This episode was sponsored by Wix a platform that you can use to build any
website tailor suited to all your business needs make sure you watch till
the very end of this video to help support the channel
improvement pill here 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 videos on 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 come back 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 facebook 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 build up 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 sponsorships or
shoutouts 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