Today I want to share how I make money online. How I invest my time and where I invest my resources. I have made simple diagrams which will explain volumes. Let’s dig into it.
As you can see, I am spread all across the board. I am an independent consultant and I run my own business as a self-employed boss. I am also having few small-scale businesses where automation works for me.
The difference between Self-employed vs Business quadrant is primarily of automation and systems. For example, a small mom-and-pop shop is basically being self-employed. You have to ask yourself this question to identify a true business.
“If I do not work today, will my business make money?”
If the answer is NO!, then you are a Self-employed individual.
On the other hand, if you own a Chipotle franchise or a McDonald franchisee, you have a system and team of employees put in place to work on behalf of you. In this case, if you get sick, your business still runs and makes money for you.
How To Make Money Online
As you can see, I invest heavily in real-estate and that’s put me into the I (Investor) quadrant as well.
My goal is to completely ELIMINATE the “E” & “SE” quadrants and invest all my time, money, energy and brain into the “B” & “I” quadrants. In next 5 years? We’ll see.
But that’s my goal. My 5-year goal is to operate a > $5 Million USD business and grow my net-worth to > $1 Million USD. You can have your own goals and then work backward.
So, what am I doing about my financial and business goals? Well, the answer is continuing to do what I am already doing.
How can YOU do this too?
Yes, you or anyone can do it by putting in enough dedication and hard-work into the process I am about to describe. Just follow the steps as shown in the diagrams below.
The promotional tools are the tools where you “spend” time and/or money. These tools allow you to leverage the power of the Internet. When used properly and with creativity, they allow you to both build a brand name and do marketing for your products and services at a minimum cost of traditional marketing.
As I have said in my earlier posts on Blogging 4.0 that blogging alone or YouTubing alone or writing eBooks (or books) alone will not cut it anymore. There is simply too much competition out there. Plus, think about it and ask yourself: “What difference are you making in this world?”
You have to not only create true value for others but also differentiate yourself. One way to do so is to take advantage of Podcasting, YouTube, writing books and creating and offering products and services.
Then, you got to slowly-slowly remove yourself from the business process and automate everything. You want to be in a position where even if you can’t show up for work, you still generate cash flow.
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What do you say? If you have suggestions, feedback, and thoughts, please feel free to leave a comment and I will try to honor your requests. If you would like me to expand this post, please let me know what would you like me to describe in greater details? (The first 3 commenters are always my favorite.)