Making Millions Online – Is It Possible?
To kick off this article I’d like to let you all know that I am not a millionaire, far from it, but I do make money online and am basing this article on a huge amount of research I have done.
We all want to make a good living, right? And for a lot of people, a real benchmark in earnings is to reach the millions. Your target might be a million a year or a million over 20 years, but can you create that income for yourself online, and how? Are there people doing so already?
Blogging for Millions
Blogging is a legitimate way to make money. I have talked about it a lot here on Dollars Per Day as I try and make a full time living online. A blog is a platform to sell products, advertising space or promote other money making projects you are involved in, but can it make you millions?
Certain niches and blog topics can be very profitable, usually the ones in high value industries and with valid buyers looking for information on a product. Depending on your definition of a ‘blog’ it is very possible to make (over a long period of time) a million from it. For example, if you were reviewing laptops and electronic equipment every day on your blog, and had a huge amount of articles, not only would you be able to make good commissions referring sales (up to $50 per laptop sold for example), you could demand good money for banner ads and other types of on site advertising. An income of $300 (or £200 if you’re in the UK like me) is certainly realistic, even though it would be very hard work. This would bring you to a million in 10 years, which isn’t bad. Double the size of your site and the sales you make and you will half the time to get to a million, it is possible but difficult.
Selling your blogs or websites is another good way to create income quickly. Get to £10,000 a month and you can probably sell your site for 20 times that on a site like Flippa.com. Wash, rinse and repeat.
Other Online Businesses
There are many other online businesses where the potential for income could be larger or easier to reach. Some are listed below.
Membership websites create a great recurring income. 1,000 members of a £29 a month membership site providing courses, information or premium resources could see you make a million in just a few years. Scale the business up and the money is undeniably there for the taking.
Digital products such as courses and eBooks are amazing for making high profit margins. They cost little to produce, and the sales can be through the roof if promoted correctly. A set of £29 eBooks can make you a huge amount of money over the course of a couple of years, just make sure you are providing value and not selling spammy content.
Whether you are producing, importing or drop shipping physical products, there is a huge amount of money to be made. People purchase online every day and the industry grows by billions every year. Another income source where your niche is important. Choose products with a high markup, promote them well and race to a million.
Self Publishing on Kindle
Similar to the digital product niche, many people have taken advantage of the kindle boom to publish their fiction and non-fiction books and make a shed load of money.
Check out John Locke’s book on becoming a millionaire via Kindle self publishing. How I Sold 1 Million eBooks in 5 Months.
In case you couldn’t already tell, I am a firm believer that this type of income is obtainable from your blog, and am certain that people make millions per year online.
The best way to go about it is probably to experiment with the methods I’ve mentioned among many others, and you’ll probably settle on a profitable combination that works for you. Not a large percentage of internet marketers and webmasters will hit millions, but some of them certainly do.