A little over a year ago, I (Sam) quit my job and started a business online teaching people how to make a living online. Although it’s been a roller coaster ride, one thing to note is that I’ve never been happier or more content than I am now. Since launching Plurk.com (formerly known as Tastefully-Lamborghini), I’ve built and sold multiple companies and now employ over 20 people. My passion for helping people find financial independence led me to create Plurk.com and a year later I’m delighted to see how much it’s grown and changed the lives of many.
The Basics Of Making Money Online
First things first, let’s discuss some of the theoretical underpinnings of making money online. It’s important to understand how these principles work together to generate and multiply revenue.
The theoretical basis of any business is profitability. In simple terms, a business creates a product that others want or need and then charges them for that product. In the case of a for-profit business, it’s usually best to charge more than you need to make a profit. When you overcharge for your product or service, you create a surplus, which can be distributed amongst your shareholders as profit. In the case of a non-profit organization, you create products that make the world a better place and then you don’t charge for them. Instead, you donate them to charitable causes and organizations.
In the case of a labor-based business, you usually need to provide some sort of labor in exchange for payment. You’re not really creating something that people want or need; you’re providing a service that they want and need. For example, you can sell your graphic design skills to a company that wants a fresh new logo or marketing materials created. In some cases, you’ll need to sell your time in exchange for payment. If the company wants multiple revisions until they’re satisfied, you’ll need to revise their logo a few times for free before you start charging them for your time. In these cases, you’re trading your time for money, but you’re still creating something that people want or need. It’s just that they want to pay you for the pleasure of your company rather than your services.
How To Make Money Online With Plurk
Now that you have a basic understanding of how businesses work, let’s dive into how you can make money online with Plurk. First, you need to choose a niche. Although there are hundreds of ways to make money online, only certain niches will generate consistent revenue. I’d advise against choosing a very broad niche like ‘web design’ or’marketing’ because there are hundreds of extremely talented people in those fields. Instead, find a niche that’s already filled with competition but has plenty of opportunity for growth. For example, if you’re a skilled graphic designer, you might want to create websites for companies that are already creating websites or for talented marketers who want to expand their reach.
In my case, I chose to create websites focused on luxury goods. In my previous career, I’d designed jewellery lines, so when I saw the endless possibilities of the online world, I knew I needed to find a way to continue designing jewellery, but this time for the digital world. My initial inspiration was my late wife, who passed away in 2016, and I miss her dearly. She was an extremely talented designer and always inspired me to create new designs. Every piece that she approved of sold quickly and the family received numerous compliments on her exquisite taste.
After my wife’s passing, I found myself in a bit of a rut. I spent a lot of time playing video games and lost myself in creative endeavors. One day, I was looking through my creative projects and came across some sketches that I’d done years ago when my wife was still alive. After going through a rough patch, I wanted to bring those designs to life, so I spent 4 months developing a simple but classy brand image incorporating my late wife’s taste, which I’ve since built my business around.
In terms of setting up your website, you need to have a good domain name and a professional-looking logo. Once you have those, just plug them into your website builder of choice. There are dozens of these tools, so find one that you feel most comfortable with. Some people prefer to use WordPress while others prefer to use SquareSpace. It really depends on your personal preferences. Once you have your site built, you can choose to design it yourself or hire a professional to do it for you. Either way, you need someone with good design skills who knows how to use the right fonts, colors and images to bring your product to life. In my case, I use DesignersClub, which is a membership-based platform that allows you to hire experienced designers at affordable rates.
Choose The Right Monetization Strategy
Once you have a functional and appealing website, it’s time to consider how you’re going to generate revenue. There are hundreds of ways you can make money online, but you need to consider whether you want to go down the PPC (Pay per click) route or the Affiliate Marketing route. In the case of PPC, you’re basically getting paid whenever someone clicks on your paid ads or buys your products and services through your links. With affiliate marketing, you’re earning a commission for sending someone to a merchant’s website to make a purchase. For example, let’s say a company wants to promote their luxury bags, but you have a design deficiency. Instead of using PPC to promote their product, they might choose to send you an affiliate cheque for each person who buys a bag through your affiliate link. The great thing about the latter is it’s one of the most passive ways to make money online. You’re basically outsourcing the work involved in selling their products and just need to set up the affiliate links. When someone clicks on one of those links and makes a purchase, you’ll earn a small commission. It’s a very hands-off approach that allows you to focus on other aspects of your business.
There are also several more sophisticated monetization strategies that you can use. For example, you can use a tool like Google Adsense to earn a small fortune if you have a sizable audience. The downside is you’ll need to look after the ads on your behalf and you have to keep a close eye on your spending to ensure you’re not overpaying. You can also try selling and displaying ads from targeted, relevant advertisers who want to reach your audience.
How To Monetize Your Website
Once you have a monetized or “earning” website, the clock is ticking. Now that you have a source of income, you need to begin considering how you’re going to spend it. The first step is to decide how much you want to spend, which products or services you need to sell to generate that revenue and what your profit margins are going to be like. Your profit margins refer to how much you’re going to charge for a product or service compared to the cost of producing it. For example, if you sell an iPad for $500 and you budgeted $400 for materials and labor, your margin would be $100, which is your profit. Remember, you’ve got to pay yourself first, so consider raising your prices slightly to cover your overhead costs. In my case, I’ve chosen to sell jewellery due to my familiarity with the industry, but anything from fashion to fitness to computing devices can be sold on my websites. It just depends on your niche.
Final Takeaway
In terms of finding success, it’s always best to look at the bigger picture rather than just the results of any single action or effort. In other words, focusing only on your successes rather than your failures will get you further than you’d think. The great news is you’ve taken the first steps towards creating your own online business or company. Although it might not feel like it at first, the more you do, the more you’ll build up momentum, which will lead you to greater heights. In my case, I’ve been extraordinarily fortunate. I built a business around a product that I deeply loved and respect the woman who inspired me to create it. Although my life is now completely dedicated to Plurk, I still get teary-eyed when I think about how much my late wife contributed to my success.