Most people fail when starting an online business before they even start…
Why? Because instead of choosing a niche they love, they pick a niche that they think will make them money.
Now I’m not saying that you cannot create a successful online business by focusing just on the money but you will have a higher chance of success if you pick something you know you will devote yourself to.
The reason being that it takes time to grow a business and if you don’t have a genuine interest in your line of work, it is very likely you will burn out and give-up just after a few months, before you even have a chance to gain any real momentum.
Furthermore, interacting, building relationships and sharing information with others in your field is crucial for business exposure and if you are not genuinely interested in what you do then you won’t be able to put in as much effort as you should (if any at all).
Not to mention that you will be required to work longer hours on your business then you do at your job and you will definitely won’t do this if you are not truly passionate.
The Reality of having an Online Business
Many believe that an online business is an easy way to escape, an easy way to make money while working the least amount of hours possible. They have this illusion in their minds that they will be traveling the world and laying on the beach while the cash rolls in.
Unfortunately this is an unrealistic dream and the reality is, you will be working very long hours creating content (articles, videos, graphics, etc), interacting with people and sacrificing your time outdoors to stay in front of your computer until your eyes turn square.
However, the beauty of this is, even though your making great personal sacrifices and working longer hours than usual, it will go by unnoticed as you will love your work.
What Topic To Pick?
Anything that you are passionate about and can see yourself having an interest in for the next 10 or more years.
You don’t need to be a guru in the beginning, you just need to have a strong desire to learn and share your knowledge with others.
Knowledge can be shared in the form of text, video, audio and/or graphics.
As your aim is to reach as many people as possible while offering them a way to stay in touch with you, you will need to utilize Social Media and Blogging platforms.
Examples of People Making it Big with their Passion
Gaming
Felix Kjellberg who goes by the name of PewDiePie on YouTube made $7.4 million in 2014 according to BBC News.
So what does this 25 year-old year old do exactly?
He makes videos of himself playing games, adds some commentary and uploads them to YouTube.
Fitness
Greg Plitt who is one of my favorites inspiration figures had estimated net worth of $1 million according to AlphaLife.
Fashion
Chiara Ferragni runs a fashion blog called The Blonde Salad and according to WWD she’s on track to generate $8 million in revenue in just one year.
Business
Gary Vaynerchuk who is one of my all time favorites, talks business while placing an enormous focus on Social Media and Hustling.
According to Celebrity Networth Gary has a Networth of $10 million.
News:
Philip DeFranco runs a YouTube channel where he discusses pop culture and news that matters to him while sharing his opinion.
According to AdWeek he makes around $181,000 a year.
Monetizing Your Passion
You can monetize just about anything! From growing carrots to traveling the world!
As long as there are people out there that are interested in what you do and benefit from the information you share then you can monetize your passion.
Keep in mind that information is not limited to educational content but can also be entertaining.
The only thing you need in order to monetize your passion is an audience.
Building an audience is the key and once you have built one everything else will follow.
Why? Because as Gary V said “where eyes go, advertisers go”.
Once your audience gets big enough and your name begins to spill around the internet, you will find that companies will start reaching out to you to offer you benefits in exchange for promoting their products or services.
The Online Business Success Equation
Passion + Research = Knowledge
Knowledge + Sharing = Audience
Audience = Success
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What niche did you pick for your Online Business?
