How to Make an Extra $500 (Hint: It Depends on the Math!) Best Education Page #Online Earning

- Hey, it's Pat here.

In this video I'm going to teach you how to earn

an additional $500 a month in your business.

It doesn't matter where you're at with your business,

if you're just getting started

or you want to add an additional income

to what you've already done, whether it's on the side

or you're growing your full-time business,

it doesn't matter.

These are gonna teach you what is possible.

And the reason this video is important

is because we're gonna get into the math a little bit.

The math helps you determine what to do.

Now I'm not gonna tell you how to do something

for like a quarter and do it like 2,000 times,

but we'll start with a dollar.

Something you can do for a dollar

or sell for a dollar 500 times, right?

Because 500 times one is $500.

So one example are iPhone apps, right?

iPhone apps are very popular.

99 cents is a common price point and you sell 500 of them,

you can have about $500 a month.

But you have to keep in mind also

that you're splitting the cost.

Essentially, Apple is taking 30% from you

if you're gonna be doing iPhone apps,

so that means you have to do a little bit more

at the 99 cent level to get to that point.

Now I've actually built an iPhone app business myself

with a partner of mine back in 2009 and we did very well.

We almost grossed a million dollars from that,

but we've since stopped that

because the app market is quite huge now and very saturated

and it's very difficult, especially with Apple

and all the other competitors out there,

to get found and cut through the noise.

But you can make it work, and many people have proven this.

Where you can succeed with apps,

if you choose to go down that route,

is to get very niched with it.

So find a specific group of people.

These entertainment apps,

like these farting apps or whatever,

those don't work anymore.

You can get lucky, but if you really want to

actually build a business out of this,

selecting a niche, building tools

and resources that they can use,

these apps that they can use in their sort of daily life

or create habits or whatever,

that's how you can start to gain some momentum there

and actually make these 99 cents apps work for you.

Another example that uses a very similar kind of math

would be like producing ebooks

that you then sell on Amazon for like 99 cents.

And very similar, Amazon takes a cut of that, typically 30%,

and actually they take more

if it's between a certain price range.

So I think even at the 99 cents range,

you'd actually benefit more by pricing it at $1.99,

in which case you'd only have to sell half.

But again, how do you get people to find them?

Well, iTunes and Apple and Amazon,

they have algorithms that can help you.

And really what matters is how useful is that thing

or how great is that content.

That's how you get found, that so you get shared,

and that's how you can do very well

by selling a lot of things at a very cheap price,

but that may not be the way you want to go.

Alright, so next up let's talk about something

you could sell for perhaps maybe around the $5 level.

Now obviously you could sell apps for $5,

you can sell ebooks for $5,

but let's talk about something else.

What about something like a template

or a worksheet or some sort of spreadsheet

that people can get access to that helps them

in some way shape or form in their life.

So this is actually a lot more common than you think.

There's a lot of niches out there

that do serve a lot of people in that space

by selling worksheets and templates.

If you look up on Etsy there's a number of them

related to parenting and productivity

and those kinds of things.

Sites like Teachers Pay Teachers,

teachers are creating their curriculums

and selling them to other teachers as well

and they're making money as a result of that too.

Now five bucks would likely be on the lower range

of selling things like that and just think about it,

you'd need about a hundred people

every single month to get access to that.

But of course since you're using these platforms,

you're likely going to share a little bit of that profit

with those platforms and that's okay.

So you might need to sell

a little bit more than a hundred a month,

but if you can get to that point

or maybe you have that size audience

or you have connections with people

who have those kinds of audiences,

it can work out really well.

Alright, so let's move up now

to $20 per item that you're selling

and how many of those would you need to sell

in order to get to $500 a month.

Well, 25 of them, right?

And this is something I have experience with

because the first thing I ever sold was a book,

an electronic book, an ebook,

on my website at GreenExamAcademy.com

and this was a book that was not available on Amazon,

but it was a study guide, essentially.

A lot more information, a lot more helpful for people

who are trying to pass this particular exam.

I sold it for $19.95.

And at that price level, as you can see, 25 people.

That's less than one a day every single month

to get to that $500 level.

So things start to add up at this point.

As you can see, now we have less people

that we need to find, but we're helping them in bigger ways.

Yes, an app or a little ebook on Amazon

could really help somebody,

but something that's a little bit more

related to the specific problems that they might have

and something with perhaps some workbooks

and other worksheets and things that they can do

to get some results,

that's something that you can command

a much higher price point for

and again, you wouldn't need as many people

to get some big results.

And fun fact, I later raised the price of that same book

and in that month I actually sold more.

So as the price goes higher, there's higher perceived value

in what it is that you're offering,

at which point a person may be even more comfortable

with paying for that thing.

Okay, so let's move up in price point now

to something that's maybe around the $50 range.

So how many of those would you need to sell

to get to $500 a month?

Well, 10 obviously.

When you break it down, that's like three a week.

So what kinds of things could you do at that level?

Well, you can create something like a small online course

that really helps a person achieve

some sort of goal that they have.

So a little bit more valuable than a book,

in terms of how you help somebody,

a lot more valuable perceived there,

because there's likely gonna be videos in it

or perhaps some quizzes or even a certificate at the end

and this is very common through sites

like Udemy.com or Lynda.com.

Prices can range in those different platforms,

depending on the price,

and you see courses that are even more expensive than that.

But that's something you can do that you just do once

and then you just have to worry about

having students understand that this thing actually exists

and then you can start building that

and then of course you can build

more courses on top of that.

So maybe you only have to sell one of each course every week

if you have three courses down the road.

So the math really starts to work in your favor

at the higher price levels, obviously,

but it all comes with providing more value

and the kinds of things that you produce.

Now online courses can obviously range in different prices

and I would absolutely not undersell yourself,

which is a very common thing to do.

I mean, I have courses that are in the $497 and $697 range.

Very premium courses that walk people through

a very specific process on how to do things

like podcasting or affiliate marketing,

but anyway we'll talk more about that later.

Let's move up a level and let's get to the $100 level.

What could you sell for $100

and how many would you need to sell to get to $500?

Well, the obvious answer is five.

So what could you do at that $100 level?

What would make sense?

Well maybe you take the information

that you have in this course,

and instead of an online course that people get access to,

maybe it's group coaching.

So you find people who want to work directly with you.

You can answer their questions

and you do it in a group manner

where it's one to five, for example,

and you can have those people

continue to pay you every single month.

So you don't even have to find new clients

when you want to do that.

So this could be something like tutoring.

Maybe you do tutoring for something

or you teach music or something like that online.

You can do that virtually using tools like Zoom,

for example, where people get access to a link

to then get direct access to you

and you can do that in a group fashion.

You can start to introduce some sort of

lower-level services at this price point too.

So maybe, for example,

you have some web development expertise

and you have five people who pay you every single month

just to get access to you whenever they have questions

to help them with their website

as they come across bugs and things like that.

A little bit of access in a group manner

or some services that you can offer at this point too.

Five people a month?

$500.

So now let's make the jump from $100 to $500.

Why? Because all those things I just talked about,

you can obviously increase the price point,

you can sell one course for $500, for example,

you can have two clients who pay you $250

for some sort of service that you offer,

but let's talk about the one client or one person

or one customer at $500 a month.

Kind of sounds cool,

where you can just find one person every single month

or one person that can pay you for 12 months

and that's all you have to worry about

for an extra $500 a month.

What could it be?

So perhaps this is a one-on-one situation.

You have one person who pays you $500 a month

for some training, physical training, for example,

or maybe you are there to help them

with their search engine optimization

or you become their go-to designer

to help them with whatever images they might need

on their website or photography.

Maybe you just continually provide

some photography for this client of yours.

No matter what it is, one person,

what do they need help with?

Do you have a skill that they need?

They're likely gonna pay for that,

because they don't have the time,

they don't have the skillset

or the education that you have about that thing

and you'd be surprised about

what people would pay for at that price.

Another example would be to find a company

that would pay you a $500 a month retainer, for example,

for some sort of ongoing service that you do.

It could be really anything.

Find a company, ask them what they need help with,

and work out a deal.

It's actually a lot easier than you think

to find problems that you could potentially solve.

Now coming up with a deal

and getting the courage to actually go and do that,

that's the hardest part.

It really all starts up here.

So the money is out there.

There's no shortage of opportunities for sure

and there's a lot of different ways, as you can see,

to kind of move things up and down

in terms of how much something costs

and how many people you need in.

And, of course, over time you might get even more people in

at even a higher price, which be kind of cool,

but it's really up to you to take those first steps

and take that action.

So hopefully you got some motivation from this video

and the numbers make it seem even friendlier to you,

because I know a lot of you are just getting started

and you just have no idea what's even possible.

Well again, like I said, I've structured it in a way

so you can see the numbers actually work in your favor.

So why don't you just get started and make things happen?

Now what's really cool is,

since you're just getting started likely,

you are in the right place.

I teach people how to take what they know

and turn that into a business.

So make sure you subscribe to the channel

if you haven't already.

I'd love to know also below

which one of these examples

are you either doing already or thinking of doing?

Which price range and person range

is most interesting to you?

And then finally, make sure you click on the videos

either here or over here on this side to get started,

because those are going to be

the most helpful videos for you right now.

So click on one of these videos next

and I'll see you in the next one.

Thanks again and Team Flynn for the win.

#Best Education Page #Online Earning

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