Make no mistake. The Internet has enabled people to make money from the comfort of their home. There are lot of work at home moms who are taking care of their little children yet earning a full time income from the comfort of their home.
Please understand that this is not s theory nor is it speculation nor is it a series anecdotal stories. This happens all the time. In fact as millennials start becoming adults and increasingly becoming disenchanted with the corporate world you can expect the number of people voluntarily working from home to explode.
Regardless of what generation you were born in, whether you are a baby boomer, a Gen X-er, a millennial, or zoomer or Gen Y, you can benefit from this shift. You can say goodbye to the hassle of having to commute to work. You don’t have to worry about spending an arm and a leg on a lunch budget or meals at work. You don’t have with hassle office politics and deal with co workers with obnoxious personalities.You can be yourself at home, you can do what you love and most importantly you can work base on your own schedule and on your own terms. What’s not to love?
Well, just like with anything else on the Internet, its very easy to get confused. Please understand that there’s a lot of hypesters and hacksters out there. These are people who make a big deal about how easy it is to make money online. They basically try to sell you on a dream. Its not unusual for senior citizen to fall for this hyped up claims only to add up with very little.
Please understand that people can and do make money online but you have to have the right information. You have to have a plan. As a senior citizen, you already know how to set goals. You already know how to pursue a strategy until it yield success. If you’re still on defense regarding online income and whether it’s a real thing or not, here are 5 key facts that you need to know about. With these facts in mind you are more likely to make a truly informed decisions as to your next step.
Please understand that there lot of opportunities online but there are also a lot of dangers so you need to make informed decisions.
Lets compare a typical Internet business to a restaurant. If you’ve ever gone to a restaurant in your neighborhood you would know full well that you need a brick and mortar location. Generally, in the United States this translates to several thousand dollars in rent month after month. In addition to the monthly rent, you have to pay for advance costs, set up costs, you also have to worry about permits. You have to of course buy equipment and other initial starter costs.
After that all that has settled, the typical restaurant business costs north of a hundred fifty thousand dollars depending on where its located in the united states. That’s a whole lot of money. And here’s the clincher. Even if you are able to set up your restaurant properly and you have the resources to do so, its initial survival and success is far from guarantee.
In fact the failure rate of businesses in many parts in the United States is over 50% in the first 5 years. This is higher in other areas and lower in other areas but by enlarge, 1 in 2 restaurant businesses that open, end up closing. Some shut down sooner rather than later. Still, you have to confront this really scary statistic.
Internet businesses on the other hand can be set up with absolutely zero money. I know, stop rubbing your eyes. This is definitely not a lie. If you don’t believe me, go to places like medium.com, wordpress.com or blogger.com.
You can put up a blog for absolutely no money. You don’t need to spend money or domain name. You don’t have to spring for hosting fees. As long as you know how to write and as long as you know how to drive traffic, everything you earn from that blog go straight into your bank account.
Which would you rather have? A hundred fifty thousand dollars to set up a restaurant that has a 1 and 2 chance of failing or a blog that only costs you a few hours of writing time. And can possibly make you thousand of dollars in add revenues, sponsorship and product sales every single month. Which would you rather choose?
Which would you rather have? A hundred fifty thousand dollars to set up a restaurant that has a 1 and 2 chance of failing or a blog that only costs you a few hours of writing time. And can possibly make you thousand of dollars in added revenues, sponsorship and product sales every single month. Which would you rather choose?
The great thing about online businesses is that your primary input is your time. It’s not you money. It’s not like your stock training where you basically buy stock and you buy low and sell high, or you borrow stocks and sell high only to buy it back again when it crashes and you keep the difference.
It is not as capital intensive ways of making money. You still have to invest though, the main input is your attention and your time. Since most people do have a lot of time, specially senior citizens who have already retired, this should be right up your ally, instead of wasting your time playing bingo or doing stuff online that just basically wastes your time.
You can do something that you’re passionate about. Maybe you’re doing arts and crafts for your etsy store, maybe you’re picking out products in China at Aliexpress or dropshipping. Maybe you are writing a blog based on your long professional experience or your personal opinion.
Whatever the case maybe, as long as you have time you can turn it into cold hard US dollars. How awesome is that?
In the normal business world you need capital to start a business. You have to go to the small business administration and get a loan or you can get a private bank loan. Whatever the case it may be, cash is king. You need capital.
As you probably already know, to make money, you have to have a customer. Whatever it is, you’re offering has to offer enough value to them so they would spend their hard earned dollars on what you are selling. Pretty straightforward, this is market economics 101.
Now as you know, if you don’t have much buyers in your particular city, town, or municipal area in the united states, you’re pretty much out of luck. Unless you are located near in some sort of interstate, or where you have a mail order business, your business market size is restricted to the local population or if you set it up properly, the regional market.
But there are hard limits to how many people you can sell to. This is not the case when you’re selling stuff on the Internet. For example, you can set up a dropshipping business where you buy stuff from China and you sell it to people from the United States.
In this case, there may be people from all over the U.S and even Canada, Mexico or elsewhere, buying your stuff. Now if you are selling digital goods, like e-books, software, canned, graphics, you can sell to people all over the world. We’re talking about the people from India, Philippines, Mexico, Nebraska, the United Kingdom and all points in between. You have just exploded your market size.
As long as your website is visible to them, they are fair game. You can possibly turn them into paying customers.
This is not the case with a purely local business. If you’re not doing any kind of mail order, you’re basically stuck with physical traffic.
Everybody on this planet has some knowledge that somebody will pay good money for. I know that seems like a big reign but it’s absolutely true. Take the average person. That person may have experiences that can be translated into a story that people may want to hear by. Forget about technical knowledge. Forget about tutorials, online courses or how to programs. I’m just talking about stories.
For example, somebody went through a very rough childhood. Maybe somebody had a rough romantic relationship, people resonate. Because people are emotional. People are looking for others who they can relate. This is how celebrity culture, believe it or not, begins. It’s all about interpersonal connection. Because no person is an island. We are social animals.
And knowing this, you can cash-in on your knowledge and experience. How? Write a blog. When you put up a blog with your experiences and your knowledge, you work once. But when people discover it, using search engines, social media or whatever else, they engage with your content and if they click on an ad or they buy a copy of your book you make money.
Here’s the magic. You work once but you make money many times over from your product. Remember, you’re only putting in extra man of hours to create your product. Once its done it goes up on your website and you move on to the next product or you don’t do anything. In other words, you put in only so many hours to produce your product but many different people can keep buying that product not just within a year but several years.
I know people who have published books on amazon kindle and spend maybe a week putting their book together. Their book make them anywhere from $10,000$200,000 every single year. That’s the awesome thing about that. You don’t have to work for that money because you’ve put in the work once.
Compare this to the typical 9-5 job. You show up. You punched the clock, you work for 8 hours and then you leave. If you don’t do that, you don’t get paid. That’s called active income.
Publishing a book, creating software, putting together an app, or anything else that can be downloaded and consume by many different people over and over again, is passive income. Because every time they buy your stuff, you earn money. When you work, if you don’t physically work or produce, you don’t earn money.
There’s no compassed. Whether you are a retiree or you’re still actively working, you might want to consider creating online income streams, that are completely passive.
I wish I could tell you that the moment you put up a blog, that it will be a run away hit. Now, you know and i know that, that is often not the case. In fact, according to the New York times 90% of blogs ever put up failed. I know that’s a sobering statistic but please understand that most people really do not have a strategy when creating online income. In many cases, they put all their eggs in one basket. They say to themselves, “well, I’m gonna put up a website and it’s going to be the only source of my income”.
I’m sorry, if you do things that way, you’re setting yourself up for failure. Seriously. The better approach would be to create many different sites and do a good enough job with each of them that they produce revenue. Once they are generating revenue you can optimize each of them so they can live up to their fullest potential.Still, you should begin with as many different revenue streams as possible. This way, when stream of income fails, you still have other back up streams. This is how you play the game. This is how you create a passive income system instead of a simple blog or a one dimensional online store. You have to build a passive income system and the great thing about the Internet, it enables you to do this easily and cheaply.
Keep the facts above in line. They are facts. They are not theories. They are not a wild conclusion. They definitely are not hype. I want you to succeed in whatever decision you make. Whether you believe that you’re cut out for online entrepreneurship or not, you need to base your decision on facts. Click here if you decided to take the plunge.
