What you need to make Money Online | GrowthStart Insights EP09
In this Episode of GrowthStart Insights podcast we will be looking at the things you actually need in order to make Money Online.
Hosted by: Bernard Loots
Welcome to episode 9 of the GrowthStart Insights podcast. I’m your host Bernard Loots. Please subscribe if you’re on YouTube or if you’re listening on any of the podcast channels. We’ll really appreciate it.
In this episode we’re going to be discussing how to make money online. Let’s jump into it.
So this is a really big question, right? How do you actually make money online? What are the things that you need to do? What are the things that you need? What are the tools? What are the software?
What exactly does it take to make money online?
There’s a couple of key things that will actually go into this entire process and together it works as an automated system that generates revenue over time and 24 hours a day. Now that’s fantastic, being able to sleep and actually still having your business run in the background, automated.
Now the great thing is that with technology we can automate our entire business from generating leads to the actual sale and the processing of the sale and fulfilling the order.
Even so the first thing that we are going to need is a market why not a product first because we need a market. We first need people that actually have a problem that they want solved or they have a requirement for a specific product.
Once we’ve identified the market we can then know what product will fulfill that problem and solve that problem for that ideal customer. Once we’ve got the product we’ll need to attract those customers.
A couple of ways that we can do that is by doing content marketing. We can write articles that will eventually rank on Google about how to solve that problem and then a link in that article to our product. We can do YouTube videos and provide helpful and insightful content to that person and then put a call to action in place to our product.
We can do paid advertising and do maybe a search ad or we can do product ads or display ads or video ads. There’s countless different kinds of ads that you can make use of, but once you know who you’re going to sell to, what you’re going to sell and what the the key reason that that person wants to buy that product, all those things will come easier.
You’ll know what that person is looking for, how they identify with that product and what problem they want to be solved.
A Platform to Sell on
The big thing that you will also need is a platform to sell your product on. Now that will be obviously, in this case in an online business be a website. So you’ll need to make use of a website. To have a website you’ll need hosting and you’ll need the actual platform. That might be Shopify, if you don’t want to do the development and stuff yourself. Or WordPress, which is totally free and open source and what we run our entire business on.
There are countless different platforms that you can make use of. Some of them are paid and have a software as a service model. That would be like Shopify. Where you pay them a monthly subscription fee and your product and everything is hosted on the platform.
If you choose WordPress, you’ll have to have the hosting account with with the third party, but you will be in charge and have total control about that software, what plugins you use and where the data is stored and captured and how you can make use of that data.
Be aware of Legal Requirements
Another important thing is the legal requirements. Now if you sell anything we have to deal with the consumer protection act. To make sure that we provide actual value to that customers. We cannot scam someone. That is very unethical. Don’t do it. We want to provide value and actually get value in return by providing that value.
We’ll also have to think about things like taxes. We have to comply with SARS. So that means we have to pay income tax on any income that we do generate and make sure that we are compliant in all those aspects. Once we get to the stage that we actually want to separate the business from ourselves, if you started out as a sole proprietor, you’ll have to actually register business. That means you have to go into the CIPCs website and register yourself a Pty.
With that comes some additional responsibilities. You’ll have to do annual returns. You’ll have to also do income tax and tax filings for the business. You’ll have to register for Vat once you reach a certain threshold of revenue.
Now everything can be set up and done with just a little bit of time and effort. The biggest thing that you need to concentrate on is selecting from the start, the correct product. The correct market. Your market has to be big enough in order to make the whole process of selling this product viable.
If you only have 10 people that are interested in the entire world, your product is not going to do that well and you’re not going to make much money off it, but you need to remember that online exposes you to the entire globe. That means over seven billion people that are a possible person in your market.
Not all seven billion people are going to buy your product, absolutely not, but you have that amount of reach. If you niche down and you get more specific about who those people are it’s going to get smaller, but you’ll still have the entire world to be able to sell to. Especially if it’s a digital product. You are not limited by where you can ship that product to or what fulfillment centers are available to you.
Now the most difficult thing is actually reaching that potential customer, gaining interest and desire for your product, but if you started from the ground and really taken that problem that that person has and made sure that that market is big enough, it won’t be too much of a problem. What we’ll want to do is make sure that we can’t concentrate on the things that will drive the most amount of people to our product.
Now you won’t want to start with ads from the start or actually have that as the biggest part of how you get customers. We’ll want to concentrate on things that are organic. So writing articles on your website that eventually rank in google is a fantastic way, because it doesn’t cost you anything in the wrong long run. Making YouTube videos, it will take your time to actually create the video, but it won’t cost money to have it hosted on YouTube.
It’s totally free and all this content that you put out there will eventually rank on Google, rank on YouTube and drive people that are interested and are looking for that problem to be solved to your website.
Now on your website you want to make sure that it is clear what value your product is providing. What results your customers see from using your your product and how that product solves their problem. If you make that messaging clear, it’s going to increase the amount of people that are already interested to actually convert them into a sale.
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