re time intensive when it comes to dealing with customers and actually completing the actual service. In short, the more time you spend doing tasks that are not directly related to marketing your products or business, the more money that you’ll ultimately lose.
Research Your Target Market and Tailor Your Product to Them
Often times, new business owners overlook how easy it is to do market research in this day and age. There is so much communication online that our customers are basically telling us what they want. It’s almost as if our customers are creating the products they want, we just have to put it all together and we’ll be well on our way to making money on the side.
Identify places on the Internet in which your target market hangs out. Do they use forums? Do they regularly visit the same blogs or websites? Go there, connect with your target market and see what they want. Listen to them, provide helpful information when you can, and ultimately brainstorm product creation ideas.
The Big Money: Don’t Be Afraid to Ask for It
After you crank out your initial information product, you need to develop a funnel around it to really start making money on the side. Your sales funnel should ultimately include a big ticket item. If it doesn’t, then you’re leaving a lot of money on the table. You’ll never know how much someone will pay until you ask for them. Just make sure that the value that you’re delivering is equal to, or greater than, the price tag on the product.
Funnels are very simple. The deeper people get into your funnel, the more trust they have inherently developed for you and your products. The more products that someone buys from you, the more trust they have for you.
The typical funnel will ultimately develop into several up-sells, down-sells and cross-sells. Keep in mind that you don’t have to develop each of these products immediately. You can develop it as you go, or you can look for complimentary affiliate offers to offer as up-sells, down-sells, and cross-sells.
This is an excellent way to set up a sales funnel quickly and efficiently. Once the funnel is built, shift your focus to marketing your products, growing your traffic, and tweaking your funnel to optimize your results.