For many of us, the idea of an online business sounds like a dream. The chance to earn income in your sleep, work you want and achieve freedom from your job. However, it can sound overwhelming especially if you’re not familiar with the business models out there. I want to break it down for you, and show that it’s not overly complex. I will distinguish between the models based on an investment of your time, resources and effort required.
Watch the video or read the transcript below 🙂
#1 – e-commerce
This is the type of business model where someone sells physical products on the internet. This may be shoes, electronics, bags, furniture, etc. The main platform that most people shop on for physical products is amazon and ebay, but there are still many specialised independant online ‘shops’. An ecommerce business model requires that you have a product that you know sells to A target market. It will usually require your own website (if not selling on amazon), suppliers and a warehouse to hold the stock. Of course, there are expenses that come with a warehouse or physical space – i.e. rent and insurance. Amazon offers an option where they can arrange fulfilment for you, i.e. sourcing from the supplier, storing the product, packaging and dispatching to the customer – all for a cost.
This model is good is you have a product you are passionate about, have a reliable supplier and a target market in mind. It will generally require an initial investment of resources to set your business up, marketing and of course regular purchasing of supplies.
With the power of the internet, this model can be automated – and so will not require a huge slice of your time once the business is running.
#2 – Freelancing
This is where you provide independant services for another individual or company. This may be as a photographer, website builder, digital marketer. An example of this model is ‘Fiverr.com’ – a platform that allows people around the world to make money by providing a digital service, i.e. photo editing or adding subtitles to your videos.
Essentially your customers will be paying you for your time, so as you can tell – this is a business model that is dependent on you and your time in order to earn money. It is difficult to automate as you need to be there. But if you are good at the service you provide, you can do very well!
#3 – Consulting
Consulting is a type of freelancing where you provide services for generally higher ticket fees. You are providing your knowledge as opposed to a physical product. To be a successful online consultant you need to pick a niche where you have real expertise. In this business model, you are exchanging your time for money, but as mentioned if you really know your stuff – then with the right marketing you can charge lucractive amounts per hour. Consider online marketer Neil Patel who reportedly charges $5,000 per hour for consulting.
#4 – e-COURSES
If you have an expertise in a niche topic, and you know that thing is in demand – then creating a training course is one of the best things you can do on the internet. This business model can be lucrative because digital products, i.e. online training, can attract large prices – especially if it is a training course that many people are interested in and so there’s a demand for. Just imagine – you create your training course ONCE, and then with the right advertising, you will earn recurring fees. All you need to do is invest resources initially to create a professional looking training course and to market your training course on the right platforms to the right people.
This type of online business can earn you fantastic passive income – as you don’t have to do too much after you’ve set it up!
#5 – Affiliate Marketing
Many of the successful companies in the world, i.e. Facebook, Amazon, AirBnb, Uber are using the affiliate model. This is where you sell someone else’s products in return for a fee or commission. Take Amazon for example – the majority of the products on the Amazon website do not belong to Amazon. They simply provide a platform to bring sellers and buyers together…and take a commission. Similarly for AirBnb. They do not own the properties, but take a commission from people renting their properties to renters through their website. Affiliate marketing is the epitome of digital commerce. And you can do it too.
If there is a product or service you use and can vouch for, then affiliate marketing allows you to earn commissions from marketing and selling that product. For example there’s a health drink that I like and can happily promote in return for commissions. Amazon has its own affiliate model, where you can promote amazon ‘products’ on your website and if someone buys it – you can get a commission. However, Amazon product commissions are low.
In order to make a sustainable online business based on affiliate marketing – you should seek those products that offer high ticket commissions, i.e. digital products – courses, consulting etc. This means with each sale, you can stand to make hundreds or thousands in commission. Why? Because those companies that sell digital products have very little overhead cost. They know that if an affiliate marketer promotes and sells their products – they know they can give up to 50% of the revenue to the affiliate marketer knowing that they still stand to make very good profit from the sale. A sale that did not require the product owners time, and involves little overheads. From the product owners point of view, they would rather make some money – as opposed to no money – for the same level of effort!
So affiliate marketing is a great option to create an online income. It requires little time on your part, except at the beginning to set up your website and marketing costs.
When deciding between these business models, you’ll want to weigh up how much time you want to give, whether you currently have a product and additionally your knowledge of a particular area. For example, if you have a fantastic product and want to automate the selling and fulfilment, then ecommerce could be an option.
If you have an expertise in a niche topic, but don’t want to commit your time – then a eCourse could be your calling. Of course, to make any business successful online – you need to become excellent at influencing and marketing. If you want to learn how to market effectively and create any of these online business models, then the company I am part of educates people on digital skills.
Click here to learn more.
I wanted to share some familiar excuses for why people don’t take the plunge and start something new. In this case – an online business. I would know as most of these applied to me.
The lack of time to commit to building a business is the most common excuse based on surveys and polls. Time is a precious commodity, and we generally try to fill the free time we do have with enjoyable, rather than productive things. The desire is definitely there among young people but time is often cited as the excuse.
Don’t forget, each day on earth represents a greater portion of our time left to live compared to the previous day. Scary right?
With that in mind, surely you’ll want to spend less time commuting and working unsatisfactory jobs and more time with family, passions and growth?
This is why having an online presence is the best thing you can do considering so much interaction and commerce is done through social media. It is astonishing that with people and networks at our finger tips, we’re not taking advantage as we can and should.
- Make time. if you want something badly enough you’ll find a way.
- No time at this present moment, and too many commitments? Then consider an affiliate business model where you promote and sell other peoples’ products/services for a commission. This requires less time and can help build a solid side income.
“No technical skills”
Three months ago i didn’t know how to build a website or set up email systems, write blogs or create custom graphics. There are so many resources and its so easy these days. Especially when it can be just a case of point and click, and drag and drop interfaces -which means no HTML code learning required!
- Digital Business Lounge (for integrated hosting, website building, email, landing page) – all in one place!
- Outsource all the technical parts to your business using Fiverr.
“Don’t truly believe I can do it”
I am part of a community that consists of all types of people with varying skills and beliefs. From truck drivers through to big shot lawyers. They all have one thing in common – they want to change their life. Whether that’s more money, time, fulfilment. there is an underlying ‘why’, and that’s what you have to discover for yourself.
And yes, they all had initial doubts as I did, but the first step is always the hardest.
- Everyone starts somewhere, but to embark on an entrepreneurial journey, you need to sort out your mindset. Mindset, confidence and being clear on your ‘why’ is discussed on regular ‘WakeUp’ calls within the SFM (Six Figure Mentors) community. Check it out!
- Get inspired and learn from mentors through podcasts, books and motivational videos. I particular love listening to Jay Shetty’s and Satori Prime’s podcasts.
- Daily visualisation practice so that eventually your future successful self becomes ingrained in your sub-conscious.
“I don’t have a product or service to sell”
This is something I struggled with initially. I always loved the idea of an internet business but just didn’t have a product or service. What to do?
- AFFILIATE MARKETING – As mentioned above, affiliate marketing is a great online business model for people who are looking to dip their toes into online marketing and start making money. Affiliate marketing is essentially recommending other peoples’ products and services that are aligned to your content, and that you have used before. SFM is a platform that not only teach you how to become an effective affiliate marketer, but also allow you to earn high-ticket affiliate commissions ranging in the $000s.
- E-COMMERCE – Amazon is the e-commerce platform of choice for millions across the globe. If you don’t have your own product, no problem. It is so easy these days to find wholesalers that produce t-shirts, camera bags, bikes, etc, and have them redesigned and re-branded according to your taste. Additionally, you don’t even need to hold stock in your garage or bedroom. With Amazon drop-shipping, the product can be collected from the wholesaler’s factory and dropped directly to the customer. The SFM teaches individuals this Amazon drop-shipping process- step by step.
- YOU are the product. as you have so much to share that certain people will resonate with you. Give and share what you know/love about a particular topic, area or product and before you know it, you will realise rewards from the value you give your customers and readers/viewers.
“I want to see examples of people like me make it first”
People fear the unknown and that’s entirely natural. Therefore it is completely understandable that whenever starting something new, it helps us to see evidence of success in that area thus giving us something to model on.
Before I started my journey with the SFM, I was intrigued by claims that people like me – in respective jobs earning comfortable salaries, managed to replace their salary with impressive profits from their online business. Conversely, there were also individuals in the SFM community that had nothing like the academic education or training that I had yet were commanding huge respect from their successes.
Click here to read real testimonials from real people, get inspired and change your life!
I wanted to shine some insight into the excuses that most people (yourself included?) say to themselves to avoid starting an online business. And with forecasted online sales of $25 trillion by 2025, surely you’d want to build your internet business and claim a tiny chuck of that??
There are a whole host of investments out there, each with unique risk, liquidity and feasibility characteristics. I firmly believe in diversifying your portfolio, but for this post I want to share why I’m a fan of property investment and think that it’s something everyone should and can invest in. Not forgetting its an actual physical asset you can touch and feel – here are my 6 reasons;
Steady income with tax deductible expenses
The rental income you get on property investment provides a source of steady, passive income. This is unlike equity investments where not all companies pay out a dividend. In addition, you have control over the property (i.e choice of tenants, renovation, structure) whereas with equities – you have a negligible, if any influence over the strategic, operational or financial decisions of the company!
Owning a rental property is like owning a business, in that pretty much all expenses related to running the property are deductible from the rental income – which lowers your tax bill. Of course, there is no escaping property taxes but you can be smart and optimize your tax deductible expenses….legally.
Tenant pays down your mortgage
Most people take out a loan secured on their rental property, i.e. a mortgage – in order to purchase the property. As part of the loan, there will be monthly payments – which will include a mixture of loan repayment and interest. To service these payments, you rent out the property to earn rental income, and essentially this income covers the monthly mortgage payment and (hopefully) leaves a surplus/profit every month.
So basically, your tenants are paying off your mortgage. As a result, your outstanding loan reduces and the interest on that loan becomes lower (due to a lower loan balance). In time, you may increase the rent due to either a buoyant rental market or through your additional work/renovations you carried on the property.
Through this combination of lower monthly loan repayments and higher rent, your profits and cashflow increases. Eventually you want to get to a position where your rent pays off the entire mortgage, and you no longer owe the bank. This takes time, but it can be sped up with lump sum down payments where possible. T
The aim should be to get the property free of debt – making it a low risk, high return strategy in the long-run.
Property prices like most markets are subject to economic cycles and the micro-economics of supply and demand. However if you are prepared to stay invested in property for the long haul, you will find that the real returns of property are positive, i.e. after adjusted for inflation effects – the rental and capital appreciation of a property exceed the inflation rate.
This is not the case for all equities or fixed income investments. For the last 40 years both the US and UK residential property market returns have exceeded the rate of inflation. This particularly is due to the progressive increase in property prices rather than rental yields. Of course, the returns vary within regions, and that’s where location becomes a huge factor in your property investment strategy.
Sail through those economic cycles
Consider these economic scenarios that illustrate that if held over the long term, your property investment is a safe bet:
- Low interest rate environment => Cheaper to borrow/refinance mortgage => more house purchases => house prices increase. GOOD FOR LANDLORDS
- Higher interest rate environment => More expensive to borrow => fewer house purchases => mortgage payments higher => people more inclined to rent. GOOD FOR LANDLORDS
- Supply of housing exceeds demand => House prices stagnate/reduce => more purchases due to lower prices => eventually pushes up house prices. GOOD FOR LANDLORDS.
- Demand for housing exceeding supply => Can be good for house prices, rent or both. GREAT FOR LANDLORDS!
Of course, the above is just a basic implication model, and there are other factors that can contribute to the housing market, i.e. regional housing micro-structure, global credit event (i.e. Credit Crunch of 2008-2010), rental ceilings, property taxes etc.
A key feature of property investing is the ability to benefit from ‘leverage’.
For example, to buy a £200,000 property would cost you just £62,000 (assuming 25% mortgage, £5k refurb, and £2k legal costs) rather than the full £207,000.
If the property price then increased over two years to £250,000, upon selling the property you’d receive £100,000 (£250,000 – £150,000 outstanding mortgage), a phenomenal 61.2% return on cash invested, while also receiving rental income.
While this is true, the reverse also holds. If the property value declines from £200,000 the investor experiences negative equity and his/her loss on investment is also amplified due to leveraging (borrowing).
Of course, the recent stamp duty changes and tax laws introduced by the UK Government on buy-to-let property has significantly reduced cashflow for landlords. As a result, investors have become less incentivized to acquire further properties fulfilling the Government’s intentions. Despite this, there are still many property investment strategies available to investors, including;
- ‘Flipping’ (developing and selling the property in the short term)
- House in Multiple Occupation (HMO)
- Short-term lets including Air-BnB
- REITs (Real Estate Investment Trusts)
- Crowdfunding (see below)
On a budget…try Crowdfunding
Owning properties is great, but with the higher deposit requirement for buy-to-lets or rental properties, it means you can have a lot of capital tied into one property…not forgetting the taxes and any refurbishment costs.
Real estate crowdfunding allows you to invest in real estate along with other investors, usually through a platform that will propose real estate deals and take care of all the work, like listing deals, doing all the legal work, and then managing the property. This allows you to invest as little as £1,000 into a residential or commercial real estate project for potentially 8 – 13% annual returns based off historical data.
This beats the return from £1000 in your savings account! With real estate crowdfunding investing, there’s also physical asset that’s backing your investment – similar to direct investing.
In addition, crowdfunding is great for people who want the hassle of tenants or renovations and essentially want a ‘hands off’ approach once the investment is made.
Essentially, it allows an investor to invest in a variety of property deals (residential, commercial, industrial) with a much lower capital injection. Click here for a list of recommended crowdfunding platforms.
What about the recession?
The last recession in 2008 onwards was driven by irresponsible lending to house buyers, complex credit products and greed. On top of that, the banks and lenders had rubbish capital buffers and so suffered wild losses – and had to be bailed out, severely affecting the markets, economy and consumer confidence. This time around there is more regulatory scrutiny over financial products, lending and bank capital adequacy. In other words, we are unlikely to see large corrections in house prices – although that’s not to say they won’t be affected.
Consumer confidence is hit in a recession and people are less likely to spend and invest, which reduces house prices. And the property investor needs to be prepared to ride these out – especially if s/he doesn’t have a need to sell. Note that a recessionary environment also provides opportunity to purchase assets at a discount!
I would always recommend investing in property for the above reasons. Refer to Global Property Guide for a useful source on property trends, statistics and news across the world. As mentioned at the top of this article, rental properties should form part of a diversified portfolio thus aiming to spread risk. Of course, all investments should be entered with a thorough due diligence.
Property investment is a great way to generate a passive income. Another way is through a profitable, online business. If you are keen to learn about setting up an online presence, developing unique digital marketing skills and generating an impressive income online, click here to get started!
After working in the corporate finance sector for over 13 years, I’ve had some realizations when it comes to money and wealth. An employee, even a fairy well-paid employee may struggle to truly create the life that he or she desires from their employment alone. You see, I define financial wealth as having the capacity to acquire those dream assets, like the house or the car or the holiday home abroad with just cash and no loans or mortgage.
When I was a kid, I always viewed owning the £1m house as being the benchmark for being truly wealthy. Of course, with inflation a £1m house today may be worth £5m in the future – and in that same future, £1m doesn’t buy you alot. But essentially everybody’s dream home and desires are different. I just use a home as an example because it is almost always the biggest ticket item people want to purchase.
And I specifically selected the salaries of a UK and US Investment Banker as they are the highest paid professions in Finance, and I want to illustrate that despite their earnings and status – it’s harder to acquire that £1m (or $1.5m) house with CASH ONLY – no mortgage.
I’ve put together 2 tables – one for the UK Banker, and one for the US Banker. The tables show how with age, the banker’s savings accumlate alongside the change in house prices.
This is only a model, and I have inserted my assumptions below each table – the key being that both bankers save away 20% of their annual salary;
UK Investment Banker financial path:
US Investment Banker financial path:
From the UK table, it would take the employee (starting at a £40k salary) 34 years before they have acquired enough savings (£3.49m) before they can afford that same £1m house – which is now valued at £3.316m after 34 years.
From the US table, it would take the employee (starting at a $60k salary) 42 years before they have acquired enough savings (£13.12m) before they can afford that same $1.5m house – which is now valued at £12.958m after 42 years.
This line graph summarizes how the accumulated savings largely lag the house value over time;
You may look at my total compensation figures and find them to be conservative. But you gotta bear in mind the economic cycles, burnout and structural changes to the industry. Again, this is purely a model with my own researched assumptions. Even, the savings rate of 20% is an average. Some people save almost nothing and purely rely on living pay check to pay check.
Of course, after 34 or 42 years, and with that kind of savings, the banker may choose to buy a property elsewhere where there is more value for money or even downsize. But, the point is that, upon seeing their dream house (valued at £1m or $1.5m) when the budding banker was 21, it would take them a helluva time before they can pay for it outright in cash.
Sure, the banker can still take out a mortgage to make up the shortfall at any time during his career to buy the dream house. But it would just mean continuing to work for another 10 or 15 year to meet the mortgage payments.
The above data illustrates that an employee (with no other investments or income sources), will struggle to purchase their dream asset if they were paying for it in cash. However, being an Entrepreneur and owning several businesses and sources of income can help you achieve this goal.
Sure, the business owner may not pay himself much in comparison to the earnings of a top ranking Investment Banker, however the benefits of having multiple sources of income are as follows;
- Not subject to economic downturns as much as an employee, who may lose their job. The Entrepreneur can rely on other sources of income if one or two take a hit;
- Not working for anyone else. Be your own boss. As a result, take as much time as you need off;
- As a business owner, you have controlling ownership in your company which leads to my next defining point…
- More chance of huge cashflow or liquidity events. What this means is that one of your businesses could eventually be sold or partially sold for seven-figures if it’s a successful venture and has been creating huge value for customers. Alternatively, a minority stake in your overall portfolio company can be sold to investors. These events create huge windfalls and allow the Entrepreneur to purchase those dream assets much earlier. And they don’t have to one-offs either.
- Another benefit of entrepreneurship is the incredible satisfaction you gain from creating something out of nothing. Having the freedom to do whatever you want provides for tremendous happiness as well.
I highly recommend that everyone should start their own business, and in particular – an internet business to leverage the lucrative digital economy. There are so many ways to make money online (refer to my post to ‘4 Realistic Ways To Make Money Online‘) as well as;
- Blogging (written and video)
- Online training courses
- Downloadable templates
- Video subscription
You definitely need to start by creating your own website, create a blog and build your brand and potentially access over three billion people online. And you can do this so easily and cheaply these days.
If you would like to make the first step to creating your online business, and learn how to market effectively online, click here to access a free video series workshop that will really open your eyes to the possibilities for making money. You will wonder why you didn’t start this process earlier! In fact, that’s something I always ask myself, especially having gone through the traditional route of academics and employment.
If you wish to get started now – take the first step to your freedom my friend.
Best of luck
AFTER WORKING IN THE CORPORATE FINANCE WORLD for 13 years, I wanted to list out those pain points which has drove me mad and encouraged me to look for an alternative way of working. I’m sure some or all of these will resonate with you!
The Daily Grind
Having to conform to working hours just doesn’t stick with me. You have to arrange your life around the 9am-5pm workday and sometimes longer. Each day feels like groundhog day with your only respite being a vacation or a sick day. Even after that you’re back into the usual grove – or should I say rut!
Don’t get me wrong, it’s good to have a schedule and a certain amount of predictability in your life, but wouldn’t you rather work flexibly, waking up as you choose and during hours that suit you?
No winning with bosses
I’ve had my fair share of bosses during my time! Some are complete assholes, some are smiley but assholes and others are just a drip. I’ve had bosses that say one thing, but then change tack later and expect you to have known what they’re thinking and adapt. You can either speak out and get ear-marked for no progression, or stay silent and suffer.
Don’t get me wrong – I’ve had some wonderful bosses too. Men and women that see your value and let you run with projects, and let you work your own way in your own style. The key is that they trust me and know that i’ll keep them informed of my progress.
But. Wouldn’t you rather be your own boss? Making your own decisions for the direction of your enterprise and not answer to anyone but you?
Don’t see the value in my work
This is a particular pain point for me. I feel that it is very important that your work has an end goal, i.e. to provide value to a client, assist a colleague or to represent the progress your company has made. When I can’t make the connection between my work and how it benefits the business, clients and wider community – then I am very demotivated to perform that piece of work.
Of course there will always be administrative tasks that you can’t avoid, but my gripe is with the core purpose of your job.
An example of this was when I worked an Internal Auditor at a big 4 accountancy firm when I first graduated. We used to produce report after report for banks, investment firms, asset managers concluding on their risks and business controls. However we hardly scratched the surface of their business, and the recommendations we provided were just laughable! I felt so embarrassed during the closing meetings when my seniors were sharing our findings and recommendations with the client.
The way I saw it was that this client has paid the firm thousands for a recommendation that says ‘must sign this document’. I couldn’t see the value we (the accountancy firm) was providing!
This is why it is so important for me to be working on projects that I find fulfilling and will add value. For me, clean water is a problem for many countries around the world. I hope to one day provide a solution or product that can allow people to drink and wash with clean water.
Long ass commute
Another thing that sucks the life out of me is a long commute. Especially on the London tube network! It just eats up alot of time, not to mention rude people with no concept of personal space. I now make sure that when commuting (2 hrs door to door), that I’m making use of that time either by listening to developmental podcasts, jotting my thoughts, reading useful articles.
But there’s so much more to be achieved in those 4 hours. This is another core reason why I’ve sought an online business where I can work from home and avoid that dreaded commute. The commute just takes away time from what is important to me, i.e. family, friends, fitness and my business.
Lack of learning and developing
Working in a traditional economy as I have teaches you many things. What is doesn’t teach you is the skills needed for the digital economy. More and more products and services are marketed and sold on the internet, and there are so many tools and skills that I feel I was missing out on by working as a Auditor/Risk Manager/Trader/Consultant.
With the digital economy surpassing the traditional economy for some sectors, it’s a matter of time before most business will be facilitated online.
AND some of the skills to be learned are;
- Website building
- Video creation
- Developing and servicing leads
- SEO (search engine optimization)
- Social media platforms for business
Having joined the online community – SFM (Six Figure Mentors), I have already developed so many of the above skills and am still learning. I was taken through a step-by-step process to set up my online business and I am excited by the possibilities ahead, one which will include quitting my job for the reasons given above!
And by the way, as an Entrepreneur you learn so much about yourself and your mindset, like how you react to adversity, pressure, what motivates you, etc. Stuff that you wouldn’t identify as an employee.
If you’re also struggling with the mundane corporate world and resonate with my reasons above, I highly recommend that you join me on the path I have taken – by clicking here.
I will gladly introduce you to my mentors who provide a free video series to get you up and running with your own online, profitable business.
It’s an opportunity you CANNOT afford to miss out on.
For many people, making money online represent the ideal way to live a life of freedom from having more time and choices. But at the same time, there’s a misconception that you need to have wonderful technical skills, a flashy website, an in-demand and hot product, a support team and a warehouse to house stock. And so, as brilliant as it sounds, an online business sounds like a pipe dream to many.
The internet is full of great ideas for creating wealth, and some not-so-great ones. As with anything, each avenue or path requires an investment of your time and resources in order to launch it, make mistakes, learn, implement and repeat. The thing is, a lot of people overestimate what they can achieve in a month, and underestimate what can be achieved in a year. In other words, consistent work over the medium to long term is required to make an online venture profitable.
As a serious online entrepreneur myself, I want to give you my view on the 4 modern ways to make money online;
Create your brand and sell it on Amazon
The market-place is so fragmented these days. It used to be that there were a handful of names or go-to brands if you wanted to buy a certain product. People are less brand-conscious and are willing to consider other brands if the product meets their quality and price needs.
Amazon has certainly helped change the landscape. Amazon is comprised primarily of individuals and small companies as the Amazon platform has enable them to efficiently and effectively brand, market and sell their products. And it’s so easy!
If you wanted to start a clothing business, i.e. gym-wear, you can easily design and brand the product using a supplier from China or Turkey for example, and get it drop-shipped (i.e. no need to hold stock in your garage or bedroom!) directly from Amazon’s warehouse to the customer when you make the sale on Amazon.
Of course, marketing is key when selling anything. The community that I am part of offer extensive training and support from world-class marketers for;
- Developing your brand and product
- Sourcing your product efficiently
- Identifying a target market
- Marketing and selling to that target market using Amazon.
If you’re more than interested in this type of business (i.e e-commerce) – which by the way, is highly profitable if done properly, then I urge you to click here and watch a free video series workshop where my mentor Stuart Ross walks you through this type of business.
Affiliate marketing is where you advertise other company’s products and services in return for a commission. There are a range of affiliate companies, i.e. ClickBank, Commission Junction where you can source products and proceed to advertise on your own site or blog. Other large vendors such as Amazon also offer a terrific affiliate marketing program. Essentially, you need to ensure that the products and services you promote are congruent with the niche or sector of whatever you offer. So if you’re a photographer, you may advertise certain cameras or camera bags on your site – and pick up commission if the reader clicks on the affiliate link and buys that product. Note that you should have used that product or service before and would highly recommend it.
This type of strategy is fantastic for individuals that are time constrained, maybe because they have a full-time job or a family. Additionally there is little ‘after-sales’ work required. So it suits an employee who works long hours or has many other commitments, and is seeking passive income.
There are some affiliate programs that pay large or ‘high ticket’ commissions. In fact, if you are keen to learn more about the benefits of Affiliate Marketing so that you can create a passive income from high ticket commission and leave your full-time job – I would highly recommend you click here to watch a free video series workshop to develop these skills.
Online courses (inc. ebooks)
Did you know that according to research firm GI Analysts, global e-learning revenue is expected to be grow to $325bn by 2025? With so many people opting for an online course due to its accessibility, wide range of options and ease of assessing course ratings/credibility – you can see why its a great option. And surely, you’d want to be a part of that $325bn revenue?
You may be asking, “what could I possibly teach?” Or you may well have a skill-set already. What is more relevant though, is what would your market want? If you identify a subject-matter that there is no course for – approach with caution. You see, you’d want to start a course for which there is competition! Because that means that people are interested in that subject/skill, i.e. there’s a demand for it that will probably last for a long time. Essentially people buy courses because they have a problem or pain that they can’t solve. So its worth doing your market research.
Why? Because once you’ve identified that people want to learn/know, then you can spend the initial time and money to develop your course, price it at a suitable level based on the value provided – and then minimal (or no) work is required from you on the course content after that. It’s passive income coming in every month – which could soon become substantial IF you market and promote the course well enough.
The course can be in the form of video, slides or an ebook. I would recommend Teachable as a great resource for creating online courses.
Have you noticed when watching certain videos on YouTube that the host would drop in (sometimes more than once) products that he or she uses, and would recommend you buy? Essentially, the host (if they have a large following/subscriber list) will have been approached by a brand (say men’s shaver) and offered money to promote and use the product in their video. This is an example of a sponsored post – and is definitely worth pursuing if you have a strong or niche social media following.
Essentially, companies pay bloggers, social media influencers, YouTube stars to promote their products and services. Not a bad shout if you’re in that position!
The above methods can deliver fantastic returns with the right marketing. When starting out, I would suggest focusing on one strategy and testing it, adjusting it, seeking advice from mentors and scaling up. Once you are earning well, you can learn about other strategies, i.e. e-commerce and creating courses or webinars.
The community that I am part of offers significant training in these strategies and mentoring to students in order to help them create a profitable online business. Many have created have been able to quit their jobs and live the life they envisioned. Click here to learn more!
Balancing an online venture with external commitments can be a struggle, and you may feel that you are not able to give as much attention to a lot of areas in your life. It’s a balancing act, but managed effectively can be highly rewarding.
When i started out on my journey to create an online business venture, i was full of energy, excitement and optimism about the possibilities and my vision for the future. After all, the reason i went down the path to create an online business was to fulfill my long held dreams.
With a vision in mind, you naturally start thinking about your goals (short, medium, long term), before you direct your focus on the practical strategies to achieve those goals, for example;
- create a mindmap;
- develop a website;
- blogging and creating content;
- follow-up/respond to leads/customers
- meet and network with like minded people
All of the above definitely requires investing in time and money, as well as following through on your tasks/goals to ensure you’re on top of your venture. However your loved ones will want your time, and no doubt you’ll want to spend time with them. I initially struggled to make time for my family during the initial, enthusiastic phase of the online business when I just wanted to continue on full speed ahead. Balancing an online business and external commitments was tricky.
I have a 2 year old son and i was leaving home early for work and coming back late in the evening. In the evening, i would spend half an hour with my son (if that) before putting him to sleep, then eat dinner, do bits and pieces around the house, and then spend time catching up with my wife. As you can imagine i was exhausted to work on my online business as enthusiastic as i was about it!
While working in a Wealth Management firm, it was tricky to do anything towards my online business at work- due to deadlines, meetings, requests from the boss, etc.
So here is what i learned about juggling my business and my family;
Get the support of family members, namely your partner.
Explicitly say to your partner that I will work on my business at such and such time in the morning/evening during the week, and at certain times on the weekend. This creates a level of expectancy and understanding when you are deep into your laptop, and when you might have forgotten to do a certain chore or task.
Having the support of your wife, husband, girlfriend or boyfriend also gives you the assurance that someone has your back and can pick you up if needed.
Use downtime effectively
If you’re serious about the growth of your business, you will probably be thinking about it constantly. Action is also vital, so always make sure that if you’re commuting, cooking, waiting at the clinic, i.e. you have downtime, then can use that time effectively. This may be in the form of learning, i.e. a podcast, a training course, a webinar, reading an article – or it may be a call with a customer or a mentor to seek advice. Technology has enabled us to do so much more from our phones, so my advice would be to make the most of it. For example, as a Six Figures Mentor member there is so much online marketing and mindset training content available, so while driving I will always training playing in the background and continue to feed my intellect.
One of my mottos is ‘Learn, Implement, Teach’, so if you can do any of those 3 during your downtime then you and your business benefits!
Whatever task you do, do it properly
How you treat any area of your life will usually be the same way you treat and manage another area of your life. For example, if you’re a procrastinator at work , then you’re likely to be procrastinating on your chores at home. The same underlying mindset is inherent across your life.
On that basis, even if you’re excited about your new online venture and will give it the focus to make it succeed, then also make sure you apply the same diligence and effort in other aspects of your life. You want a balanced life, and that means focusing on one thing at a time and giving it your all.
In other words, set time aside with your children and spend quality time with them, and don’t dip in and out of emails, or take a call. And when it comes to working on your online business – then give that your full attention.
Health is wealth
Balancing an online business and external commitments requires proper planning and a good physical state. If you’re not eating well, drinking enough water, exercising or getting enough sleep – it will not be sustainable for you to juggle all your tasks, and something will suffer.
Set aside time to exercise daily. Robin Sharma (writer of The Monk Who Sold His Ferrari) states that best time to exercise is in the morning as it releases BDNF (brain-derived neurotrophic factor) that repairs brain cells from stress, and increases your metabolic rate to give you energy. So start sweating!
Continue to believe in your online business, and know that you have the innate talent, self-confidence and work ethic to keep plugging away. Every little, every day helps and before you know it – you will look back to a year ago and notice a drastic improvement.
AND if you don’t move ahead, you’ll still be sitting in that same office in 10 years, doing the same thing, making incremental more money per year. And that’s fine, if that’s what you want to do – but since you’re here I very much doubt it.
If you’re interested in learning about the online business that I’m creating, please click here and I’ll send you a free video workshop series presented by my mentor.
Thanks for taking the time to learn how to balance an online venture with external commitments.
What is the Ego?
Your Ego is a part of you, but at the same time it can be separate to you. It is usually on auto-pilot and ticking away as part of your sub-conscious. The sub-conscious is part of your mind that isn’t in current focal awareness. For example, when you’re driving a car, those gear changes and tiny movements of the steering wheel while you’re thinking about something else….that’s your sub-conscious driving the car.
The ego is never satisfied. It’s always seeking more. It is defined as a person’s sense of self-esteem or self-importance. More material items, more money, better possessions and experiences. As a result, the ego borders on greed especially with its glass half-full attitude. In fact, any negative experiences you go through in life are a contradiction to the ego’s beliefs. For example, if you hurt yourself that’s your ego saying ‘i shouldn’t be in pain’, if you lose money that’s your ego saying ‘i shouldn’t be suffering losses’. When your business suffers your ego says ‘this was not supposed to happen’ – and it becomes easy to revert to your default setting. This is how your ego holds you back from achieving your best.
The majority of humans have their ego running their life and are essentially passengers. It may well be that in some areas of our life we are the passenger, and in other areas we are the drivers. The key is to be the driver in all areas of our life – but you have to look within yourself to achieve change . However, once people decide that change is needed, they don’t follow through. Why? Because the ego is lazy, and it knows that we can survive life in a default setting so why bother changing?
If our goal was to lose weight – you may intend to achieve change by exercising regularly. But no transformation is easy, so at any sign of hardship the ego will question the transformation and urge you to give it up. It uses avoidance tactics and makes excuses! Similarly for mediating. You will set aside 10 minutes every morning upon waking to meditate. However, you find yourself hitting the snooze button on day 1, day 2…and so on. Why? Because your ego is seeking the easy option.
Your desire needs to be stronger than your ego and this takes discipline. Essentially, you need to ask yourself “am i serious and committed to this change?”. Your word needs to be absolute as you don’t want your ego to hold you back.
When you don’t follow through on a practice, you are telling your ego that you’re not committed and are feeding more power to the ego. This applies to pretty much any aspect of your life that you feel isn’t amazing, i.e. relationships, money, health etc.
The key to committing to real change is to remain disciplined and focused on the task/activity/project at hand. In addition, being vulnerable is so important for growth, as it means you are opening yourself up for new insights, constructive feedback, tools and knowledge that you may have not have previously welcomed into your life.
Click below a really useful guide for ways to overcome your ego and ensuring its not holding you back;
As I go through my own journey creating an online business and honing my digital marketing skills, I am aware of my ego taking control and making me procrastinate and lose focus. Luckily the online community I have joined are amazing in making sure I stay on track and am clear on my goals and vision. In fact, there are accountability mentors that ensure you stay on track – ensuring you’re ego doesn’t take over.
If you are interested in learning the same marketing, technical and mindset skills, click here and start your journey to taking control and freedom.
There’s a perception that confidence is something inherent. If you think of people you know that are confident, their actions, verbal skills and timing just seems natural to them – as if they’ve always been that way. They just exude confidence.
But note that confidence is something you acquire as a result of life experiences, i.e. learning from mistakes, assessing and understanding what works well and then implementing those lessons…day in day out.
Here are key building blocks to a more confident you…
Love yourself first
You have to look after yourself first and foremost. This means respecting your body by giving it the right nutrients, rest and exercise. The endorphins from a solid workout session alone give you a great feeling of accomplishment and ‘top of the world’ feeling. Lifestyle guru Tony Robbins said you cant change your mental state unless you alter your physical state and energy. The long term results from more muscle, reduced weight etc are of course a fantastic confidence and self esteem builder.
Eat well. When it comes to looking after yourself, eat at consistent times, have a balanced diet and eat reasonable portions. Have an idea what you should eat for the day and at what times. If you eat oily, greasy and stodgy food you end up feeling lethargic and probably not getting the vitamins and minerals you need.
Once you care for yourself, look after your needs and fill up your cup – only then are you in a position to help and assist others!
Inner confidence comes easier when you know that you look good on you. Dressing well is very important for first impressions, how people see you and indicates to others that you like to take care of your appearance – which ties in with loving yourself. Of course, you need to find a style that suits your build and body type. Click here for a useful guide by The Idle man.
I would recommend that you decide on a series of outfit combinations (including shoes) that you really like and work well for a particular activity, occasion or day of the week. It just exudes confidence when you wear outfits that appear natural and effortless on you. Of course, be sure to invest in good quality clothing – even if its on the pricier side. It shows!
Dressing well includes wearing accessories that compliment your style. I would always recommend a great dress watch that is suitable for any occasion. As a suggestion, I highly recommend Vincero watches for their elegance and affordability:
Give yourself targets each day and aim to conquer most – if not all of them. The sense of achievement does wonders for your mental state and your confidence. Refer to my post below for enhancing your productivity;
At the end of your day you should reflect on your best achievements. The sense of fulfillment from achieving your daily targets tells you that you’re slowly, but surely conquering your projects. You gain so much confidence from accomplishments! Each step goes a long way.
Face your fears
Try not to think twice. If there’s something that makes you uncomfortable, then you’re best bet is to face it full on. If you’re in an awkward or unpleasant situation, count to 5 in your head and take action before you get to 5. This ensures that you’re not giving yourself time to back away and procrastinate. The more fears you conquer, the more you realise there is little to be scared of. Your confidence grows and grows.
Oh and a cold shower every morning is amazing! It just sets you up perfectly for your day, and if you can get through that then nothing will faze you and your confidence sky-rockets!
What you can and can’t control
Know this. There are some things you just can’t control! The weather, people’s reactions, bird crap. The things you can control, i.e. your mood, your work, etc – manage those to the best of your ability.
Those things you can’t control – don’t let them stress you out dude. Move on quickly, stay cool and your confidence remains solid. If you let external uncontrollable things get to you, then you end up affecting your own mental state.
Learn Learn Learn
You are a product of your environment. Think of the 3 closest people to you, and calculate a rough average of their income. That would probably be close to your income. In addition, your thoughts and lifestyle are highly likely to be aligned to your closest 3 people in your life. Inspect yourself, seek growth and seek inspiring people to be around. You can do this by having mentors, listening to podcasts, watching inspiring people on videos or reading a self development book. By learning something new daily, you’re cultivating a growth mindset and gaining clarity of thought.
Pretty soon you’ll be able to teach others and become a person of value. A fantastic way to develop inner confidence. Remember – the application of knowledge leads to better decisions.
One thing that I’ve been learning is effective digital marketing for generating sales and extra income. If you’re interested in expanding your skills and creating an online business, I encourage you to click here.
Above all, consistent good habits and application is the key to ensuring your confidence is sustainable.