5 Ways to Earn Money with an Online Business in 2024Jan 02, 2024
In the dynamic world of digital entrepreneurship, the quest for financial freedom and flexibility is more achievable than ever before. As someone who transitioned from a corporate job to running a successful online business, I understand the appeal of being your own boss.
But, can you really make money online? If so, how?
I had the same questions for a LONG time. But, nearly four years ago I took a big leap of faith and launched my own business so I could support my family's unique needs and I haven't looked back.
Today, I'm excited to share the five key revenue streams that have fueled my journey with the hope they will empower yours in 2024.
1. Digital Courses
Creating and selling digital courses has been a game-changer for my business. By packaging my expertise into comprehensive, accessible courses, I've been able to reach a wider audience and provide valuable skills and knowledge. Whether you're teaching cooking, marketing, or any other skill, digital courses offer a scalable way to earn income while helping others learn and grow.
CLICK HERE for a behind the scenes look at the tool I use to sell and deliver my courses.
My biggest tip: Launch your course before it's perfect. I launched mine before it was even built by hosting a FREE 5-Day Challenge and inviting students to join me at an introductory price. This allowed me to earn revenue WHILE creating my course. I simply recorded and delivered one module a week for 5 weeks. After live launching my course multiple times over 2 years (and making updates and improvements along the way), it's now an Evergreen course (something people can purchase from me at any time).
Aren't sure what to create a course about? CLICK HERE to learn how to brainstorm your course idea.
2. Membership Programs
Membership programs are a fantastic way to build a community and generate recurring revenue. There are many different types of memberships, but typically members get exclusive access to content, resources, and a network of like-minded individuals. This consistent, community-driven approach not only creates a reliable income stream but also fosters lasting relationships with your audience.
My biggest tip: Before committing to an ongoing membership, it's important to know the type of content you like to create, the type of membership you want to build, and have clarity on the audience you want to serve. I focused on courses and coaching my first 3 years in business and feel that gave me the knowledge and audience I needed to successfully launch my Ignite Membership in 2023. It's now a thriving community of entrepreneurs and on track to generate six-figures in its inaugural year.
3. Coaching Services
Personalized coaching has allowed me to connect one-on-one with clients and offer tailored guidance and support. Whether it's life coaching, business mentoring, or specific skill training, coaching services can command premium prices and significantly boost your income while making a meaningful impact on others' lives.
Think about the skills you have that others often ask you about. Is there a framework or system that you teach that you could share with others? If so, you can offer to work with people one-on-one. I started by helping people with Evernote! Eventually I become a Digital Systems Coach and Business Strategist.
As my business has grown, I've reduced my coaching schedule. But, it's still something that adds a revenue boost when needed and it gives me the opportunity to work with my students on a deeper level.
My biggest tip: Think about your genius zone, your skills, and the systems you use in your niche that would benefit others. As you connect with people in person and online, don't be afraid to let people know that you'd be happy to work with them one-on-one.
4. Digital Products
From ebooks and templates to software and apps, digital products offer diverse opportunities to monetize your creativity and expertise. I've developed various digital tools and resources that address specific needs and challenges faced by my audience. The beauty of digital products is that they require no physical inventory and can be sold worldwide with minimal overhead.
While digital products are a small percentage of my annual revenue, they still generate thousands of dollars of passive income, meaning once it's created... there is no additional work on my part other than to market it! For many business owners, digital products allow them to create a very lucrative income.
My biggest tip: Check out sites like Etsy for ideas! Have an idea for a digital product, but need someone to help with the design? You can outsource this! I paid someone on Fiverr to help me create the design needed for my Business Profitability Tracker.
5. Affiliate Marketing
When you own your own business and build relationships with your audience, they look to you for recommendations. Partnering with tools and programs that benefit my audience has been a VERY lucrative passive income stream for my business. By promoting products or services I trust and use, I earn a commission for every sale made through my referral links. It's a win-win situation — I provide valuable recommendations to my audience, and in return, receive a portion of the sales generated.
I completely underestimated how much Affiliate Marketing revenue could grow over time. In my first year of business, it was only 3% of my annual revenue. But, by implementing a number of intentional strategies, it's grown to 30% in just 3 years.
My biggest tip: It's never too early to learn more about how to optimize affiliate marketing in your online business. The sooner you start, the faster this revenue stream will grow. That's why I created my Affiliate Marketing Workshop. CLICK HERE to learn how to optimize this revenue stream in your business.
How has my revenue changed over time?
Digital courses and coaching were the main two revenue sources my first year in business. They were instrumental in getting my business launched and replacing my corporate salary. Here's a breakdown of my revenue sources in 2020:
Over the years I've focused my efforts on passive and recurring revenue sources. Thanks to the launch of my membership, my evergreen courses, and optimizing affiliate marketing opportunities, this was my revenue breakdown in 2023:
Whether you are starting an online business or looking to add additional revenue streams to your business, take some time to think about which of these 5 opportunities you'll focus on in 2024.
The key is to take action, stay consistent, and always strive to provide value. With determination and the right strategies, you too can build a thriving online business that supports you and your family.
Want to learn the steps to generating consistent and increasing revenue in your online business? Get the roadmap!! Secure your spot for this FREE TRAINING 👉 Ignite: Online Revenue Roadmap.
Ready to embark on a new adventure or want to elevate your online business? Consider exploring Kajabi, the comprehensive platform I rely on for managing my website, email communications, courses, memberships, launches, and much more. Sign up using my partner link at lydiamartin.info/Kajabi to enjoy a 30-Day Free Trial. Plus, you'll gain free access to my complete Kajabi training course, Countdown to Launch!
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