Earning 7 figures online seems like a dream to aspiring entrepreneurs, especially if you could make money online in a way that gives you more time to do the things you want to do in life like spending more time with family, traveling and participating more in your favorite hobbies. Most small businesses don’t even break the 6-figure yearly income threshold, so building a 7-figure-per-year empire would be an extreme life changer. While such a feat may seem like an impossible goal to reach, it becomes much more believable when you understand that it doesn’t have to come from one venture alone. In fact, most 7-figure earners make money online from a variety of incomes.
Developing multiple streams of income is vitally important if you want to make a million or more annually. What is great about spreading your efforts into multiple streams of income instead of only one is that there are many principles that work to develop one stream of income that can be applied to build all of the others. In essence, if you can become modestly successful at building one stream of income, you can use what you’ve learned to multiply that success into other income streams until all together your incomes are yielding at least 1 million dollars a year. Here we take you through 7 great income streams that can collectively turn you into a 7-figure earner.
Make Money Online With A Blog
There are blogs that generate millions of dollars per year, so surely it is possible for you to make $100,000. In order for you to build a blog that makes this much a year, you will need two things: a large audience of engaged readers who are eager to read the content you provide on a regular basis, and a way to monetize your blog. Don’t attempt to build followers for an untested idea or subject, instead find out what is already in demand and blog about those things in thoughtful and engaging ways. There are a variety of ways you can find out what people want to read about. First you can find out what people are sharing on social media through apps like BuzzSumo.com. You can also check trending topics on Google, or sites like answerthepublic.com.
Once you have an idea of a topic people are eager to learn about, choose a blogging tool platform (commonly WordPress), write on this topic and engage with your audience in ways that establish you as the authority on the topic. Becoming an authority on any subject doesn’t happen overnight, but also doesn’t have to take many years. If you have more experience and know more about the subject than your audience, then you are an expert compared to them. To convey that expertise to your readers, you have to write with authority, using real-world examples, as well as stories, case studies, and other forms of social proof. The idea here is not simply to be an expert but to be ‘seen’ as an expert by your audience.
Once you are considered the authority through the content of your blog, your readers will be open to make purchases based on your recommendations, which is when you can make recommendations for them to purchase products and services that you created or earn commissions from products you promote for others (see affiliate marketing below). As a simple example, if on average you earn $20 for each sale, you will need to make roughly 417 sales per month in order to reach 100,000 per year. Accomplishing this will require consistent writing that is high-quality (people don’t take recommendations from and share poorly-written content), relevant, and credible. There are also blogging platforms that will pay you portions of their subscription fee to their users for access to your content. These platforms are better utilized to identify and develop your audience so that you can get them interested in reading and engaging with your blog posts from your own blogging website. Overall, blogging can be a great way to make six figures online and contribute to your 7-figure income goal.
Make Money Online With A YouTube Channel
There is an ever growing list of 7-figure YouTube earners out there. You youngest YouTuber (reportedly only six years old) made $11 million in 2017. The vast amount of YouTube users (nearly 5 billion videos viewed daily), and the various ways a publisher can earn money is why this is a great way to make at least 100,000 per year to add to your 7-figure online business. There are two ways to make money from YouTube directly: First, you can use it as an advertising outlet for products and services you already sell. For example, you sell credit repair services, you can release a lineup of videos on ways people can rebuild their credit scores and monetize the videos by referring people to your credit repair services.
The second and most common way of making money through YouTube is the YouTube Partner Program. In the partnership, your job is to get a certain amount of viewers and subscribers to your channel, while YouTube takes care of displaying paid ads to your viewers and pays you 55% of the advertising revenue. For example, if a company that sells drones pays YouTube $300 to display ads to your viewers, YouTube will pay you $165 for access to those viewers. To participate, your channel must have achieved 4,000 watch hours and 1,000 channel subscribers. There are also other less common ways to earn money with the platform, such as channel memberships. The idea here is to start a channel around a trending topic and steadily increase your subscribers and viewership by posting relevant and engaging video content. Use services like BuzzSumo.com to determine what is trending, listen to your audience feedback and give them what they want, and learn from your competitors. Build your income through the YouTube Partnership program until you are earning at least 8,500 per month.
Make Money Online With A Dropship Store
Making 6 figures selling physical products online is not easy but definitely possible. To accomplish this, starting a Shopify drop shipping business is probably the best path for you to take. Drop shipping is a popular business model that allows you to get items that are purchased by your customers to be shipped directly from the supplier to your customer’s address. The Shopify platform provides you with all of the tools you need to sell products online, including e-commerce website templates, payment gateways to process payments, and tons of tools to provide great customer service and follow-up services to your customers. Shopify supports over 800,00 businesses worldwide and has become an industry leader in providing an all-in-one platform to start, manage, and scale your drop shipping business. In order to build a successful drop shipping store on Shopify it’s a good idea to follow a beaten path of success instead of trying to reinvent the wheel. The 6-part process of building a successful drop shipping store consists of: Choosing a Product, Choosing a Supplier, Choosing a Shopify Package, Branding Your Store, Building Your Store, and Marketing Your Store. For details you can read our article on Making Money with Drop Shipping here. Or if you want to accelerate your path to a successful dropshipping store, customize our Drop shipping business plan here. Following the steps in this post or a pre-made plan for drop shipping should greatly increase your chances of achieving your drop shipping business dreams.
Make Money Online With Affiliate Marketing
If you want to get a headstart in building 6-figure online income, there may be no better way than through Affiliate Marketing. This income opportunity consists of marketing products and services that you do not produce or provide in exchange for a commission of the sale. Unlike many other business opportunities, affiliate marketing only requires you to effectively market products and services that are provided by other companies. Many new entrepreneurs find this option to be a great first option because they don’t have to worry about coming up with something to sell, they only need to concern themselves with getting as many people as possible to make purchases. Imagine making over $8333 per month for products and services you don’t have to create yourself. Many entrepreneurs have found 6-figure success as affiliate marketers, and a good number of them have even become millionaires.
Not having to worry about creating the products that you market as an affiliate marketer can make affiliate marketing seem easy but that’s not necessarily the case. In case the best way to get started as an affiliate marketer is the best way to get started with any other income stream that you intend to turn into a 6-figure income – research. Just because a company has taken the time to produce or create a product or service doesn’t mean that there is a great demand for that product or service. You must do your own due diligence to make sure that it will be a good opportunity for you. When considering what products or services you want to sell, understand that there are thousands of choices to choose from in a variety of categories, including: Arts & Entertainment, Self-Help, E-commerce, Family, Parenting, and Games. Due to affiliate marketing marketplaces like ClickBank, that bring brands and affiliate marketers together in one place, it is not difficult to do research to determine what products are likely to sale the best. ClickBank has a rating and ranking tool on their platform that helps you to quickly sort through all of the options. For instance, there is a formula that ClickBank uses to indicate a product is selling well called the Gravity Score. In theory, the higher the gravity score, the hotter the product currently is in the market.
After choosing your product, you will need to promote it online, social media, and even in person if necessary to drive sales. There are a variety of ways to do this including: YouTube Reviews, Reddit posts, Making it the Solution of questions you answer for people on sites like Quora, blog posts, social media posting, and even paid ad campaigns. Since you will know what your commission will be for each product before you sell it, you should be able to calculate how many sales you will need each year in order to reach your 6-figure goal. To get started, a good place to start is clickbank.com, which reportedly has paid out over $4.2 billion dollars in commissions to affiliate marketers over the course of 20 years.
Make Money Online With Software As A Service (SAAS)
Never has there been a moment in history like today when you can collect money every month from users online as if you own real estate and you’re collecting rent. The SAAS or Software As A Service model is probably the most powerful model for reaching 6 (or even 7 figures alone) on this list. In the not too distant past software was sold as a one-time product. Remember when Microsoft used to sell their office suite as a CD-ROM? Now software is sold mostly as a service that users pay regularly (usually monthly) to utilize. This is the most common way to make passive income online because your SAAS members pay you monthly and therefore your income becomes predictable. One of the best known SAAS companies is Netflix, which has over 182 million subscribers paying from 8.99 to 15.99, which helps to explain why it’s worth about 194 billion dollars (Forbes, 2020).
Obviously you don’t have to have nearly 200 million subscribers to be successful with a SAAS business. If you’re selling a service on a SAAS platform starting at $20.00 per month, you only need 417 subscribers to earn over 100K a year, which is what makes starting a SAAS business is such a great online income model. Ideas of services to sell with this model may include, web hosting services, logo making software, text-to-speech software, niche movie streaming, niche music downloads, photo resizing, file sharing, just to name a small cluster. Whatever software service you choose to offer, pay close attention to customer service and be proactive with anticipating the needs of your subscribers. It’s expected, and since your customers will mostly be giving you a passive income, it is not too much to ask for.
Due to the the recent global pandemic, SAAS products are expected to increase for years to come as companies that normally do business mostly in brick and mortar establishments are now required to be conducted remotely. Zoom Video saw a huge increase in its SAAS platform due to this emphasis on remote work. You can take advantage of this recent development by thinking about ways to provide a service that helps companies that normally only work in a physical location continue their work as remotely through a software of a service product. For example, many restaurants now desperately need to be able to offer delivery options to customers without the expensive delivery charges of established food delivery services like Uber Delivery. You could offer a delivery service application platform that charges local restaurants a flat monthly fee that could save them money since they would not be charged for each delivery. Imagine receiving $200 per month for each user? You would only need 42 clients to reach 6-figures, and only 417 clients to earn a million dollars a year, and most of these earnings would be passive.
Make Money Online With Digital Products
Digital products can take on many forms and is one of the fastest growing opportunities for the future. The research and advisory firm, Forrester predicts that by 2030, “…every successful company will be a software product company or a hybrid software and physical product company” (Forbes, 2020). Imagine that. If this prediction is true, every successful company you can think of will be producing digital products of some form. That gives you an idea of the grand scale of the digital products market.
So how can you capture at least $100,000 per year selling digital products? First you need to identify the trends and determine what you can offer or produce to address a growing need for digital products in that area. Drill down to products that you can get started easily and that have the potential for growth for years to come. Digital products that are easy to produce are ebooks, ecourses, webinars, fill-in-the-blank templates (i.e. resume templates), cheatsheets, checklists, and infographics. These are products you can plan, produce, and start marketing within a few weeks. Keep in mind, however, that products (even in digital form) that are produced quickly might not have as much value to your potential customers as ones that may take more time, which may include extended versions of the products just mentioned as well as more advanced digital products like mobile apps, online games, chatbots, and market research reports.
Regardless of what type of digital product you decide to sell, you will have to do your due diligence to make sure it has the potential to be a successful venture for you. Reaching $100,000 per year selling digital products is as simple as reaching enough people or companies that are interested in these products. Your second task is to produce the product. You can use a freelance website to get the product produced or produce it yourself if you have the skillset. Whatever you do, try to focus on making high-quality products. The market of digital products can be so saturated that low-quality products can be spotted a mile away by consumers and you want to make sure you make a very good impression on your potential customers. Once you have your product ready to sell, you can market your digital products to your target customers through funnels, email marketing, and paid social media platforms like Facebook, YouTube, and LinkedIn, depending on where your audience mostly resides. Give yourself 24 months to develop your digital product brand into a 6-figure venture.
Make Money Online With Info Products
Info products can be sold in digital or material form. Either way, it is a multi-billion dollar industry that keeps growing. However, earning 6-figures with info products is not as easy as it used to be, since so much information is free and at everyone’s fingertips today. Yet, there are many entrepreneurs that earn multi-six-figure revenues from selling info products, and you can do it too. However, to do this requires you doing your research to and planning thoughtfully about what type of information people would be willing to pay for, how to price it, and how to present it to your market through effective marketing. Info products can consist of In-person Workshops, webinars, cheat sheets, checklists, e-courses, analysis and reports. You can price these info products anywhere from $10 for an for an ebook to $5000 for an exclusive webinar. Obviously what you charge should be determined by how much value you are able to provide through your info product, but as you can see, there is not much a limit on how much you could earn in this business.
Anyone can sell information products even if you are not an expert on anything. Like anything that you decide to sell online, you should start with research. Identify what people are interested in learning online. What topics are people sharing on social media? What subjects are they inquiring about? What topics are trending? You can refer to the tools already provided in this article to discover the answer to these questions. Be sure to also consider your own experiences, profession, credentials, and expertise. For example, if you have solid experience preparing taxes for others professionally, check to see if there is a demand for informational products you can create around that expertise.
Once you decide what topic you will inform the public about through your product, you then must decide the format you will use to offer your product: ebook, ecourse, in-person workshop, webinar, etc. To answer this question, you should put forth effort to discover who your ideal customer will be for this product, then find out what type of format they are likely to purchase their information products from. Once identify your target customer, produce your product, use freelance sites like freelancer.com or fiverr.com to get help with graphics and presentation, then market your products through content marketing, and affordable paid ad platforms like Facebook and Google. The number of customers you need to reach your goal of 6-figures per year depends on how much your products cost. In general, you should try to choose a product that makes reaching your 6-figure goal attainable within 2 years, and has enough people seeking the information that you can reach your revenue goals without having to make other products. For example, if you are selling a workshop and consultation package for $5000, you only need 20 customers to reach your goal, but if you are selling e-books for $10, you will need 10,000 customers.
As you can see, building a 7-figure annual income online will take a lot of work but it is highly possible through multiple streams of income. In this article, we have attempted to give you an abbreviated version of incomes you can start without lots of money, expensive training, or outside help. All you need is an attitude for success, and a willingness to take each of the suggested income streams seriously enough to do the work.
One of the misconceptions about building multiple streams of income is the idea that you have to develop them at the same time. While that sounds ideal, the truth is that most people don’t have the time or the resources to build several streams of income at one time. Besides, it will take different amounts of time for each income stream. It is best to start with one that will be easiest for you to get going. Once you are able to reach half of your goal of earning 6 figures from that income, start another income stream and continue this pattern until your combined income streams are earning at least a million dollars per year. Eventually you can hire operations managers or virtual assistants (or a combination of both) to do most of the work of managing these income streams for you. Achieving this goal will ultimately change your life for the better – more time to spend with your family and doing the things you love, and less stress about the bills. Of course, once you hit the 7-figure per year target, there is no rule to stop there. You can apply the ideas in this article to continue to strengthen your economic position and live your best life for years to come.
Netflix Stock Hits Record High, Is Now Worth More Than Disney (April, 2020)
2020: The Year Of Digital Products (January, 2020), https://www.forbes.com/sites/forrester/2020/01/07/2020-the-year-of-digital-products/#15bf13a135ab
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