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Whether you’re in a job you’d like to quit, or quite content, or whether your aspiration is to become a full fledged entrepreneur, you want to know how to make a full time income online! Well there are in fact hundreds of ways to do this. In this article, We’ll cover three of the most common and efficient ways of bringing this about.
We will also see look at pros and cons of each in order to help you make the right decision for your own business endeavour.
The 3 ways are as follows:
#1 Affiliate Marketing using organic and/or paid traffic
#2 Selling Your own product
#3 Running a YouTube channel
The most popular and perhaps the most efficient way to make full time income online is through affiliate marketing. It’s the simple but very lucrative way of promoting products that you do not have to own, for a commission. Did you know that most companies that sell things offer an option for people to become associates or affiliates? And that a lot of times when you buy something online, you may well have bought it from an affiliate rather than directly from the company?
Affiliate Marketing with Paid Traffic
Paid traffic is the fastest way to make money with affiliate marketing. Once you are an affiliate for a company or particular vendor or product, you can promote your offer on many platforms, such as Google Ads, Microsoft Ads, Facebook Ads, YouTube Ads, etc. There are many ways for creating your ad and it will usually involve a link to a landing page, but once your ad is ready, you will need an advertising budget which you will use to run your ad campaigns. These advertising campaigns typically run on PPC and could range from 10c to $1 or more per click, depending on your product, keyword and the platform you are using. A lot of affiliates spend time testing similar ad campaigns; they scale the winning ads and filter out the losing ads. Some experiment in the beginning helps avoid losing money on future ad campaigns. An ad that converts well is a great bonus and can generate a lot of profit.
Advantages of Paid Traffic
With paid traffic you can potentially generate a lot of income in a short time, provided your ads and landing pages work. Once you get used to it, you can upscale your business by having the confidence to spend more on ads or other means of paid traffic and you can invest in selling more high ticket products.
Disadvantages of Paid Traffic
Paid traffic is a risk, especially if you are relatively new to marketing. You are essentially gambling your money, but in an intelligent way. The less experienced you are the more likely you are to lose your money or make little or no profit, while the opposite is the case if you have more experience. The worst case scenario is to blow a large amount of money on paid traffic and to see it all go for nothing – no sales!
If you only rely on paid traffic, then you will keep having to spend money on traffic and calculate how much you should spend. Customers who pay recurring commissions can cancel so it is difficult to ever really be able to sit back and stop spending your money in order to make money.
Affiliate Marketing with Organic Traffic
Organic traffic is basically free, targeted eyes on your offer. The internet is full of potential buyers and there are many ways to get in front of them with your affiliate products. Even traffic that has been paid for can be followed up with and offered the same or new products for free if they give their email via a landing or opt-in page. It is a common practice to use autoresponders to follow up with subscribers and customers. An example of free traffic generation is a website or blog that is ranked in search engines such as Google, Bing and Yahoo. People search for things online and come across your website.
Advantages of Organic Traffic
It is not usually the wisest thing to rely solely on paid traffic to do affiliate marketing. Organic or free traffic will give a lot of stability to your business as well as potentially saving you a lot of money.
Generating your own traffic can establish you as an authority in your particular niche which will generate even more traffic, all for free.
Disadvantages of Organic Traffic
Free traffic takes a lot longer to generate. The process requires more thought and work than the methods of paid traffic.
Affiliate Marketing Recommendation
To get started with affiliate marketing my #1 recommendation would be to join Wealthy Affiliate. The program teaches you to create your own traffic producing website(s) and covers a wide range of topics, including paid traffic methods. It is updated regularly and is full of dedicated, expert help all there for free. For my review of Wealthy Affiliate, click Here. To go straight to the website and sign up, click below.
Selling Your Own Product
You can sell both physical and digital goods online if you either own them as a creator or have a resell license. From t-shirts and homemade crafts to ebooks, there is a way to sell them in large enough numbers to make a full time income online.
Websites such as Teespring allow you to both design and sell t-shirts and other items. Sites like Udemy and Skillshare allow you to upload your own teaching courses and earn money from the views and purchases.
Once you start making sales, you will gain the experience to improve and continue to sell. There is certainly a lot of money to be made selling your own goods and services online. If a video course sells well, you can make multiple others and increase your income phenomenally. Or one ebook sold on a few different platforms could easily generate far more than enough money to live comfortably on without the need for any other income sources. The potential is huge.
The sites named above are recommended for getting started selling your own products. If you have an ebook to sell, see our article on Where to Sell eBooks Online.
Running a YouTube Channel
Creating a YouTube channel based on a personal interest is a great way to eventually make substantial and full time income online. There are in fact many ways to make money with a channel. Besides the videos and monetisiation, you can can promote and sell things as an affiliate in the video description section. You may also encourage your fans to support you via a Patreon account.
To get monetised as quickly as possible, you should certainly check out a very smart tool at vidiq.com. It is designed to help you get ranked in YouTube search and to skyrocket your subscribers count.
As with affiliate marketing, but probably even more so with YouTube, you should certainly base your channel around something you are truly passionate about. In this way, making videos will become enjoyable and you will persevere with it.
YouTube is a social place which can be a great benefit since making money online can become quit a lonely journey. YouTubers get great support from their subscribers who are fans of their channel(s). They can also provide ideas for future videos or channel improvements.
I wish you every success in your online business!