We’re living in a world built for entrepreneurs. With a good idea and a little creativity, you can create a business faster than ever before.
You don’t even need a brick and mortar establishment to get started. Countless organizations start with nothing but a website. All you need to do is figure out how to turn your world-changing idea into a money-making enterprise.
Most people assume that the only way to make money as an entrepreneur is to sell products. However, that’s not always the case. If you have a small budget but big dreams, the following 5 strategies will help you monetize your vision without spending a fortune.
1. Start a Blog
Blogs are a valuable tool in today’s digital business landscape. By sharing the right content, you can establish yourself as a thought leader in your industry. This is a great way to earn the trust of potential clients when you’re selling a specialist service.
You can even boost your chances of reaching new customers if clients decide to share your blog posts with their friends and colleagues.
Blogging improves your digital presence by giving you a head start on your SEO and helping you to rank for specific terms and phrases. It can also be an income-generating solution in its own right.
With a blog, you can earn money as an affiliate, mentioning products, or reviewing items that you find valuable.
Allow certain companies to advertise on your blog for an additional source of revenue, or design “premium” content that your audience will only be able to read if they purchase a membership with your site.
2. Create an Online Course
By 2025, the e-learning market is set to hit a value of $325 billion. More people are beginning to see the benefits of taking lessons and learning new things online.
If you have a unique skill or talent that other people would like to develop, why not make some money by educating your followers?
It’s easier than ever to create courses online thanks to lesson-building platforms. You can design your courses in your spare time, including everything from engaging quizzes to videos, and even award certificates to your customers when they finish their education.
If your courses are successful, there’s nothing to stop you from continuing to design and publish new experiences in the future.
3. Try Coaching or Consulting
If you like the idea of sharing your knowledge but have no desire to create an online course, coaching or consulting are a great alternative.
For example, if you’re an expert in team building, you have the option of holding online consultations to teach people how to run and build more effective teams. On the other hand, an expert in SEO can teach marketers how to improve their mastery of the search engines.
The key to succeeding in consulting and coaching is making sure that you have the right portfolio to gain the trust of your customers.
Put in the effort to build a presence online that shows just how knowledgeable you are. Reviews and testimonials from clients will help too.
4. Build an App
Today’s digital age is brimming with online experiences – not all of which take place through a desktop computer. Applications can be extremely valuable for all kinds of consumers today, and they’re a great way for you to earn some money.
To design the right kind of app for your audience, think about the challenges that the people you’re trying to reach face every day.
Look at how you can make their lives easier with a useful or convenient product.
Remember, though building an app today is simpler than it once was, it’s important to get a good grasp of the basics before you get started. Look into the hottest development trends affecting your industry right now, and consider how you can deliver the best possible user experience for your customers. How can you ensure that your app is a must-have investment for your audience?
5. Host a Podcast
Finally, if you think you can be informative and entertaining at the same time, you might be able to succeed in the world of podcasting.
Podcasts are growing increasingly popular these days, at a time when people are looking for a low-engagement way to consume content.
Your audience can listen to a podcast on their daily commute or put it on in the background when they’re working out at the gym. This makes the audio world a lot more appealing to many customers.
Remember, if you’re thinking of hosting your own podcast, you’ll need to make sure you know what to talk about first. Think about what kind of topics will be best for your customers and how you can keep them coming back for more.
Could you host guests, or have Q&A sessions? Are there going to be multiple people on your podcast, or just you?
Monetize Your Online Presence
You don’t have to sell products through an online store to be successful as an online entrepreneur. There are tons of great ways to monetize your ideas, knowledge, and vision as a business owner. All you need to do is figure out which option is best suited to you, and which is most likely to attract the right kind of audience.
Whether you’re building a new podcast or designing an app, there’s no limit to what you can accomplish in this new business landscape.
Michelle Laurey works as a VA for small businesses. She loves talking business, and productivity, and share her experience with others. Outside her keyboard, she spends time with her Kindle library or binge-watching Billions. Her superpower? Vinyasa flow! Talk to her on Twitter @michelle_laurey.