How to get rich online? I want to share with you some secrets on how you can get rich and achieve financial prosperity by making the most of the internet. More precisely, I will give you 7 fundamental lessons which are based on my experience as an entrepreneur.
Before embarking on this venture, you should ask yourself: what is the best source of income on the Internet? And consequently, what type of business should you start to get rich online? With my experience, I have identified two macro types of profitable businesses that one can engage in:
1. create a company with high earning potential but also a very high risk of not succeeding;
2. build a company with high potential, but almost totally lowering the entrepreneurial risk part.
If you are interested in learning more about the second point, I invite you to keep reading.
The article you are about to read can be summarized in the following points:
- choose the right business idea to earn money online;
- develop your digital skills;
- save and make money.
How to get rich online: the first consideration
If you want to know how to get rich online or with the Internet, you have two main scenarios:
1. A company with big capital. In 2010, after launching my first successful entrepreneurial business in the world of education, I set out to create a digital start-up in the social networking sector. It was a completely different, niche, extremely competitive business, where the demand for capital was in the range of 4 to 5 million (USD). I started making a round of investors and realized that the terrain in a country like mine was much more difficult than in the US.
So actually, after about six to eight months of trying things out, making presentations, and so on, I realized that the venture was a bit of a long shot. In my country, innovative start-ups that make it, i.e., those that are financed by investors, are very few compared to those that only aspire to receive such funding.
2. Using one’s own capital. Thinking you can start a successful business with your own money is what I would suggest you do. This is because you can start with your project right away without having to spend time and energy on finding investors who are really interested in your idea.
7 lessons on how to get rich online
The idea with which you would like to try to become rich online must be developed according to rules; for unless you have money and time to waste, you cannot afford to make too many mistakes.
Given my experience in this field, let me tell you that even if you only have a small project to earn money from home or a garage (does this remind you of Jeff Bezos?), following the 7 basic principles on how to get rich online below can help you.
1. acquire digital skills;
2. find scalability;
3. decrease costs;
4. create a team;
5. control variable costs;
6. distinguish themselves from their competitors;
7. do not rush things.
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1. Acquire digital skills
All entrepreneurs who have succeeded in becoming rich know the importance of having digital skills. If you want to start a successful Internet business, you must have the right skills and competencies to succeed. Don’t think you can rely totally on agencies or external consultants.
Going back to my personal experience, before 2010, I was still acquiring customers offline, investing in trade fairs, and advertising pages in newspapers. All this, however, resulted in few contacts and forced me to employ a lot of staff in telephone management. Therefore, I decided to maximize the contribution that online could give me, using every single marketing channel and obtaining a considerable increase in customers.
By managing everything from within, you will have an advantage because you know better than others how to enhance all the characteristics of your brand and get great results. The agency or external professional won’t work miracles, and above all, they don’t know your industry inside out.
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2. Use a scalable model
The second principle to follow in order to become rich online is that of scalability. One must be able to build a business model in which revenues grow exponentially in relation to costs. This means increasing turnover while keeping expenses stable. This is a necessary condition for getting rich online.
Before 2010, I had an entrepreneurial business in the traditional training sector. To earn money, we used to physically go to the locations of hundreds of companies we had acquired on the Internet, doing lead generation and online marketing. However, constantly moving people and materials was not easy and entailed considerable expenses.
When I thought of a new entrepreneurial challenge in the world of training in 2012, I created Digital Coach. I thought of something that could be done digitally to reduce travel and related costs. This business model has allowed me to be able to serve many countries, without having to move so many people and produce so many materials to be able to deliver our services. This is a scalable business model.
3. Use the Internet to reduce costs
Setting up a digital business entails expenses, but it is still possible to become rich online without investing exorbitant amounts of money. With Digital Coach, I digitized everything and reduced costs, which means that in addition to using digital marketing for advertising, I also brought the delivery of products and services online, saving a lot of money.
This means that I have been able to increase revenue much more than proportionally to costs, a principle that one should always follow and, of course, is not only valid for a business like Digital Coach.
One can take the world of eCommerce as an example, where, using the dropshipping method, you really do have the opportunity to make money online from home, avoiding the expenses associated with a physical warehouse.
Another possibility to exploit the web to earn money is self-publishing, where you no longer entrust your manuscript to a publishing house but make it a digital product that you can follow independently.
4. Put the right team together
Fourth among the secrets on how to get rich online is to build a team that works for you. Wherever you see an up-and-comer, there is always a whole team of people behind it. Big turnovers are not made alone.
In my case, my team allowed me to become rich online easily.
If you don’t want to just earn 15 USD a day but want to have a real internet business, you need to be able to govern the different areas of online marketing. You will need people trained in the different digital disciplines, including:
- Digital PR.
You cannot manage all these activities alone; it would not be physically possible. You need to choose people who not only have the right skills but are also able to work in a team.
5. Control Variable Costs
Fifth point: if you can control your variable costs, you are already well on your way to making a quick profit. Fixed costs are an item that weighs down your budget and which, unfortunately, you can hardly go and decrease. They mostly refer to expenses that are really necessary to make your business work.
Variable costs are the most manageable because you deal with them not continuously but when needed. If you can keep them under control, you are already well on your way to making a quick profit.
In my case, a variable cost was brought by advertising in newspapers. Today, that cost has been replaced by online advertising, which allows me to advertise at a relatively lower cost.
In the beginning, it is best to use a small, variable, and sustainable budget. Then, depending on sales, decide whether to invest the same amount or increase the investment in online channels that perform better for your business.
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6. Create an original product
Knowing how to get rich online without an original idea is difficult. Online is an extremely competitive world, so if you choose to sell products already offered by others, you will end up competing only on price, and it will be hard to succeed.
My advice is to create a proprietary product and make it unique and special. At Digital Coach, we have always worked on creating original courses; in fact, we don’t just sell courses but a set of services that allow us to differentiate ourselves from others.
In short, if you ask yourself how to make money online, the watchword is differentiation, which means going to market with a completely unique product or service or with a set of products that users will only find from you. Your originality and the quality of your products compared to your competitors is what will enable you to make money.
7. Take one step at a time
The seventh and final element to take into account in becoming rich online is time. You will need time to understand how to make money on the web, and it will take you years to fully achieve your goals. That is why in this article, I have not bothered to explain to you how to make money overnight or how to make easy money.
Remember that you do not get rich quickly or easily.
Along the way, you will encounter many difficulties and setbacks, but you should not get stuck; your goal is to succeed, so you cannot give up. Taking inspiration again from my own experience, I can tell you that what helped me enormously was to work:
- by objectives,
- with continuity.
This means that until you have definitively concluded one project, you cannot start another. Draining energy and fragmenting your efforts among several ideas can distract you from your final goal and cause you many problems.
However, if you are committed and always remember to take one step at a time, you will find that success is just around the corner.
If you still don’t know what type of business will allow you to become rich, get inspired by this free guide. Download it now!
Conclusions and free coaching
The question of how to get rich online is surely one that you will have asked yourself at least once in your life. I hope I have given you some interesting insights and that these 7 lessons have helped you.
If, when reading, it seemed to you that I think too big, know that I don’t like to limit myself, and neither should you.
In any case, earning money online in earnest is not as easy as getting rich on GTA :-) Unfortunately, but also fortunately, life is not a video game, and in order to get results, you need commitment and perseverance.
If you decide to set up your own business and work online, thanks to digital, you will realize that its possibilities are unlimited, you can take your business wherever you want, and you will also certainly be able to make money online from home. In case you have further questions, I recommend a free coaching session where one of our experts will answer any questions you may have!
Finally, I would like to tell you that although there is no right or wrong way to realize your dreams, the principles I have listed will at least help you not to make the same mistakes as me. If it is true that the road to success is uphill, I hope that my advice will succeed in making it a little less steep.
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I direct Digital Coach®, the professional training school, leader in training all professionals who work in the Digital Marketing & Sales field.
As a trainer, I have trained over 35,000 business professionals from over 300 large multinational companies and over 5,000 Italian SMEs.
I devised the “Digital Strategy Framework®” method, thanks to which since 2014 I have been helping companies to define and improve over time a digital strategy that maximizes the generation of turnover and online sales.