How to Make Money Online

I’ve been making a living with the internet since 2008.  I’ve learned a lot of difficult and expensive lessons and one of the benefits of those lessons are these posts.  :)  One of the first and most important lessons is understanding the difference between an ‘idea’ and a business.  If you have an ‘idea’ for an online business then you have an idea and not a business.  So the first question you have to ask relative to “How to make money online” is what is your business?  These are business questions.  You need to search online and determine if anyone else s in that ‘space’.  If you have a really good idea you’ll find most likely someone else is in that space and may even have your domain name idea.  That shouldn’t necessarily dissuade you but it may sober you up.  Now you need to determine what differentiates your ‘great idea’ from another similar business.  Search Google, YouTube, Linked In, and search GoDaddy for domains. Determine if there is anything that your ‘idea’ has that’s a competitive advantage over other similar businesses.  Also look at those businesses and what tools they might use before you invest in your ‘idea’  or trademarks etc.  This is all part of the due diligence necessary before you start spending significant dollars.  So the answer to “How to make money online” for someone that has a ‘great idea’  but not yet a business is to develop your business.  If you have a business that saves time, money, or provides some kind of premium and elite service then you have a business.  So start with the business and then apply the internet as a shopping cart, marketing strategy or both.  As any successful business owner will tell you, ideas are a dime-a-dozen.  It’s putting them into practice that separates the true entrepreneur from that guy in the coffee shop with his ‘new dating app.’  In my next post we’ll discuss how ‘brick-and-mortar’ stores can make money online.