Ever wonder the process how to make money online? The process of earning money is basic. While there are thousands of ways to make money online, they generally follow the same process. This post will introduce you to the critical elements that ultimately will enable you to make a full-time income online.
Critical elements to making money
There are four core elements to making money online. They are:
- Have a product/service – Your options are either make and sell your own products or sell someone else’s products. Ideally, they will be those for which your have a passion or great interest. For example, you can turn a favorite hobby into a business.
- Have a website – Your own personal business website is the heart of an online business. It is the foundation of your business and the connection between your target audience and products you want to sell.
- Have a target market – Knowing the kind or group of people willing to buy your product/services is the third element to making money. An introduction to marketing research can be found here.
- Have a plan – Having financial and non-financial goals is important to profitability. Financial goals can be expressed in terms of total income monthly, yearly or any other way. Non-financial goals could include numbers of customers, repeat customers, time spent and other goals. Plans should address marketing and advertising, budgets, resources and schedules.
The following video introduces you to the process of making money online. While the idea of having an online business appears daunting, the process is quite straight forward.
Making money online is serious business, treat it seriously and be professional.
Learning a new skill takes time and practice. So recognize the fact that there is learning involved. The good news is that there is lots of information available for new business owners online.