Guest Author’s Bio: James Petzke is a recent high school graduate with a financial goal of graduating from college with a surplus instead of debt. He is also a freelance web designer, and has taken the plunge into the world of online income in several different ways.
It seems like everyone these days is hoping to make a quick buck or three online. And there are definitely some people that have. However, what many people don’t realize about online income is the substantial amount of work behind every successful online venture. Take for example some online money making bloggers (Pat Flynn, Spencer Haws, Chris Guthrie). They have all documented their very successful online businesses in niche sites, IPhone apps, and more. Many people will read their income reports and immediately start some sort of project, thinking that they will soon be rich. Read more into their stories though, and you see that it’s not that easy.
In the cases of those bloggers I mentioned, and countless others out there, their online income didn’t come quickly or easily. It took them countless hours of hard work and dedication to their projects. Most people like them started these projects on the side while maintaining a full time job, and it was months, and in a lot of cases years before they could quit those day jobs and rely fully on their online income. Let’s look at some of the different types of online income paths and see just what I’m talking about.
Blogs are a very popular way for people to make money online, and rightly so. With a big readership, a blog can be worth literally millions of dollars, and bring in a steady six figure income. However, many people don’t realize what it takes to get to that point. Blogging is probably the best example I can think of of an income stream that takes time to build and yet grow exponentially. All blogs start small, and have to painfully build a readership up. Just writing and properly maintaining a blog can be several hours a day worth of work if you really want to grow fast, and then you have to count in promoting. Writing guest posts, commenting on other blogs, participating in forums, and more are all ways that you have to slowly, painfully build up a readership. Once you do, that readership will bring more readers which in turn bring in more and more. That’s where the exponential growth factor kicks in. And once it does, you can make serious money. It just takes many months, and in most cases years to get there. My own blog is already nearing its 6 month anniversary, and yet I’ve made almost no money. Blogs don’t tend to get high click through rates with conventional CPC advertising like Google Adsense, and private advertising deals only really happen for big, well established blogs, so the first few months will be painfully low in income.
Another popular way to make money online is through niche sites. I’ve dabbled in this a little myself, and there is definitely big potential in this arena as well. With the right keywords, great content, and SEO work, a niche site or group of niche sites can make enough money to live off of easily. However, it takes a lot of work in initial setup. When you look at any successful niche site business, these sites have had hundreds and sometimes thousands of hours worth of work put into them to get them to the point where they make good money. Once they are set up, they are pretty much passive income, but it takes hard work and dedication to get there.
Other Online Projects
We’d all like to have created Facebook or Instagram. There are all kinds of stories out there of people who have built an app, website, or piece of software and found themselves instant millionaires. This has in turn inspired many to try out projects like this, myself included. I recently launched a search engine. But like my other online projects, I’ve found that slow, exponential growth is how this project is going to roll. If it does start to see some big traffic increases, this website will no doubt make a lot of money, but it’s going to take time to get to that point. I’ve learned that patience is a virtue, and is especially important with online income projects.
While it takes time, patience, and hard work, online income is definitely a viable thing in our modern world. Not all of us will build the next empire like Google or Facebook, but with the right skills and dedication, you can build blogs, niche sites, and other projects capable of supporting you financially. Best of luck to you all in your online ventures!