Context
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Why is it important: ...
Keywords
Content, Monetization, Personal Branding
Summary
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Highlights
Money is a medium for exchanging value. There are 3 kinds of value that people are willing to pay for online:
- Services: Easiest way of making money online. First, develop a skill that others are willing to pay for. Second, find people who are willing to pay for that skill Use Upwork, Fiverr, or something else to find work on the internet. Alternatively, find people in real life. Cons: You're trading your time for money. This is not very scalable.
- Products: Your ability to make money online goes up by a lot if you do this. Ideally, you want to make the following characteristics in products: One-off cost of production Zero cost of reproduction Zero cost of distribution Zero cost of maintenance Ideally, these are digital goods. Basic: Sell other people's products a) Drop shipping: You make a nice website to take orders, get other people to ship. Not recommended b) Affiliate Marketing: You get a commission from each sale that is made from your side Expert: Sell your own stuff! a) Physical stuff: "Merch". It's really hard and costs a lot of money. Not recommended b) Website/app/SaaS: It's hard and takes a lot of time. It's really hard, but has a lot of upside c) Information Products: Ebooks/Downloads/Online Courses. It's super easy if you have valuable things to teach
- Attention: Superpower the sales of services and products with this. Content marketing. Aim: To build an audience that knows, likes, and trusts you To do this: Give away loads of valuable content for free. Consistently share your expertise once or twice a week. Both your own insights, and lessons from books/papers/talks/elsewhere. Over time, if you do this consistently and provide value, then in 2-3 years, you will have built a large mailing list/twitter followership that you can reach out to. Give away a shit ton of free content before you people to pay. Jab, Jab, Jab, Right Hook: have a ton of small jabs (free content) before you ask people to pay for anything (right hook) A Thousand True Fans