How To Start An Online Business In 2020

I’ve been running a multiple six-figure online business for almost five years now and it’s been amazing I bring in hundreds of thousands of dollars every single year doing something that I genuinely enjoy all while working less than twenty hours a week wherever I want whenever I want only on the things I want so today I want to teach you exactly what you need to know in order to replicate this sort of success this is the definitive introduction guide on how to start an online business make sure you subscribe and hit the bell icon so you don’t miss my future videos which we’ll dive deeper into this subject okay let’s get started now there are three major components to every online business they are as follows initial traffic recurring traffic and monetization method initial traffic is in my opinion the hardest component out of the three it’s a master because it’s the one with the most competition see in order for any online business to do well you need to be able to get someone’s attention get them to stop what they’re doing and check out whatever you have in store basically you need to be able to get views.

now there are two forms of initial traffic there’s paid and then there’s organic paid traffic is like the name suggests traffic or views that you have to pay for whether it’s buying ads on Google or Facebook or paying an influencer to mention you in their Instagram post or YouTube video paid traffic can be effective if you know what you’re doing but it can be very costly and there is always some level of risk involved for example you might spend a hundred dollars on an ad and only make twenty five dollars back now most people who specialize in paid traffic will actually tell you that results like this are to be expected it’s up to you to fine-tune your ad over time and also narrow down the audience that you’re targeting over and over again until it’s finally profitable so you have to be good at analyzing data the other form of initial traffic is organic traffic basically views that you don’t have to pay for the most effective way of doing this nowadays is by producing content on some sort of platform with a large user base and it doesn’t really matter what content or what platform you grow on it could be websites on Google video son YouTube photos on Instagram Facebook take to Twitter twitch LinkedIn heck even read it as long as you produce unique content that provides value on a platform that a lot of people use you will eventually gain organic views now successfully pulling this off take significantly more time and energy than simply paying for traffic but it’s a better long-term strategy for any online business because good content will continue to generate you views for years to come for absolutely free.

for example a lot of the videos that I made four years ago still bring in thousands and thousands of views for me every single month and because of this I could hypothetically take a three-month break from my business and I would still make money while I sleep without spending a dime that’s the power of focusing on organic initial traffic moving on the second component of any successful online business is what’s called recurring traffic initial traffic is getting someone to take a look at your content one-time recurring traffic on the other hand is getting them to comeback for more now technically you don’t need recurring traffic to run a successful online business but the difference between a business that makes maybe fifty thousand dollars a year and one that makes five hundred thousand dollars a year almost always lies in how they approach recurring traffic simply because recurring traffic is more valuable see we live in a society where everyone’s fighting for your attention so even if you get someone to take a look at your content one time it’s extremely easy for them to forget about you and quickly move on to someone else now on the other hand if you are able to get people to come back over and over again a stronger relationship is formed there is more trust you become their go-to guy for a specific problem or issue and at that point it becomes significantly easier for you to sell your products and services people are more likely to buy something from someone that they know and trust it’s just human nature

now there are numerous forms of recurring traffic subscribers followers connections heck even automated face book Messenger but the hands-down most powerful form of occurring traffic as of right now it’s what’s called an email you’ll notice that most online entrepreneurs and businesses will eventually ask you to join their newsletter or mailing list or something along those lines I do this to just look in the description box below and the reason we do this is because people hold their email inboxes closer to their hearts it’s more personal than a simple follow on Instagram or hitting the subscribe button on YouTube when you receive an email from someone it feels like they’re talking directly to you it’s easier to build a relationship and to give you an idea of just how effective email lists are it’s been said that on average for every person in your email list you should be able to generate $1.00 per month meaning that an email list with about 10,000 people will make you around $10,000 a month if you continue to send out good emails buildup relationships and also tell people about your offers and what not to put things into perspective do you know how much it would cost to make $10,000 on a platform like YouTube using just ad revenue basically only relying on initial traffic well if we assume that you’re getting paid two dollars per thousand views on YouTube which is actually the current average across the entire platform you would have to generate five million views in order to make the same amount of money as your email list which do you think is easier to do getting 5 million new views every single month or simply maintaining an email list that already has 10,000 people.

I’ll tell you right now the email list wins by a landslide because social media platforms like YouTube are constantly changing the algorithm is constantly adjusting so certain months you might be able to get a ton of views but other times you might get 1/4 of what you were able to get before this happens all the time to me so my ad revenue is constantly fluctuating but regardless of what happens on YouTube my email list is consistently growing in size and it remains a profitable source of income that’s the power of recurring traffic and finally we have monetization methods traffic is useless in the long run without some sort of monetization method some way of converting those views into profit now there are literally dozens of ways you can go about doing this so today I’m going to tell you about the three most common ways people monetised air traffic first we have selling your own product or service this is when you send people to your ecommerce store your website or if you’re really looking to make money what’s called a funnel which we’ll definitely talk about in another video so make sure you hit that Bell icon once they’re on that page they are convinced to purchase your product or your service and voila you make money next we have selling someone else’s product or services also known as affiliate marketing this is easier to do than selling your own products and services because you don’t have to make manage or do any sort of maintenance all you have to do is sell someone else’s creation

I do this frequently on this channel as well I promote other courses that I’ve gone through and believe in and for every person that decides to join via my recommendation I get paid a commission and finally we have selling your traffic also known as paid sponsor ships or shout outs this is when you mention a brand or another business and simply tell your audience to check them out you’re not really selling them too hard on it you’re basically getting paid a flat fee up front to redirect your traffic it’s sort of like selling ad space for commercials on TV now that you know about the three components of every successful online business let me tell you why you need to have a website in order to execute these things correctly like I mentioned before this episode is sponsored by Wix regardless of what component you are currently working on in your online business Wix is a great option they are an extremely professional website building platform that will allow you to build whatever website you want to suit your needs you can start a blog and write content in order to gain more organic initial traffic for your business you can set up a landing page in order to collect emails for recurring traffic and you can even use Wix to set up an e-commerce store selling your own products as a monetization method Wix allows you to create beautiful fully functioning websites with tons of features all from scratch in the matter of minutes you don’t need to have any programming or design experience whatsoever it’s that intuitive the first 100 people to click on the link in the description box below and use coupon code improvement pill 20 will get 20% off any of their yearly plans I definitely recommend you guys to check them out if you are looking to start an online business besides that guys stay tuned.