Photo by Miss LuLu
“Make money online” is such a dirty phrase nowadays. Our community has been plagued by spammy sites that promise to make you $10,000 a month by using their “proven” system.
A couple months ago, my friend bought a $100 eBook that promised to teach him to to get $10,000 of Google Adwords advertisement for free each month. Being the skeptical person that I am, I told him I would check it out and let him know if it was legit.
The strategy the eBook taught is actually worth mentioning, so here it is in a nut shell:
A strategy for print marketing is to buy an entire newspaper page for $1000, then sell the individual section yourself to make a profit. If there are 8 sections on the page that you sell for $300 each, then you make $2400 in revenue. That’s $1400 of profit for you. Pretty simple right?
The strategy is then to apply it to Google Adwords. You have a website that’s about cars so you target automotive keywords. You have about 10,000 monthly uniques on your site so you sell 5 adspots for $200 per month. You then take that $1000 in a month and invest in Google Adwords to bring you more traffic. Now that your traffic has increased, you can charge more for your website advertisement. You then rinse and repeat the process.
The strategy the eBook teaches is decent at best. My problem with it is that it tricks people into thinking that this is a guaranteed way of making money. In reality, building traffic and using Adwords can cause a huge amount of capital to get started and sometimes your campaign can bust and you lose money.
We are a culture of the “quick fix.” We’re impatient and love money, so we’re hungry for things that will make us rich quick. Get this through your head: There is no get rich quick scheme. You should depend on your hard work, intelligence, and ability to generate cash flow.
Here are 6 solid ways to start generating revenue through your blog:
I am a very skeptical person. A person or blog needs to earn my respect before I will advise my readers to check out their site. I am especially skeptical of “make money blogs” because they just produce spammy material and content that just poisons the minds of its readers. Make Stable Money is the exact opposite of that. They have very detailed tips about how to make money selling eBooks, how to make more money with blog sponsors, and unique posts like icons that will improve conversion rate. I just recently discovered their blog and have been impressed ever since.
The great thing about this blog is that the author Gino is a real friendly guy who goes out of his way to help his readers. I have already chatted via email with him and look forward to interviewing him for our video blog. Check out his site and learn some concrete ways of making money online.
2. Use the Gary Vaynerchuk method of contacting potential sponsors
Gary Vaynerchuk is the MAN! If you haven’t seen his video about getting sponsors for your website, you can check it out here because you have to listen to it. Here is a quick summary:
If your blog is about slippers, google “slippers” and take a look at who is paying for Google Adwords targeting people interested in slippers. Click on those sites and contact them. Let them know that you’re [First Name] who has a Slipper Blog with 15,000 readers per month. You would like them to sponsor a 125 x 125 pixel ad on your site for $100/month. If your website doesn’t have that much traffic, you can always try affiliate programs. If you want money, go out and get it!
3. Set yourself up for speaking gigs and events
If you have a lot of valuable content, then you can get paid to speak at events. Just take a look at Shama and what she has done. She spoke at BlogWorld which is like the blogging universe in the industry.
So how can you do it?
Start off small. Do some free speaker events at your alma mater or a local unversity. Tape your presentations and put them up on your site so that people can concretely see your presentation skills. Make sure to create a “presentations” tab on your site and let people in your network know if there are any events that you can speak at. Put yourself out there and eventually you’ll gain momentum and build your brand.
4. Do consulting work
You know what they say: “For those who can’t do, go consult”. How do you get your first clients and start building momentum? Luckily Monica has laid out 7 great ways to get consulting work.
How am I getting consulting work? Hard work, persistence, energy, ambition… choose one. This is what I have and what you’ll need to get your own consulting clients as well. There is NO get rich quick scheme. There is only hard work and hustle.
5. Sell an eBook
Jonathan Mead just wrote an eBook that is selling off the virtual shelves. How did he do it?
He used a method very similar to Tim Ferris where he went out and interacted with the blogging community. He became great friends with people like Leo from Zen Habits and thus elevated his status as a personal development blogger. He reached out to the blogging community and wrote guest blog posts, built friendships, and wrote high-quality posts that managed to get on the front page of Digg.
For example, Jonathan and I are real good friends so I reviewed his eBook. Just imagine that when you launch, 20 blogger review your eBook, each having an average readership of 15,000 readers a month. Instantly, you get your eBook out to 300,000 eyeballs! You know what you need to do, now go out there and do it.
6. Try the Scrouge method
Lets say you don’t have the patience to write an entire eBook, but you have some valuable concise advice that you would like to give to people on a weekly or monthly basis. If so, you should check out The Scrouge Method by Ramit Sethi.
Ramit is able to charge $8/month for subscription to his weekly financial tip newletter becaue he has built his authority in the personal finance field. Do you have authority in your field? Have you been actively involved in the industry by writing blog posts, commenting on blogs, attending speaker events, and Tweeting good industry tips? If not, you better start building your personal brand because that is the key for making your information valuable enough to sell.
I’m trying to give you some concrete ways of generating revenue. Absolutely everything online starts with your personal brand, so make sure you’re concentrating on that first and foremost. If you have any questions about how you can make money with your blog or website, leave me a comment and I’ll make sure to give you a super thorough answer.