The number one questions that all aspiring (and struggling) digital entrepreneur and internet marketer asks: ‘Is it really possible to make money online?’.
Are all the promises of instant cash, dreams of passive income and a lifestyle of freedom real? Or are they just visions made up to make us pay?
Well, today we will delve into this issue.
But first, let’s break down the question.
‘Is it possible to make money online?’ – that’s too vague. Anyone can make a few dollars selling their pre-loved items on auction sites or forums. If going on that definition, then the answer is very clear to most of us.
Yes, it is possible.
But is this the answer you are looking for?
I highly doubt so.
So, let’s dive deeper into the question…by asking more questions.
How much are you looking to make?
Rather than asking ‘Is it possible to make money online?’, ask: “How much money are you looking at?”
- $100? $1000? $10,000?
- One time? Many times over and over again?
For aspiring digital entrepreneurs and internet marketers, we are probably asking if it’s possible to make a regular income online.
So, is that possible?
Let’s look at some examples of people who have made internet marketing their business and income sources.
He started his online business when he was laid off in 2008. And he has shared his income reports from as early as October 2008. Take a look at his income reports and notice how he has grown his business over the years.
You can follow his process over the years.
A good thing about Pat Flynn’s income reports is that he is very transparent. He lists his expenses on top of his income. And if you take a look at his expenses, you will notice that as his income increased, his expenses increased too. (SUCCESS HINT: You need to spend some money to earn more money – but be smart in your spending.)
This is a food blog by Lindsay and Bjork. They report their monthly income report too. Notice that she started earning just $21.97 during her first month.
Note that most new internet marketers will NOT immediately earn 5 figures off the first month. Start small, persevere and build up your income consistently.
A blogger who teaches people how they can make money online, Michelle releases her monthly income report regularly too.
Are you convinced?
After looking at these 3 live examples, are you now convinced that it is possible to create an income through an online business?
There are many more internet marketers who regularly post their income reports. The reason I choose these 3 examples is that they are more down to earth, and their income reports are in general more complete in my opinion. (i.e. they have shown their earlier online income report on top of what they are making now.)
4 takeaways we can draw on via these income reports:
1. Consistency is key.
These internet marketers did not quit just because they did not earn 5-6 figures right off the bat. Rather, they persevered, learned and improved along the way.
Internet marketing is NOT a get rich quick solution.
2. Passive is never truly passive.
Although some of these income reports have passive income elements, but a successful online business is hardly 100% passive. Yes, they could probably take a month’s break and still get away with it, but if they were to stop building their business, their income would decrease over time too.
Flexible hours and long breaks are possible, but to completely stop working and expect increase income over time is highly impossible. (unless they turn their online business into a corporation where there are people working on everything from idea creation to being the face of the brand)
3. It is important to have multiple streams of income to scale up
This is another common feature amongst the successful internet marketers. They then to start with one area of competence. (eg. selling ebooks, blogging, etc)
As they get better at what they do, they look for other sources of income such as speaking opportunities, teaching or coaching opportunities or Joint Ventures.
To create a regular income, it is good to focus and get great at a particular area of competence. To scale up, you will need to create more income streams.
4. There is a guide book on ‘How to create a successful internet business’
Although some may not be very detailed and information can be scattered, these income reports give us a peek behind the curtains of successful internet marketer and digital entrepreneurs.
Take some time to learn from their journey.
Alright, so hopefully now we are convinced that it is possible to make a regular income from an online business.
In my next post, we will explore the question ‘Is it possible to make money online?’ from another angle – “Is it for me?”
Read part II here: Is it possible to make money online? – Part 2
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