You’ll also need time for review, feedback, instructions, and progress checks. There’s a lot to do besides actually teaching the session’s content! For example, it’s often a good idea to have clients share their “wins” and their struggles each session, to commiserate on their progress and stimulate ideas for improvement. You should also go over what was learned in the last session, and see how clients applied it. These things contextualize the content, and create continuity and accountability over the whole course of the “package.”
Since coaching and consulting isn't a passive income stream and it actively requires my time, there's an opportunity cost for me in taking on clients. That opportunity cost is it takes away my time that I could spend on creating passive income streams. That's why I'm in a position where I can charge whatever I want if people want my 1-on-1 help. As I grow and make even more money, I will be forced to continue to raise my rates, as whatever I'm charging now won't be worthwhile enough for me to take on clients at.
Last but not least, you can also earn money online by building an online community, although the monetization strategies you can pursue will vary a lot depending on your goals. You can build a community with a blog, for example. You can also build an online forum and charge people for membership. You could even build up a Facebook group and use your influence there to sell and promote products.
Medium is an online community where anyone can post articles and essays and get them in front of their audience of millions of monthly readers. While it can be a great place to build your audience for your own blog or find customers for your consulting business, with Medium’s new Partner Program, you can now make money online whenever someone reads your articles. Register for free and you can choose whether your articles are freely available or only readable by those people paying $5/month for a premium Medium membership. You’ll make money based on the amount of people who read and engage with your posts each month.
Just like to add 1 additional “CON” to the list of Pros and Cons of Clickbank. Their rule on paying out the commissions earned. You must have 5 sales all from different credit card accounts before they will pay you what you have earned. That flat out sucks!. Affiliates work hard to get even 1 sale and because of Clickbanks rule, lose that money over time if they cannot get another 4 sales, the commission keeps reducing steadily if 4 more sales are not forthcoming. Clickbank has got to change that rule, which many feel is illegal!. A sale, is a sale, and the commission must be paid out. Basically, Clickbank is “Ripping-Off” affiliate marketers.
This isn’t to scare you off. I simply want you to know that this guide is going to focus solely on ways to make real, sustainable extra income online. Not just a few bucks. I want to share all the mistakes I've made that got me to where I am now so that you don’t have to go through them, and can build a successful online source of income for yourself.
You don’t need to come up with a great idea to be a successful online entrepreneur. You can just ape another successful venture. However, you need to target a totally new market or segment. For instance, a popular Indian e-commerce store copied the Ebay formula to become a giant business in the country. There are so many Fiverr clones which have been started to target a niche audience or offer a service with a twist. A Fiverr clone allows people to buy and sell stuff in 3-hours. That’s all the creativity and innovation that you need.
Next, you’ll need the right tools. You can be as complicated or simple as you want depending on your comfort with audio equipment, but at the minimum you’ll want a microphone and software for recording your voice. Companies like Behringer, Blue, Focusrite, and others sell studio-quality plug-and-play podcast setups that can get you recording today.
Selling e-books and virtual goods are a popular way to make money online. Creating an e-books often take a few hours, weeks, or months to make and then can be sold in unlimited quantity without requiring any inventory or infrastructure. A great online service for any aspiring author is Lulu. This service allows anyone to write a book or guide on any topic and publish it in electronic format. The author can also publish a hard copy, which can be used for book reviewers and other publishers. Other sites that help sell and distribute e-books and other virtual goods include ClickBank, Createspace, E-Junkie, and Sellfy.
THOSE are the people that I want to work with – the ones that are committed and make things happen. They find a way. They don't have excuses. They take massive action. They are COMMITTED. And guess what? I have many clients that don't have money, work full-time jobs (or go to college) and don't have the time, have their families, etc, etc… but they find a way to hire me and take action, because they are committed and willing to do whatever it takes. These are people that get results working with me.