1669: [Part 2] How To Make Money on the Internet by Chris Guillebeau on Online Businesses

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[00:01:22] Get in on the action today at chumbacasino.com and make every day a Chumba Day. No purchase necessary. VGW group void. We're prohibited by law. 18 plus DNC supply. This is Optimal Work Daily. How to Make Money on the Internet, part two, by Chris Gillibeau of chrisgillibeau.com. Four, maintain a balance of free and paid work. Since beginning AONC, I've maintained a balance of doing at least 80% of my work for free with only 20% or less for sale.

[00:01:52] I'm actually way over the balance on the free side lately, but that's okay. I'm having fun and I'll get back to business stuff soon enough. Your ratio may not be that high, but there are almost certainly things you can do in your business to help people that you don't need to be paid for. How can you help people without being directly compensated? Megan in Omaha recently described her business plan to me as strategic giving, and I like that a lot. Five, whenever possible, make it fun. You don't have to make it fun,

[00:02:22] but it's a lot better when you do. If you make it fun, you'll generate interest and trust, not only from those who purchase from you, but also from people who just enjoy following along. The best example of this from my own business was the first Empire Building Kit launch, where I traveled across the US on the Empire Builder train for a time-limited launch. It was an exhausting but fun experience where I built up a lot of attention and respect for the unconventional guides business. Naturally, I'm working on something just as fun for the near future.

[00:02:52] Six, base your price on value, not time cost or materials cost. Unless you're selling a commodity, which you shouldn't because why would you want to compete with Walmart? You should think about pricing based on the value you provide to the customer, not what it costs you to create the product. The time or materials cost is irrelevant. What matters is how people benefit from what you make. This is yet another reason why be incredibly helpful is the most important lesson in making money online.

[00:03:21] And here's a side note. Once in a while, someone will complain that something I sell is too expensive. I always reply that it may indeed be too expensive for them and I'd never try to persuade them otherwise, but only the marketplace will decide if it's too expensive overall. If large numbers of other customers are happy buyers, it's not too expensive. Seven, try to get paid more than once. Getting paid once is nice, but if you can get paid over and over for something, it's much better.

[00:03:49] You can do this either by creating something that people need to buy in multiple frequent units or by creating a subscription service where access is provided over time in exchange for regular payment. It took me a while to switch to this model, but I finally did so earlier this year with the launch of the popular travel hacking cartel, where members pay for access to a series of deal alerts each month. This much-needed transition has caused a big shift for my whole operation as it requires a less launch-intensive approach elsewhere.

[00:04:19] I haven't done much business development work lately. Writing a book and hosting a 500-person summit takes its time. But as I get back to things later this summer, I plan to produce much of my commercial work in a subscription model going forward. Eight, if you want to consult, just start consulting. There is no consulting school. If you want to be a coach or consultant, get a $10 domain, set up a one-page site with WordPress, describe what you do, and get the word out wherever you can.

[00:04:47] It will help you greatly if you can be highly specific about the kind of service you provide. The more generic, the less valuable. Also, make it easy for people to pay you. If you require people to contact you for a quote, you're missing out on a lot of business. Nine, advertising is like s***. I like this quote from a Fast Company magazine article. Quote, In the future, advertising will be like s***. Only the losers pay for it. End quote.

[00:05:15] For the most part, I think the future is already here. I recently conducted a $10,000 versus 10 hours experiment where I compared the results of a targeted advertising campaign to an amount of time I spent working on free publicity. I'll share the whole story in the book I'm writing, but the short version is, the 10 hours of free work easily beat $10,000 of advertising. And 10, don't be afraid to ask for help. As long as you're being helpful and doing work that matters, you'll be building trust with people,

[00:05:44] customers, colleagues, blog readers, Twitter followers, etc., over time. These people will help when you ask them. Always remember that there are many ways people can help you, and giving you money in exchange for something is only one of them. This longer-than-usual overview could be greatly expanded, but of everything mentioned just now, the most important is, be incredibly helpful. More than making money, think about how you can make something valuable and share it with the world.

[00:06:16] You just listened to part two of the post titled, How to Make Money on the Internet, by Chris Gillibow of chrisgillibow.com. And thank you again to Chris, who is a New York Times bestselling author and a modern-day explorer. During a lifetime of self-employment that included a four-year commitment as a volunteer executive in West Africa, he visited every country in the world, 193 in total, and he did that before his 35th birthday, a huge feat. His first book, The Art of Nonconformity,

[00:06:46] was translated into more than 30 languages, and his second book, The $100 Startup, was a New York Times and Wall Street Journal bestseller, selling more than 700,000 copies worldwide. Come by chrisgillibow.com to learn more. If you're not sure how to spell his last name, I do have his link in this episode's description for you. And one last thing today, if you haven't done so already, please do subscribe to this show in your favorite podcast app. That's going to give you all of our new episodes automatically so that you're all caught up.

[00:07:14] And you can also hit the follow button depending on what app you happen to be using. Either one would be just terrific. We're now in Apple Podcasts, Spotify, Amazon Music and Audible, Pandora, and more. So thank you for subscribing or following. And that's going to do it for today's installment. Hope you have a great weekend and I will see you back here on Sunday where your optimal life awaits.