Coming Up With A Strategy To Make Money Online – Part 1

Coffee cup that says Hustle

Why Do You Need A Strategy To Make Money Online?

One of the most common statements I see online is “how can I make money online”. That’s it. No background on their situation, if they have a job or not, what they are used to making or even what they are interested in. They ask it in such a way that there should be a one-size-fits-all answer. Before you waste time exploring random ideas people suggest, you need to have a clear idea of what you are trying to accomplish and what will work for you. That will help shape the questions you ask others and provide yourself with goals and opportunities that will achieve what you are looking for besides just “make money online”.

This series of articles will explore how you can determine what your goals actually are, identifying your interests/skills, what are your limitations and how you take that to make a plan to get the most out of all the online opportunities.


Understanding Your Goals To Make Money Online

Before you rush out and start doing affiliate marketing because someone said you would “MAKE $950 IN 30 MINUTES” (actual quote I read), you need to understand what you are trying to accomplish. For instance, many people rush out and start doing online surveys as that is one of the more popular ways to make money online. However, you don’t make a lot of money. Is it a great way to make a couple of extra dollars while eating breakfast? Sure. Can it replace a full-time career of $60,000+ per year? No. Off the start, you need to be fully honest with yourself about the following objectives:

  • Are you looking to replace a full-time job or just make some extra money with a couple of extra hours here and there?
  • Do you simply want to take an existing interest/skill and hope to make some money off it?
  • Do you need money right now or are you okay putting in effort today to hopefully make some decent money in 3-6 months?

Those three questions will help set some clear boundaries on how much time you are willing to commit, how much money you expect on making, how quickly you need the money and what sort of opportunities you would be open to.


Understanding Your Interests/Skills

Next, you need to understand what your interests and/or skills are. Working online can be very time consuming and it is easy to get distracted or lose interest. The more interesting you find something then the more passionate you will be with it. Also, the more skill you have at something then the higher quality product you will produce (and money you will likely make). Here are some areas to identify if you are interests or skills in:

  • Computers/working online
  • Customer support
  • Driving
  • E-commerce/selling things online
  • Fixing things
  • Graphic design
  • Making videos
  • Marketing/product endorsement
  • Teaching
  • Translating
  • Writing

By understanding your interests and skills you can find opportunities that you can dive into and make more money right off the start.


Understanding Your Limitations

Just as important as understanding your goals and interests, you need to have an honest look at what your limitations are as well. This will help focus the opportunities you look into and prevent wasting any time you spend on things you just don’t have the talent for nor the interest/time to really learn it. The example I always tell people is how I tried making shirt designs and license them to TeeSpring. I found the concept quite interesting and thought it was a great way to setup a passive income flow. However, I have never used a graphic design program in my life and making shirt designs is actually very difficult to get right the first time. After thirty hours and ten different proof of concepts, I realized that while I found the concept of making shirts interesting, I actually really disliked the process of making a design in those programs.

Avoid my mistake and ask yourself the following questions:

  • Are you comfortable with talking to people? Is your home too loud to talk on the phone or video chat?
  • Is this something you can only do at certain times at night or are you available at any-time of the day?
  • Of the interests/skills listed in the above section, are there any you can’t won’t do?
  • Are you great at communicating/writing in English? A lot of the opportunities we have found are geared towards an English audience. If you find sites that allow you to work in other languages then disregard this question.
  • Do you have any money you can invest up front in programs, training or product inventory?

These limitations are extremely important as they will help you understand the opportunities that you should completely avoid.

In my next article, I will look at how you take all the answers above to really come up with a strategy and plan to achieve your money making goals.

Categories: Strategy

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