The Fastest Way to Replace Your Income Online
Many people today have been laid off from their jobs and are currently unemployed. Many more will be laid off within the next couple years and find themselves in the same position.
As the pool of available jobs dries up, savvy individuals will try to generate a part-time or full-time income on the Internet. They will try to replace their income by starting an online business.
Unfortunately, desperation and urgency will cause many of these people to get sucked into the “business opportunities” that are prevalent on the Internet. They will end up becoming “make money online” junkies, buying every new “opportunity” that comes out.
Eventually, after running up their credit cards, they will get a wholly unoriginal idea that goes something like this:
“I’ve bought so many products about how to make money online, I’m now qualified to teach other people how to make money online!”
And so in a strange form of irony they will begin making money online by selling their own products about how to make money online.
Obviously, this is not how you should replace your income online. It’s costly, it’s slow, and it’s completely disingenuous.
A Better Way to Replace Your Income Online
When I quit my job back in 2005, I had originally planned to become a financial planner. When this didn’t work out, I launched my freelance copywriting career.
I was an unusual case. I was able to get my first clients in less than two weeks. And I’ve been freelancing ever since.
Of course, I had a few things working in my favor:
- I had already been writing sales copy for 3 years.
- I already had some entrepreneurial experience.
- I had already studied how to become a direct response copywriter.
- I had access to a private web site where potential clients posted copywriting projects they were hiring for.
All of these things contributed to my quick success.
Here’s something else I discovered…
Services Generate Revenue Faster than Products
People will pay good money for valuable services. That’s why the fastest way to replace your income online is to provide a service.
Some of the most in-demand service careers online include:
- Copywriter (both sales and content)
- Web Designer (HTML, XML, CSS, WordPress, etc.)
- Programmer (PHP, iPhone apps, etc.)
- Social Media Manager
- SEO Writer/Consultant
- PPC Campaign Manager
- Affiliate Program Manager
Obviously, your quickest path to profit will be leveraging skills you already have and building a business around that. For example, when a friend of mine quit his job, he leveraged his programming skills to begin building and customizing membership web sites.
If you lack skills that are conducive for offering a service online, then take some time to develop those skills. There are plenty of books and courses available to help you develop almost any skill you want.
I personally spent more than 100 hours outside of my job to develop both my copywriting and web site coding skills. (I taught myself HTML and CSS in my spare time and then coded an entire web site by hand.) This gave me an enormous advantage when I launched my freelance career.
What if I had tried to create an information product and sell it to the masses? I most certainly would have failed. It takes a long time to build a product-based business that generates a full-time income.
That is why I don’t recommend trying to replace your income this way. Providing a service is a much better (and faster) way to start.
Once You’ve Got the Skill, You’ll Need Clients
One of the biggest struggles for service providers is getting good clients. Just because you’re a professional service provider doesn’t mean you’ll be good at actually selling your services.
So in addition to improving and perfecting the service you provide, you’ll also need to learn how to market yourself… how to find good clients… how to name your fee (and get it)… and a whole host of marketing activities.
With that in mind, my colleagues Daniel Levis and Ben Settle are hosting a webinar this Thursday night, February 22, that’s all about how to make more money from fewer clients who demand less from you.
The official title of the webinar is “The Fastest Way to 6 Figures and Beyond, As an In-Demand Coach, Consultant or Freelancing Pro.” Ben will be asking the questions and Daniel will be answering them.
Frankly, I’m a bit jealous of Daniel simply because I know he works less than I do… and I’ve got a hunch he makes more, too. I know I could learn a few things from him myself.
If you’re interested, you can register for the webinar here.
-Ryan M. Healy