5 Ways To Monetize Your Passion Using The Internet

By Tyler Basu | Blog

5 Ways To Monetize Your Passion Using The Internet | Lifestyle Business Magazine

For many people, the idea of making money online is still just an illusion. They know someone who knows someone who is doing it, but they’re still not sure how to do it themselves. But the idea of having an online business definitely has its appeal, and thousands of people around the world are trying to figure out how they can turn their passions into profits using the internet.

Like with any business, the ones that succeed long-term are the ones that are built by someone who has an unwavering commitment and passion for that business. In order to build a successful online business, you need to have a passion for your topic, but most importantly, you need to have a passion for business itself.

There is no shortage of ways to make money online…

There is a ton of information on the internet about how to make money online, and to be honest, not all of that information is accurate or ethical. If you’re not careful, you can easily become overwhelmed by all of the different opportunities that exist, and end up spending significant amounts of time and money pursuing opportunities that probably were not the best fit for you anyway.

To help simplify the world of online business for you, we’ve put together a list of 5 specific ways you can turn whatever you are passionate about into a revenue stream using the internet. On their own, each of these strategies can be quite effective, but they also complement each other very well. Many internet marketers and online entrepreneurs have chosen to implement every one of the strategies listed below to build their business.

Here are 5 ways you can turn your passion into profits using the internet:

1. Start a blog

If you like writing, a great stepping stone into the world of online business is starting a blog. A blog provides an excellent platform from which to share your insights with people all over the world. Blogging is also a great way to build a personal brand online by sharing helpful advice on a specific topic.

Even if you don’t like writing, blogging may still be a good option for you. There are many entrepreneurs who have built massive audiences online by video blogging on YouTube. But even if you have a YouTube channel, you should still publish your videos on your own website as well, because at the end of the day, you don’t own YouTube, and they can pretty much do whatever they want because it’s their platform.

Keep in mind that blogs have been around for quite some time, so there are a lot of them out there (millions, actually). As a result, it can take a lot of time and effort to build an audience online strictly from blogging. Be prepared to publish a lot of high quality articles (or videos) consistently for a long period of time before you start to monetize. The goal in the beginning is to build an audience, not make money right away.

Once you have a decent amount of traffic to your blog, then you can start to think about monetizing. One way to make money from your blog is to join Google’s AdSense program. By participating in this program, you allow Google to display banner ads throughout your website, and each time someone clicks on an ad, you will be paid. You won’t make very much money per click (sometimes as low as a few cents), but if your blog attracts thousands of visitors per day or more, that money starts to add up. You can do the same thing on YouTube. If you sign up for their ad program, they will display ads on your videos and pay you whenever someone clicks on those ads.

If you’d rather not have ads all over your blog or videos, you may want to consider using affiliate marketing. With affiliate marketing, you find someone else’s product or service that you think your audience would be interested in, join their affiliate program (if they have one), and then promote their product or service to your audience. You will be given a unique link so the seller can track where the referral came from, and if your referral results in a sale, they will pay you a commission.

Another way you can monetize your blog (and this is probably the best way) is to simply promote your own products and services. When you have your own products or services for sale on your website, every visitor to your blog is a potential customer for your business.

2. Host a podcast

If you like talking, hosting your own podcast is a great strategy. As a podcast host, you record yourself sharing your insights on a specific topic and then publish that recording on a platform like iTunes where millions of people are looking for something to listen to.

Another advantage of being a podcast host is that if there are experts in your industry that you would like to connect with and learn from, you can simply invite them to be a guest on your show.  Podcasting is an incredibly effective way to expand your network and build relationships with successful people around the world.

A podcast can be monetized in pretty much the same ways that a blog can. One option is to charge advertisers (aka sponsors) to mention their product or service on your podcast. You can also recommend relevant products or services to your audience in your email newsletter or on your website (affiliate marketing). A third option is to promote your own products or services on your podcast.

3. Create a digital information product

Information marketing, as it is often called, is the process of packaging your knowledge about a specific topic into a digital product and then selling that product online. There are a few ways you can do this, with ebooks, online courses, webinars, and audio programs being among some of the most common formats.

Information marketing is effective because many people do not have the time or patience to sift through endless amounts of free information online. They would much rather pay for a digital product that gives them the information they need in an organized and easily digestible format.

One of the greatest advantages of creating an information product is that you only have to create the product once, and then you can set up systems online to market, sell, and deliver the product for you. Most successful online entrepreneurs have all incorporated information marketing into their business model, enabling them to share their knowledge with more people and generate more revenue without having to trade their time whenever a sale is made.

Regardless of which format you choose for your information product, the process for creating one is very similar. You start by identifying a specific result that someone wants, and then you break down the process for getting that result into logical steps that your customer can follow. You could even package the same information into multiple formats and charge a different price for each format.

Once your product is created, you can sell it directly from your website or you can choose to leverage other platforms to handle the distribution for you. For example, if you write a book, you can self-publish it on Amazon. If you create a course, you can publish it on Udemy or Clickbank.

Here’s what Alex Genadinik, best-selling author of numerous books and the creator of over 100 online courses about this topic, has to say about selling information products:

“Think of information that is in demand that people will search for. Make sure you are truly an expert in that field because your book has to be competitive in quality with other info products on similar topics. After you create your information product, realize that this is only the beginning, and you must promote your information product long term to ensure that it sells. So don’t sit back and relax.”

4. Freelancing

If you have any specialized skills, freelancing is a great way to get paid to do work that you enjoy and are good at. As a freelancer, you don’t work for one specific company or organization as their employee, you work on a contract basis for as many different individuals or organizations as you want.

How much money you make as a freelancer will depend on a variety of factors including your experience, skill level, industry, rates of competing freelancers, and the cost of living in the country you live in (the higher your cost of living, the more you would need to charge). How you charge your clients is up to you. You can charge by the hour, by the day, or on a per project basis.

To get started as a freelancer, you should join a few freelance networks online. A freelance network is basically an online marketplace that enables freelancers and employers to find each other. As someone who is looking for a freelancer, you can post a job on these networks and wait for freelancers to contact you. As a freelancer, you can set up a profile on these networks, bid for jobs, and receive inquiries from potential clients who find your profile. Upwork, Freelancer and Guru are all great starting points.

5. Coaching or consulting

If you have a passion for helping others, coaching or consulting may be an attractive strategy for you. It is a way for you to share the wisdom and expertise you have in a specific area with someone who wants your help. Many coaches and consultants run their business from anywhere in the world, relying mostly on Skype and email to communicate with their clients.

Working as a coach or consultant is very similar to working as a freelancer, but there are some distinctions. A freelancer is hired to do a specific task.  A coach or consultant is hired to provide professional advice. A freelancer handles the execution. A coach or consultant helps create a strategy, and the execution of that strategy becomes their client’s responsibility. Coaches will generally work with a client for an undefined amount of time (pretty much, for as long as they both want to continue the relationship). A consultant will typically work with a client for the duration of a specific project.

A simple way to get started as a coach or consultant is to set up a basic website with some information on you who you are, how you help people, testimonials from past clients, and an application form to request a free consultation with you. A free consultation is an effective way for you to determine if you can (and would want to) help the prospective client. If you want to work with them, send them a proposal after your call and have an agreement ready in case they want to get started.

Pick a strategy and take immediate action

I hope that this article helped introduce you to some viable options to monetize your passion using the internet. If you’re new to the world of online business, I would suggest choosing just one of the strategies above to implement immediately before attempting any of the others. Spend a few months getting some traction with your chosen strategy, and then consider adding another one to your business. This will help minimize frustration and overwhelm, and more importantly, help you build some positive momentum for your business.

Eventually, you could be implementing all of these strategies simultaneously and therefore have multiple streams of income from the internet, but it will take some time to get there. Have patience. Successful businesses are not built overnight. They are built one day at a time, one step at a time.

5 ways to monetize your passion using the internet. #lifestylebusiness Click To Tweet
Follow

About the Author

Tyler Basu is a Podcast Host & Publisher of Lifestyle Business Magazine. He is also the author of the Amazon best-selling book Lifestyle Business Blueprint.