The following article is the first part of a two-part series on how to make money online. In this first part, we will discuss how to make money online for Runescape. Keep reading for more information on how to make money online!
The Pros And Cons Of Making Money Online
Before you begin seeking to make money online, you need to understand both the advantages and disadvantages of this type of endeavor. Below we have compiled a short list of both the advantages and disadvantages of making money online:
Advantages
- freedom of choice
- flexibility
- no commute time
- no set hours
- ability to work remotely
- ability to work when you want
- ability to work when others aren’t accessible
- ability to pursue other interests
Disadvantages
- lifestyle change
- risk of loss
- pursuing other interests means giving up financial security
- ability to be distracted by unproductive activities
- ability to be interrupted by technical difficulties
- cannot earn a living wage without additional income sources
- ability to be outsmarted by those who are better educated
- longer hours spent training to achieve competence
- interactions with strangers on-line are more likely to end in conflict than relationships
How to Make Money Online For Runescape
Now that you have a better understanding of both the advantages and disadvantages of making money online, you can begin to form a better idea of how to go about accomplishing this goal. Below we will go over some of the basic steps to take in order to begin making money online for Runescape.
Step 1: Select A Niche
The very first thing you need to do in order to begin making money online is to select a niche. A niche is a “small market or segment” within the larger Android market. In some cases, a niche can be defined as a “small group of consumers whose needs and interests coincide.” This can be a difficult task, as there are many options available to you. Once you narrow your selection to a more specific niche, however, the field of opportunity increases.
For instance, if you are seeking to create a social media account with an Android device, you may want to consider creating a blog for Android users or for those who use particular apps or games on their phones.
Step 2: Find Your Voice
Once you have chosen your niche, the next step is to find your voice. Your voice is essentially your online persona, or the way you come across to other users on the web. The better your voice, the better you will be able to gain credibility with your audience and engage with them. With a little bit of effort, you can find the right tone of voice for your account, which will make a significant difference in your ability to connect with your audience and gain credibility.
Step 3: Create A Product
The next step is to create a product. A product is anything that you can sell to other users that will generate revenue for you. The better the product, the better you will be able to make money online. There are a few different ways to go about creating a product, but the most straightforward and effective method is to use Google’s Product Feed to find something that already exists and ‘spin’ it off into a product. With a little bit of effort, you can find ways to improve and innovate on existing products to make money online. An example of this would be taking an electronics product and creating a special case version for iPhones.
Step 4: Determine Your Price
After you have created a product, the next step is to determine your price. This is a critical step, as without knowing how much you should be charging for your product, it is difficult to determine your profit margins and how much you can actually make. To figure out how much you should be charging, you need to consider a few different things:
Your Cost
Firstly, you will need to include the cost of materials in your prices. These are items that you need to purchase in order to create your product, like computer monitors, plastic bags, etc. Once you have determined this, you can add a bit more for your labor costs. These are the costs of paying yourself for working hours spent creating and promoting your product. You will also need to consider paying for traffic. You can do this via advertising, selling affiliate products, or getting a paid sponsorship. Once you have this information, you can determine your price point with some ease. You should aim to make at least $100 in profit for every $1 you spend on materials and labor.
Revenue
The next thing to consider is your revenue. Your revenue is the money you are actually making from sales of your product. To figure out how much you are actually making, you will need to consider a few different things:
Your Costs
Firstly, you will need to subtract your costs from your revenue. Your costs are basically what you spend on in order to generate that $100. This could include costs like paying your employees, paying for materials and tools, etc. Once you have determined this, you can add some more for your expenses. These are the costs that you have not included in your revenue, like plane tickets, meals, etc. An important thing to note is that your expenses cannot exceed your income. Trying to make a profit while spending more than you earn is a recipe for financial disaster. Once you have this information, you can determine how much money you are actually bringing in.
Your Expenses
The next thing to consider is your expenses. Your expenses are the costs you incur in providing the service or product to other people. Your expenses could include things like hosting fees, rent, utilities, etc. Once you have determined these costs, you can add some more for your material costs, like buying new equipment or paying for online courses. Your expenses should not exceed your income, just as your costs cannot exceed what you make. You should only include expenses that you can definitely link back to in your income statement. Try to reduce these costs as much as possible while continuing to grow your business.
Profit
Your profit is what you make after you have subtracted your expenses from your revenue. Your profit is what you keep after you have paid your employees, bought materials, and paid for your promotion. To calculate your profit, you will need to consider several different things.
Firstly, you need to determine how much you are going to keep as profit. You will want to create a profit margin of at least 20% in this case, or $100 out of every $100 made. Keep in mind that this is not an exact science, and you will need to use your best judgment when creating your profit margin. Once you have this information, you can add more for your expenses, and then subtract this from your revenue. Your profit is what is left over after you have subtracted your expenses and cost of product. This is the total amount of money you are bringing in after you have paid your employees, bought materials, and paid for your product. Your profit is what is left over after you have paid for your product.
If this is being done for a college fund or other financial goal, it may be best to aim for a lower profit margin of around 10%. This will provide you with a greater chance of attaining your goal, while providing you with some extra money to spend or invest. You should not set your profit margin too high, as this will decrease your chances of generating a profit. Remember, you want to make a profit, not a loss! Having a high profit margin does not guarantee you will make a profit, but it certainly increases your chances of doing so. Keep in mind that this is not an exact science. You will need to use your best judgment when calculating your profit margin.
Once you have established your product and begun making money from sales, the next step is to refine your product and continue to optimize its production. This involves continual testing, measuring, and adjusting based on feedback from customers and potential customers. Doing this will help you make the right decision about pricing, quality, and getting the word out about your product. In some cases, establishing a physical location in a warehouse or storefront where people can come together to interact with your product is also a viable option.