- Hey, it's Pat here, and in this video
I'm gonna tell you about the three best ways
to make money online.
I've been building businesses online since 2008,
and I've tried hundreds of different ways to do it,
a lot of them are working very well,
and continue to work for me.
Other things, maybe not so much.
And based on all that experience,
and the experience I've had teaching others,
I'm gonna tell you the best three ways to make money online.
And, a mistake to go along with each of them
so you don't make the same mistake too.
Now, before I get to that, I wanna share with you
how I define best.
So, best can be defined in many different ways, obviously.
Some people might consider, it's the fastest way to do it,
and that's not what I'm gonna be talking about today.
Other people might say it's the thing
that's gonna make you the most money,
and that's not what I'm gonna be talking about either.
I'm gonna be talking about a whole number of things,
including how convenient it is,
and what's gonna give you the most profit margin,
and those kinds of things.
So, we're talking qualifiers here,
the first thing is that it's a digital product.
Digital products are great,
because the profit margins are so much higher,
because it's something that you can create once,
and distribute over and over and over again.
I'm currently experimenting with
a physical product right now,
which you might see later in the year,
and just, the number of things involved with that,
completely eat up those profits,
and the total profit in the end, isn't as much
as if you had a digital product.
Even something, say, like a book, right?
You have to print it, and that costs money,
you have to ship it, and that costs money,
there might be returns, and those kinds of things,
all that stuff eats away at the cost versus,
the audio version of the book, or the Kindle version,
something that can be, again, distributed once,
over and over and over again.
The next qualifier would be something
that can continue to pay you, over and over and over again.
You get a customer once, in the beginning,
and they continue to pay you, for that thing.
And this is what's called recurring income.
You know, there's a lotta work involved
with finding new customers, right?
But, if you already have a customer,
and they enjoy that service, or program, or training,
or whatever it is you offer them,
they can continue to pay you,
over and over and over again, and,
it's predictable, which is great.
And then the third and final qualifier,
before I get into the examples,
is that it is scalable, it's something that,
whether it's 10 people, or 10,000 people,
it can grow with your business,
and you're still able to manage that.
Coaching, for example, training somebody one-on-one,
that's not scalable, you only have 24 hours in the day,
and so you could only train, 24 people for one hour,
if you don't get any sleep.
Versus something that's online, that's digital,
that doesn't matter how many people get into it,
you can handle it, and the systems can too.
Alright, so let's get to these three examples right now,
including a mistake I made with each of them as well,
so you don't make the same mistake too.
Number one, let's talk about software.
Software is great because, you can code this thing,
that can be helpful for a particular audience,
and they get access to it, and they use it,
it provides them a quick win, and a result,
and it becomes something that becomes a part
of what they do.
Think about the kinds of software you pay for,
maybe you use something like Dropbox,
or an email client of some kind.
Maybe you might use the Smart Podcast Player,
which is my software product, to help you
beautifully display your podcast on your website.
So software, it's digital.
Somebody coded it, whether it's you, or a person you hire,
and now it can be distributed over and over and over again,
without any sort of inventory,
it's code that's already there,
that people can buy, and get access to.
Number two, it can qualify as something that people can pay
monthly, to get access to.
Not all software makes sense to do that,
but a lot of them do, like I mentioned earlier,
and if you can build something that people will want
to continue to have access to,
they will continue to pay you for that.
And number three, it's scalable.
Whether you have one customer, or 1,000 customers,
you're distributing the software,
and people can use it, now, but obviously
there's limitations to that, depending on if,
it's connected to a server of some kind,
and you wanna grow with that, but I'm just sayin',
it's something that can scale with your business,
and is, 'course, as more people pay you,
you can pay for those things that can handle that load.
Now, the big mistake I made in software,
was rushing through the process.
Software is not an easy thing to create,
I'm talking about it like it is,
but I just wanna let you know up front,
it is not an easy thing to do,
there's a lot of moving pieces,
of course, software can break, there can be bugs,
there's updates to different platforms,
that then have to talk right with the thing that you build,
there's a lotta things going on,
and the big mistake I made up front,
was rushing through the idea,
for the software, and actually hiring a developer
before I even knew exactly what I wanted this thing to do.
A project that was supposed to take six weeks, and,
you know, $6,000, ended up taking
six months and $15,000 of my time,
and it actually was something I never even sold,
because it just got way outta hand,
and I ran outta my budget.
So the quick lessons there is, number one, first of all,
validate the idea for the software,
like, more than anything, you need to know
that this is something people would actually wanna pay for,
you can even collect payments up front for it too,
and pre-sell it, if you'd like, but number two,
make sure that when you are working with a developer,
you have a fully fleshed out idea in your head,
even wire frame the whole thing,
so there is no confusion as to what exactly you want,
and what they should build for you.
Alright, and the second best way to make money online,
and this is what is sometimes known the holy grail
of passive income, as they say, and that is,
building a membership site.
A membership site is a community of people who come in,
and they pay a recurring payment, every single month,
to be a part of this group.
They get access to content that you create,
so that they can learn somethin' from ya
every single month, they might get access to you.
It's digital, people just essentially pay
to get access to this thing.
Like I said, people often pay a recurring monthly
or annual payment to stay in,
and number three, it's scalable.
You build it, you create the membership site,
one person, 1,000 people, 10,000 people,
they can all get access to it, and, you're good.
Now, I'm making it sound a lot easier than it actually is.
Did you see me go holy grail of passive income?
Building a membership site and creating
a thriving community is really difficult.
I know a lot of communities that are doing very well,
but I also know, how much time,
the creators of those communities actually put into it,
ongoing as well, this is something that is,
as passive as it may seem, to have something up and running
that people pay recurring to, which is great,
'cause then you can predict
how much money you're gonna make, you can just
work on getting new members in there,
there's a few things going on, number one,
you need to continue to share with people
why they need to continue to pay.
If you just kind of like, give 'em access to it
and then stop doing anything, well,
it might be great for a couple months,
but then, they're gonna leave.
There's this thing called attrition,
which is how well can you keep people
in those membership sites.
People do drop off,
and so you have to work on that as well.
Now, I made a mistake related to membership sites
back in 2013, I had built, what I was hoping to be
a thriving membership site called Breakthrough Blogging,
helping bloggers get through a lot of the pains and problems
that we all go through, as we're building our audiences.
And I was able to get like,
300 people in there, which was great.
Unfortunately, I didn't understand
how much work it would take to continue to keep putting
content into that particular membership site.
I had positioned it as something
that was gonna continually add new value,
and new content, every single month,
and I got a little overwhelmed, and I was struggling
to determine, what else I could put in there.
I'm also a part of membership sites that,
do continue to put content in there, and then,
you know, over time, it just becomes so much,
and very overwhelming to brand-new members,
so where do you find that balance?
The trick is, really, and the lesson learned is,
content is great, but people come for the content,
and they stick around for the community,
and I failed in the community element
of that particular membership site.
And so now, I'm building online courses
that have one-off solutions to specific problems,
maybe in the future I might do a membership site again,
but I wanna be prepared for it,
and you should be prepared for it too.
Alright, number three, and my absolute favorite way
to generate an income online, is to sell products
that help solve people's specific problems,
whether it's products that you create yourself,
or products you can recommend that other people create,
which is called affiliate marketing,
we'll have some resources and links available
for all the affiliate marketing videos here on this channel,
that can work out really well, because it's digital,
you have products that are digital, again,
not physical like that book I showed you earlier,
but online courses, maybe they are books, or maybe other
programs that people can get access to online,
that can scale, many people can be in there viewing it,
all at the same time, that's not gonna add any more,
stress to what it is that you're doing,
and it's something that can be recurring,
in a sense that you can have launches or automation in place
to help continue to sell this to audiences that you build.
Now, affiliate marketing in particular,
is a really interesting model because,
products already exist in the market
that you're likely targeting, and you can be the person
to recommend those products and earn a commission
from those companies, which is really awesome.
Now, the big mistake I made with affiliate marketing,
and I only made this once,
because it was a very obvious thing that taught me
to not do that anymore, and I would recommend
that you don't do this either,
and that's just recommending products,
for the commissions only.
When you create your own products, or recommend products,
just because you know you can make money from it,
you are doomed to fail, and with affiliate marketing
in particular, if you recommend a product
and it doesn't perform the way you promised and showed,
well yeah, your people are gonna be upset at that product,
and that product owner, but they're gonna lose you,
as a person that they could trust.
Trust with your audience is the most important thing,
and what I teach with affiliate marketing
and creating your own products, is to serve.
You can sell and serve at the same time,
and these products that you recommend,
they should enhance the results of your target audience
in a way such that you could even get thanked for that.
And everybody who I teach with affiliate marketing
is just pretty amazed about the fact
that they can actually get thanked for
recommending a product,
and getting paid at the same time, it's pretty cool.
So the big lesson there is to always, 100% of the time,
sell things that you know
are gonna serve your audience and help them.
Now those are three amazing ways
that you can make money online, software, great,
we've seen a lot of people in the blogosphere
who initially had websites,
creating content, info-marketers,
they're now getting into the software space
because it is that attractive,
one example is Nathan Barry, from nathanbarry.com
who is now the founder and CEO of ConvertKit.
We talked about membership websites,
an amazing way to build a community,
and generate that recurring income, one of my favorite
communities is the Youpreneur community, by Chris Ducker.
And then finally, selling your own products
or creating affiliate income through the recommendation
of products that, again, you know are gonna serve
your audience well.
Now, none of these things can happen overnight.
They take work, they take understanding of
the pains and problems that your audience has,
but you put in the work now,
you can absolutely reap the benefits later.
So, quick question for you, which one of these
three business types, are you most interested in?
They take a lotta work, but if you had your choice
and can snap your fingers right now
and have one already available to you,
which one would it be?
Leave a comment below, I'd love to hear from you.
And then finally, before you go,
click here for the next video,
teaching you a little bit more about passive income,
and nine different ways that I actually make money online,
or click over here if you wanna learn more
about affiliate marketing, one of the most powerful ways
you can grow your business.
Thanks again for watching this video,
and make sure you subscribe, if you haven't already, thanks.
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