One of the best features of being a Premium Wealthy Affiliate member is their Weekly Live Video Training and two days ago, one of the Wealthy Affiliate owners, Kyle, delivered his first live video training to kick start us for 2017! It was packed with great advice on how to build a long lasting online business and answered a lot of our pain points we face day to day.
Kyle pulls from his 14 years of online experience and shares some awesome learning points that I will take away and apply to my online business in the coming year. I will share the following highlights from his live video training:
- What To Do When Starting Out
- How to Pick A Winning Niche
- How to Structure Your Business for Success
- How to Choose Affiliate Programs
- Why People Fail to Make Money Online
WHAT TO DO WHEN STARTING OUT
The very first step is getting a fundamental foundation for your online business! This fundamental foundation is getting knowledge on how to build this online business which is the training at Wealthy Affiliate.
The training provides you with the steps you need to take to build your website correctly, in a organized fashion from niche picking, building out your site with engaging content, monetizing your site, and scaling. There’s an order to building an online business and this knowledge is the first thing you need to learn to build a successful one.
Remember, like learning anything else, there is a learning curve and you need to give it time to build this foundation of knowledge.
Mentality & Approach
People are always questioning whether an online business works but in reality it’s the same as an offline business and no one ever questions that. There are millions of people making money online and yet we are still questioning whether it works. An online business is no different than an offline business.
Do not go into an online business to “try it out.” Do you just “try out” an offline business? No, because usually there’s a much bigger price tag to starting an offline business. If you’re going to start an online business, go into with a business owner mentality and really “run” it.
A lot of people fear competition, don’t let this fear hinder you. As you build your online business and as time goes on, you will become the competition.
HOW TO PICK A WINNING NICHE
Passion & Interest
At least for your first niche and if you’re starting out, using your passion and interests is always an effective strategy to picking a winning niche for yourself.
You will be working on this niche for days, months, and even years, so you want to pick something that you want to work at. You want to wake up loving it, be excited about it, and have fun working on it. Using your passion is always a good way to start your online venture.
As you’re choosing your niche, research if the niche has a rich subset of products to choose from. You want to have many products or services to promote for your niche. If your niche is too narrow down to one product, you may limit your audience. On the other hand, you want to choose a niche that is not too broad. If you want more samples of how to pick a niche, you can read this post HERE.
All niches have potential and you don’t have to look at how much competition there is when picking a niche. There’s always a pocket of audience for you to serve. Kyle said he never had to tap out of a niche because it didn’t work or because it was too competitive.
Meaning of Successful Niche
A successful niche is not always measured by revenue. Yes, that’s an easy target to measure but if you focus more on serving your audience the money is just a result of how well you’ve served your audience. Learn to seek other motivators to measure your success. If you don’t serve your audience well, it will be obvious.
HOW TO STRUCTURE YOUR BUSINESS FOR SUCCESS
There is a process you need to go through to build an online business. You shouldn’t be skipping steps or rush to do things as this is not a race to make money or getting traffic. Learn the process from the training to build that foundation for your business, then you’ll be able to do it again and again with new and different niches in the future.
There’s an order to building an online business: before you can sell a product, you need an audience; so before that, you’ll need a way to attract an audience; and to attract an audience, you need a content; before you can have content, you need a website; and before you build a website, you need to find a niche.
You don’t just sign up with a bunch of affiliate programs, put a few links on a website with no content, and expect to make money; there is a fundamental process to follow.
Internet marketers forget to realize there are real people on the other side with real problems, searching for real solutions. They are researching, reading, trying to find something to buy to cure or satisfy their discomforts, needs, and wants. If you can know these people’s problems, needs and wants, and provide helpful, quality solutions, you will make money. There’s no need to over complicate things.
HOW TO CHOOSE AFFILIATE PROGRAMS
There’s a number formula you can use to determine profitability: Commission X # sales = Goal/day. If you get $20 commission and want to make $100/day, you need to make 5 sales day. You then determine things like how much traffic you’ll need to get that conversion and such. However, you can’t always look at an affiliate program and see how much it can bring you, because at the end of the day, it’s not you that you’re trying to serve, it’s your audience.
Relevance & Quality
The best way to choose an affiliate program is to determine if it has the most relevant and high quality solutions for your audience. Having a high commission product to promote but low in quality will only give you a short term relationship with your audience. You don’t want to be known for recommended low quality products.
Low commission products can be more effective on conversions and also have more sources of traffic to reach to. At the end of the day, that lower commission product can bring you lots of commissions if it’s a high quality product and you’ll earn long term trust with your audience.
WHY PEOPLE FAIL TO MAKE MONEY ONLINE
Everyone seems to want instant success these days, especially when it comes to making money online. If you look at life, there’s no instant success anywhere else so why is this different in building an online business?
Like everything you want to build to a certain level, it takes time. You don’t finish any schooling in an instant, this takes years and years and years. After all the years of school, you don’t get rich or get your dream job instantly. Mastering any skill takes years too. Everything takes time, you need to give time to learn and give time for your online business to build and succeed.
It is okay to have your online business for three months and not make a dime, it’s very normal.
People focus on the wrong things sometimes like trying to build an email list when they don’t even have a website. They spit out all these catch phrases and think they know what they’re doing. They lose focus on learning the foundation of their business and they go from one shiny object to the next.
Building an online business is not any harder than anything else you want to learn in life. You just need to focus and learn the process on how to build an online business, which is in the training at Wealthy Affiliate. There’s an order to things as mentioned earlier, and if done right, you will be building a strong foundation for your business that has substance and sustainability. As well, it can be repeated in future niches as you expand your online portfolio.
Be Good at One or Two Strategies
Don’t try to do so many things at once, this is another reason why people fail. At the core of the business is about people and the more traffic (people) you have the more success you’ll have. Internet marketers try too many things to get this traffic. They want to do everything from SEO, to YouTube, social media, PPC, guest blogging, Facebook ads, etc.
You don’t need to do everything, you just need to find something that works well for you. Find one or two of these strategies that you’re good at and become an expert in it. As you do more of what you know, you can scale it and expand from there.
You should always know what to write about in your niche. To become an authority in your niche, immerse yourself in it. Keep updated on your niche by signing up for news alert, or following other experts on social media platforms. Do more research and keep reading about your niche.
You will become the competition you once feared if you continue building on your knowledge about your niche. You will be an authority in it as time goes by and you will be the voice people flock to.
ARE YOU READY TO START YOUR 2017 RIGHT?
If you liked what you’ve read here, you owe it to yourself to check out Wealthy Affiliate and read this detailed review HERE.
This is only one video training that I wrote about, this platform provides this to their Premium members on a weekly basis on a variety of topics (currently over 200 videos available to watch)! This is aside from the core training classes they have available to learn about the process and fundamentals of building an online business. Not to mention, you get 2 free websites to start with and hosting is included, even with the FREE Starter membership.
A Premium membership is $19/month if you upgrade within 7 days of signing up for a free Starter membership, then it’s $49/month. However, you can sign up for an annual membership for $359/year and save yourself $10/month or $120/year. If you had to take the courses they have available at some college or university, the price would be thousands of dollars more.
I have an annual membership there because I’ve learned to give myself at least a year to learn and build this business. If you’ve learned anything above, I know you will do the same. I will also be there to help you every step of the way. Here’s a quick look at the two memberships they have and if you’re ready to sign up, just click on the blue button below:
Let’s make money online!