Considering I have actually done this business model in the past, I can say the biggest benefit of making money online by coaching is how rewarding it is. With coaching and consulting— the people that work with you, that pay you for your time, especially if it's a small group setting or one-on-one— are going to be passionate about what you have to say and they are going to be there for a reason. They are going to be showing up for your calls because they are paying you. They want what it is you have to give.
Set your price. Usually, websites sell for 3-5 times the yearly revenue. So if you had a blog for six months that made $30,000 in those six months, your yearly revenue would be about $60,000. You could then sell your site for $180,000 or more depending on your buyer. Bigger companies are most likely to spend larger amounts of money on a website than small companies are.
“I dreamed of creating a community that empowered people and gave them the tools to achieve their dreams. At the time, I felt unfulfilled and unhappy with my job and life, so TNC rapidly became my after-work obsession...I am crazy about helping others find that same “something” in their lives. Whether it be sharing all of my lessons learned so you can grow the biz of your dreams or reminding you why you’re ready, even when you think you’re not, I hope TNC unlocks something BIG deep inside you.”
First off, I’m a blogger so it seems wrong not to mention it, but more importantly, it’s a legitimate way to make money. It’s quite possibly the least straight-forward way on this list, but it’s very doable and it’s also quite possibly the funnest way on this list. I love blogging and I know hundreds of bloggers who feel the same. So let’s talk about making money blogging and what it really means.
The music industry might not be as strong as it was in the 80s, but there are still plenty of ways to make money online as a musician. Sites like SoundBetter let you sell your services as a songwriter, producer, or session musician to thousands of customers a month. While Musicbed, Music Vine, Marmoset, and SongFreedom are perfect for licensing your music to TV shows, movies, and web series.
However, like anything else truly worthwhile, apps require a significant investment of your time or money upfront. If you don't have the skills, then you have to hire someone who can assist you in creating a great app. But first you need to come up with an idea that will sell. Do the proper market research and analytics to come up with the right app.
Similar to a YouTube vlogger, if you have a large following on Instagram then you could become an Instagram Influencer. You will be paid to promote products in your photos, from wearing certain clothes to action shots of you using particular merchandise. As your Instagram following grows, you may start out simply receiving freebies in return for a picture of you with the item in the shot. However, for those with followings running into millions, you can expect large payments to display products in your pictures. Use sites like Hype Factory to help connect you with companies prepared to pay for your influence.
Like I mentioned earlier, coming in late in the game can be an advantage if you listen, learn and provide solutions for what seems to be missing. Even coming into a market with a minimal viable product, you’ll have the advantage of being able to get deep into the customer experience to shape your product or service to what it should be, again, all based on what you’re able to measure and learn.
Often, what happens is that we run into unscrupulous Internet Marketers (IMs) who have less-than altruistic intentions of extracting money from you rather than helping you to make it. However, this isn't something new. People have been falling for networking marketing, pyramid schemes, and affiliate marketing scams since before the start of the net.
This has become a popular business model for online entrepreneurs over the past several years, and will probably just continue to grow in popularity. The best thing about selling online courses is that once you do the up-front work in creating the course and setting up your marketing strategy, you can get paid over and over again for work you do once.