HOW TO START AN ONLINE BUSINESS (That Makes Money 24/7)
Have you been struggling to start an online business that makes you money 24/7? There are so many different ways to start an online business, so many ways to make money online – it can all seem a bit over whelming. If you want to transform your life and start being successful, then there really is no better time to start.
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So you really want to find out how to start an online business than makes money 24/7?
You are about to discover the exact structure, strategy and process that I use in my online business.
00:48 Key Components of an Online Business
3:24 Find Your Niche
4:23 Find Your Audience
7:10 The Product Price Pyramid
9:19 Setting Income Stream Priorities
11:50 Find Your Business Process – 10 Steps – Step by Step
16:43 Equipment and Software
18:35 Measurement and Metrics
19:49 The Best Online Business Advice I have ever had!
This system works for any online business that you want to start and make money from 24/7.
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❤ WHAT TO WATCH NEXT
You may enjoy these videos from my Channel:
Copywriting: Copy Writing for Email – How To Write Effective Emails – https://youtu.be/g8uZFsncCsc
How to Get More Views On Youtube (How To Grow Your Channel on Youtube) – https://youtu.be/ry4laLyievA
Youtube SEO Secrets (10 Youtube SEO Secrets You Probably Wish You Knew Already) – https://youtu.be/IwKQ_PklQII
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Online Course Creation Systems and Strategies For More Sales – https://www.udemy.com/course/online-course-creation-systems-and-strategies-for-more-sales/?referralCode=5036561D16AD7FEB5628
Online Course Marketing 10 Steps To First/More Paid Students – https://www.udemy.com/course/online-course-marketing-10-steps-to-get-more-paid-students/?referralCode=FD03267E4FFF1831F497
Webinar Masterclass: Creation to a Complete Marketing Funnel – https://www.udemy.com/course/webinar-success-write-and-design-a-webinar/?referralCode=D93C98EFFECAF0210F2F
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Active Campaign – Email Marketing : https://jbdcolley.com/activecampaign
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Teachable: My Online Course hosting platform of choice: http://sendmeto.teachable.com/hNzd2
Viddyoze – Great for high production value video snippets: https://paykstrt.com/11298/65058
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ARE YOU A STRUGGLING ENTREPRENEUR?
If you are a struggling entrepreneur, then this is for you.
We are going to look at the key components of creating an online business that makes money 24/7.
Many of the great internet marketers like Frank Kern, Eben Pagan and Stuart Ross will explain what you should do but keep the secrets of how you do it for their paid training, which is excellent but not inexpensive.
I want to give you a blue print, a game plan that you can takeaway and implement today – no nonsense and no flannel.
KEY COMPONENTS OF AN ONLINE BUSINESS
The key components of an online business are:
Niche – the niche market that you choose to operate in
Audience – the audience that you find, engage, entertain and inform
Income Streams – the streams of income that you generate from that audience
Processes – the business processes you employ to generate the income streams.
Measurement and Metrics – No business is complete without Key Performance Indicators and a cash flow statement at the very least. You need to know if you are making money and which critical factors are driving your business.
THATS THE WHAT
We will also be taking about “Why?” and most importantly “How?
Stay around – in the final part of this training, we will discuss the blueprint for connecting these components together something that most free training does not include. This is the HOW of the Digital Business and its the most important and critical part.
At the end I will share with you the SINGLE BEST PIECE of digital entrepreneurship advice I have ever had…
THIS IS NOT…
This is not a get rich quick scheme – if you think that its possible to get rich quick then please let me know as you have discovered a secret no one else has been able to find.
This is not easy – you will have to commit to an online business and work hard.
This is not free in the sense that some investment will be required by you as you build your business. Equipment, software, training, information, advertising. It all has a cost.
This is not a sales pitch. I am a great advocate of doing things as efficiently and cheaply as possible. If there is a free way to do something, thats how I do it and how I will encourage you to do it. If I recommend products and services – some essential, some to make life easier, its entirely up to you whether you use them or even click on my links to use them
Remember that I am also running a business but sticking to my principle of adding value and helping. If you buy something or not, you get the same value up front.
FIND YOUR NICHE
I don’t want to spend a great deal of time on this as this really is down to you but a few pointers are important
Firstly you must focus on a niche that you know, understand and are passionate about
The four areas to consider are:
Expertise
- What are you good at?
- What skills do you have?
- Work Experience
- Qualifications
- Interests
- Hobbies
Evergreen
Find Evergreen Topics for which there is constant and consistent demand.
Problems
- What PROBLEMS can you solve for your customers?
- How can you take away their PAIN?
Needs
What can you do that your Audience Needs?
AUDIENCE ACQUISITION
This is perhaps the most important section of the whole presentation
These are the people that you want to convert to become your customers.
- You need to go and find them
- You need to work out how to reach them
- You need to understand how you can help them
- You need to turn them into your tribe.
HOW ARE WE GOING TO DO THIS?
Your number 1 priority is going to be to grow your audience and not your sales.
Step 1 Firstly you need to create your own Blog – this is somewhere that you make the rules and have complete control. We will be driving a lot of our audience attention back to your blog so that they can learn from you and have the opportunity to see and consider opportunities to buy from you.
Step 2 The easiest way to find your audience is to go where they are: Social Media
This means creating and nurturing accounts on the main social medial channels
I use:
- Facebook Pages and Groups
- Youtube
Step 3 You focus on creating high value added content for your audience in your niche and share it to your social media channels.
This should be in all formats – written, audio but particularly video which is the most engaging.
Step 4 You should also ensure that you engage with your audience on those channels – this is not a broadcasting strategy
Step 5 Every piece of content should have a Call To Action. This should be focused on two goals – to bring them back to your Blog and bring them back to your Youtube Channel. We shall see more of this in the process part of this training.
NO SALE
Note particularly that we are not selling them anything. Its content and value focus.
INCOME STREAMS
Your business needs multiple income streams but you cannot develop these all at once.
These can be broken down into different categories
- Products – Digital and Physical
- Affiliate Income
- Services
- Consulting
- Coaching
- Sponsors and Partners
PRODUCT PRICING PYRAMID
You also need to be thinking in terms of a Product/Pricing Pyramid
You can build in as many levels you like but essentially there are three key levels
FREE – this is where you create value added content like this and make it widely available. It builds your audience. It develops there interest in you as an authority and starts to arouse their desire to learn from you
Threshold
This is where you convert your lead into a customer. You move them from being interested to being committed. The price level needs to be low enough to be low risk for them and to make a purchase easy. This is the principle on which many course market places sell their courses. The typical price range is $9 to $29.
That does not matter. Money has changed hands and you have a customer. If you could get a thousand customers like these a month – then your business would be very profitable
Advanced
This is where we can talk about higher priced products and services. More complex, more in depth courses. This is also where your customers are starting to purchase access to you personally through coaching and consulting services.
SCALABILITY
This is a critical component of every business but what do we mean?
Scalability is what makes your business earn for you when you are not working.
It means that you create a product once and sell it many times without having to be involved in the process. Examples are digital online courses and affiliate income. This is why, as you will see, these will be of particular interest when we are starting our business.
Coaching and Consulting are examples of business activities which are not scalable – you are trading dollars for hours. This is why we value our time very highly and price them accordingly.
SETTING PRIORITIES
We are now going to set some income priorities for your business…
FOCUS ON THREE INCOME STREAMS
When you are starting your digital business you need to have something to sell – you need a threshold product offering. At its most simple this could be a short ebook but I recommend that you create a reasonably high value online course – two or three hours worth. I recommend that you self host this on a platform like Teachable. When you have a group of courses, you can offer this as a monthly membership as I do with my Six Minute Strategist Academy in which you get over 40 courses for just $9.99 a month.
You can also upload your course content to marketplaces such as Udemy and Skillshare – and a host of other platforms too. I would focus on those two when you are starting off and this will help to start to generate an income from your courses. Be patient, both platforms take time to get established.
If you want to know more about course creation I have a substantial number of course on the topic in my Six Minute Strategist Academy for everyone from beginners to advanced instructors. A link can be found in the notes below.
You are also going to focus on collecting together a group of affiliate links which are relevant to your niche and making these available to your audience without pushing them or promoting them. These should include Amazon Associates and any software or hardware that you use in your niche but look out side the box and search for products and services that supply your niche, find their affiliate programmes and sign up.
The third Income stream is going to be advertising income from Youtube which is like being paid twice for doing what you love. Youtube is a great platform for growing your audience and show casing your expertise. Once your Youtube Channel has reached the threshold for monetisation – 1,000 subscribers and 4,000 hours watched in a year, then you have a third and very profitable income stream for your businesss
Until your business is established, these are the only three income streams that you should be focusing on. The more complicated and time consuming products and services can come later when you have a substantial audience and customer base who want to buy even more from you.
BUSINESS PROCESSES
THE HOW
This is my favourite part and the part other free content does not share with you.
This is the HOW of creating the money generating business.
To summarise so far.
- We are focusing on a niche
- We are building an audience who are being engaged and informed by our content
- They come to regard us as an authority that they trust and some will chose to buy our entry level courses.
- We also expose them to opportunities to click on our affiliate links
- While they enjoy our video training on Youtube, they earn us advertising income.
Content Marketing in 10 Easy Steps
So this is how you put it all together.
1. First create a piece of valuable content in a video format
This does not have to be scripted. The video is the starting point.
2. Upload the video to Youtube with a full optimised description which includes invitations to subscribe to my channel, links to courses and affiliate links to products and services. I also include time stamps in the description which make my video easier to watch for my audience and are important to my strategy later.
3. Upload the video to your Blog. I have my blog set up so that any video I publish on YouTube is automatically published on my blog. This automation saves me time and trouble.
4. From the video, strip the audio track or just open the MP4 video in Audacity and it will only open the audio track. This you turn into a Podcast Episode and once you have several episodes you set up and launch a podcast. I host my Online Learning Podcast on Libsyn and my Optimistic Entrepreneur Podcast on bCast.
5. You create a check list or a PDF from the video – it could be the script or a PDF of the slide deck. This is a “Lead Magnet” which you offer everywhere this content is shown to get viewers and prospects to sign up to your list. To do this you will need to set up your email Service provider – I recommend AWeber, Active Campaign or Mail Chimp – so that you can collect emails. You will also want to be able to email your list when you have new videos and content to share with them.
You will need to set up a link to a landing page where you can get them to give you their email in exchange for the “Lead Magnet” you have created. I use Wishpond for this but Lead Pages is also excellent. Note that these are not free. When you are starting out and money is short this step can be delayed until your business is better established.
6. I upload the Video to my main Facebook Page and use Facebook Creator Studio to create the close captions. I publish the video again with links back to my blog.
7. I now want to repurpose that video for my social media channels. I use a tool called Repurpose dot io to extract the video from Facebook, with closed captions now built in and use the time stamps to create “snippets” of the video which are 2 minutes in length.
8. I then create vertical snippets schedule them to upload to Instagram TV where I am growing an audience. The snippet includes a link showing that the whole video can be watched on Youtube – or it could be your blog.
9. I create square format video snippets, again of 2 minutes, and schedule these to upload to Twitter, Linkedin, my Facebook Groups and Pages and Pinterest. These also have links back to Youtube or my Blog Post. As the video on my Blog is embedded from Youtube any views there are as good as being on Youtube.
This process gives my growing audience every opportunity to find my content and follow it back to either my Blog or Youtube
10. In many cases I also add videos, where appropriate, to my existing courses to update or enhance them thereby making my course content even more valuable to my students, who are unlikely to be able to find it for themselves on my Youtube channel – unless specifically directed there.
EQUIPMENT AND SOFTWARE
Setting up an Online Business need not cost a fortune but will require a basic set up of equipment and software. This is at a minimum:
- A Computer – I use an iMAc – https://amzn.to/36j6ggh
- Video Camera – I use a Logitech 920 desktop camera – make sure you can record a minimum of 1080p – https://amzn.to/3cJ8kiD
- USB Mic and Pop Screen – I use a Blue Yeti – which is great. It must be a USB mic at a minimum
- Video Creation Software – Screenflow, Camtasia, iMovie
- Audacity – which is free open source software
- Tools as Mentioned
Links may be found in the description above.
Key Tip – AppSumo
Most software tools now sell with a monthly subscription which I hate as it becomes very expensive, particularly as my needs for most of the software tools are limited to the key functions and I do not have hundreds of domains and accounts.
Appsumo is a site which negotiates great one off life time deals with software providers and I have built up a library of tools which help me to create better more professional content faster. I recommend you bookmark the site and check back regularly and start to assemble your own tool kit.
Click here to find out more about Appsumo: https://jbdcolley.com/AppSumo
MEASURE AND METRICS
Measurement of your income and your key metrics or key performance indicators – KPIs should become an essential part of your business
Only you can decide what is important but here are some suggestions.
Remember your goals are profitability and growth
Measure income streams from
- Course Sales on Teachable
- Membership Income from Teachable
- Course Sales on Udemy
- Course Sales on Skillshare
- Affilate Sales from Amazon
- Other Affiliate Sales
- Youtube Adsense Income
Measure Key Metrics
- Youtube – Subscribers
- Numbers of Course Students
- Affiliate Sales – Clicks and Conversion Rate
- Social Media Accounts – Fans and Followers
Remember – What you measure moves…
THE BEST ADVICE I HAVE EVER HAD
The best advice I have ever received as an online, digital entrepreneur is…..
STOP SELLING
Everyone is trying to sell you stuff – mostly stuff you don’t want.
How do you feel about that?
It really puts me off.
I realised that having published over 40 courses – what I did not need to do was to create more courses.
I did not need to push any more offers
I needed to spend time engaging and growing my audience and that is what you need to do too.
Yes you need a few digital products
You should have your affiliate links set up and available
But then focus on serving your audience and they will come to love you for it.
If you have any doubt about this study how Pat Flynn grew his Smart Passive Income empire – in the early days it was pure service and entertainment unlaid with a foundation of affiliate links. Everything else came later.
SUMMARY AND RECAP
SO THATS IT…
This is my Blue Print for you
How to Create an Online Business which earns money 24/7
This is what I do and how I do it.
We have covered
- Key components of an Online Business
- How to Find Your Niche
- The importance of Audience Acquisition – and engagement
- Business Processes to make your content marketing work
- Equipment and Software
- Measurement and Metrics
And finally, the best advice I can share with you.
I have moved my business beyond this initial point but I still work on getting the basics right. I have made many mistakes in the past and I am still rectifying some of them. My last piece of advice is to keep creating great content and keep building your audience. If you do this and give them opportunities to buy, money will follow
Remember – Just Stop Selling!
