Everyone wants to know how to make money online because no one wants to work a job. The truth is making online is simpler than you think, but it’s not easy.
There are two ways of making money online:
1) Selling a service
2) Selling a product
Selling a service is the easiest and fastest way to make money online. When you sell a service you have:
1. A proven market
2. Low overhead
3. No inventory
4. No employees
5. No upfront costs
6. No refunds
7. No products getting lost
8. No shipping bottlenecks
Product based businesses are tough and the failure rate is high. I live in the online entrepreneur capital of the world and I’ve only met a few guys making good money off a product based business selling Amazon FBA. The vast majority of guys out here try and fail at Amazon FBA and dropshipping. A few eek out a living.
Every other guy I know making mid 5 figures to six figures is selling a service, the big four are:
- Coaching
- Marketing
- Copywriting
- Programming
I recommend a service business for the vast majority of guys. Especially if it’s your first or second business. That’s not to say you can’t have massive success selling a product, it’s just a lot harder.
The move is
- Find your passion
- Hone your skills
- Develop your niche
- Build your site
- Set up your adwords and facebook ads
- Do 200 cold calls or cold emails a day minimum
- Go hard on upwork (if relevant)
- Overdeliver on customer service
- Ask for a referral from every satisfied customer
- *Potentially add a niche blog (a small tailored blog to drive traffic to your services)
I’ve met five guys in their 20s doing six figures selling services and living in Chiang Mai, where the cost of living is a fifth of what it is in North America. I’ve seen two of them scale up from nothing to 10k a month in a year and a half. This sh*t is 100% within your reality, if you’re willing to do the work.
You might not like the idea of having clients, I certainly don’t, but it doesn’t have to be that way forever. If you play master the game, and play your cards right, you can eventually productize that knowledge and sell coaching products, or marketing products, or build an authority site telling other guys how to succeed in their own business.
A service business is your best bet for a starter business, because it has the best success rate, and you can get control of your time and your revenue. And when you get that business online, you get to go global and geoarbitrage your income in countries where the cost of living is a 1/3rd to a 1/5th less than your home country – that’s a beautiful thing.
