The why of it
What internet has done, wonderfully, is enabling people. You don’t need to be based in big city to earn money. Now a person sitting in remotest of area, if he is connected to internet, can provide services and earn money.
As said in terms of digital nomads, you can earn in dollars and spend in bhat
If you search for ‘how to make money online’, you will get results more than 16,60,00,000 results. Which itself shows the strength of this field.
Earlier providing services on internet was domain of big IT companies who had access to manpower and other infrastructure resources.
Now, the requirements have changed. And partially due to economic reasons of recent years, companies are looking for people who are efficient, skilled and can be hired to short term projects.
This has created opportunities for everyone.
You don’t have to earn degree from top tier institute to get hired. It requires skill and that you can learn from many online sources like Udemy.
Read: [Top online courses for 2017]
All you need is a laptop/pc, decent internet connection and ‘the will’ to actually do it.
Once you have learned the requisite skills, the next part begins about establishing yourself in the competitive field.
You see, because the entry is easy, there are lots of people trying to do it.
The only thing that separates achievers from others is consistency and diligent efforts.
So what are the options available to you for creating online income ?
- Freelancing (How to make money online using freelancer)
- Niche sites (for affiliate income or adsense income or courses)
- Services as firm/web app etc.
There are many other options too, which are part of these 4 options only.
Before you proceed further, there are few things you need to be aware about:
What are the factors you need to be aware of?
- You won’t get corporate medical cover
- You will be multitasking and need to manage all the resources
- Till the time initial revenue starts to trickle in, you are most probably alone in your venture.
- It takes time. As there are lots of service providers online and you are new, it takes time to establish authority (why you need blog) and show yourself competent enough.
Creating online income stream, is similar to creating business in any sphere. It takes planning, research, patience and consistent efforts.
If you have read somewhere that it is easy as posting a blog and making it viral. Then let me save you from heartburn. It doesn’t work like that [with emphasis]
It takes hard work, constant research and testing things to actually see results.
To know how much effort it takes, read on step zero. The step you need to complete before buying domain, hosting and starting to blog (or any other part of setting up your business)
Why is this step called as zero and not one? Well, to be frank, because most of times, this step leads to zero result.
Which can mean, you will drop the idea itself, or the idea on which you wish work will change because market didn’t support your hypothesis about it.
Hence, the step zero.
Now, let’s get down to it.
Unless, you are planning to deal with extreme niche area (we will get to this point later), there are chances that some variation of product or service is already there.
Search them and collect data on them. [This is absolutely necessary]
Open up your google drive, make a new folder with your idea and then open up your excel and start copy pasting your research terms there.
Without knowing, what actually works in world, you can not design a product around your idea.
Yes, there are unicorns, who design something radical and it catches imagination of people. But, even they don’t start making their product without any sort of research.
Research and constant analysis are most important part . Period.
Once you have enough data on your intended niche/market, competition wise, move over to part-ii
Time to look for gap within existing market.
Unless you find something that you can exploit, you will be fighting with what is already there.
For this, my favorite tool is SemRush(use this link to access semrush pro for 14 days, worth $150) and Google Adwords
While you are researching, you are mainly looking for these two information pieces:
- Keywords and LTK with low/medium competition. It is easy to rank for them, especially in the beginning
- What phrases/keypoints people are leaving in review section, to know, what is missing from existing solutions. When you take care of existing issues, that gives you leverage which you can market to grow your user/visitors base.
IMPORTANT: Please don’t spend passing time on these steps. I am telling you from my experience, this is make or break point for any online venture. Unless you have sufficient data, you don’t know what you are competing against. People are short of time, they won’t spend another second on your website, if they think you are just another me too. If your niche topic is searched enough, then you should have at least 400-500 keywords and phrases combination to start with. (It can be less for micro niche sites)
I know, I know this sounds preachy. But, this is what happened to me in first two blogs I worked on. I had limited keywords. So in first the content was finished within 10 posts, it start well and then it slowed down to zero over time. Other one simply didn’t pick up. The reason being, my keywords were dominated by established players.
Then I played and learnt how to do it properly.
I repeat: Spend time on this step. Collect as much data as you can.
By the time you are finished with your research, you will be clear on two things:
- What are you competing on? What your competition is ranking on? What are the gaps in existing market?
- Do you have requisite skills (and motivation) to deliver the gap? Or do you have access to talent which can deliver a part of that gap (rest being filled by you).
This step alone has helped, me and websites I have helped to grow, a lot in getting a clear broad picture. All before you buy a domain and hosting to start working on project. Plus, once you have clear idea, you can start working on project along with marketing it side by side.
As said by Jon Morrow of copybloggers.com ” You should spend as much time (if not more) into marketing your content, as it took to create that content.”
When you know what you are working on, and the competitiveness of that content, it is lot easier to market that content. This is basis tenet of content marketing too.
This guide and subsequent steps are constantly updated based on my (and others) experiences. Stay tuned when these are updated by subscribing to the email list.
If you like this guide, please share it with others and also, it will be huge help if you can leave your feedback to let me know about your opinion.