“How to make money online” just went up - . here’s the takeaways if you cba to watch it - thread 1/
Money is a medium for exchanging value. Therefore, to make money, you have to provide value. 2/
There are 3 forms of value that people will pay for. These are the ‘3 Levels’ of making money online: (1) Services, (2) Products, (3) Attention. 3/
Level 1 - Services. Step 1 = Develop a skill / service that people would pay for. Step 2 = Find people to pay you for it. This is great for beginners (it’s how I started) but ultimately it’s dependent on your time. We want to scale up. 4/
Level 2 - Products. The ideal product has a fixed cost of production, and zero cost of maintenance, reproduction and distribution. Digital Products fit that bill best.
On level 2, we can sell other people’s products (Basic), or we can sell our own products (Expert). 5/
Level 2 Basic involves selling other people’s products via dropshipping and affiliate marketing etc. I’m not a huge fan of the dropshipping stuff (never tried it tbh and it looks quite scammy from the outside) but affiliate sales are great. 6/
Level 2 Expert involves selling our own products. We could try selling physical products but that’s quite hard (good job @PatFlynn and @CalebWojcik for the SwitchPod - there’s a good episode of Smart Passive Income where they talk about this). 7/
Alternatively, we could try selling software (eg: website, app, SaaS). This is also quite hard - *in general* you need to know how to code to a decent standard (or find a cofounder who does). Plenty of material about this in books, podcasts, YouTube, everywhere. 8/
My favourite way of making money by selling products is by selling info-products. Things like online courses, eBooks, digital downloads. @seanwes does a good job of this and has some great material on how to do it better. 9/
BUT we can make all the online courses we want, but unless we find people willing to buy them, we ain’t going to make any dollar. Level 3 is when we supercharge our money-making powers by leveraging Attention. 10/
‘Attention’ is what you get by building an audience. When you launch something (eg: a service or a product) you’ll have an audience of people who know, like and trust you, who are 100x more likely to hear about and pay for the value you’re offering. 11/
How do you build an audience? By giving out a tonne of value for free, on the internet, consistently, over a long period of time. You can tweet, blog, podcast, make videos - the medium doesn’t matter. What matters is showing up, providing value, and doing it repeatedly. 12/
I’ve been trying to follow the @garyvee playbook for past 3 years. The audience of people who know, like and trust me is now pretty big, and I couldn’t be more grateful. Firstly because it’s nice to be ‘famous’ in that way and help people out etc... 13/
And secondly because lots these people are buying the products that I’m selling lol eg: my online classes on @skillshare, my affiliate marketing bits (eg: @paperlike, @epidemicsound) and signing up to sponsors (eg: @brilliantorg, @CuriosityStream etc). 14/
To leverage attention to make money, you don’t even need a huge following. @kevin2kelly’s seminal essay “1000 True Fans” shows the power of having a small but loyal audience - kk.org/thetechnium/10… 15/
If you’re interested in this stuff, read these 3 books: - 4hWW by @tferriss , Show Your Work by @austinkleon , and then “Anything You Want” by @sivers. Thanks for your ‘attention’ hehe
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