How to Make Money

First, you need to have an idea, and it needs to be a good idea. Don't say, "I want to do something like ebay, but better," or, "I'm going to start youtube, but for country music." Yes, these are real things that people have actually said to me before, and yes, these are awful ideas. I wouldn't even call them ideas at all, at least not that would help you learn how to make money. These are things that have already been done and they have made others rich, but they will not help you make money online. You either need to come up with an original idea or improve on something that already exist. You're probably not going to improve Google, so you're better off coming up with an original idea. Think of something people need, but don't know it yet. Google made a better search engine than Yahoo and now that's why they dominate the search engine advertising industry. What about cell phones? 20 years ago we didn't need to be able to talk to people when we are driving or out running around, but now I can't leave my house without my cell phone. Ok, maybe you don't have the knowledge to invent something like a cell phone, but what about the guy who invented post-its?

In 1968, Dr. Spencer Silver, a scientist at 3M in the United States, with the help of Jesse Kops, a fellow scientist, accidentally developed a "low-tack", reusable pressure sensitive adhesive. For five years, Silver promoted his invention within 3M, both informally and through seminars, but without much success. In 1974, a colleague of his, Art Fry, who had attended one of Silver's seminars, came up with the idea of using the adhesive to anchor his bookmark in his hymnbook. Fry then developed the idea by taking advantage of 3M's officially sanctioned "permitted bootlegging" policy. 3M launched the product in 1977, but it failed as consumers had not tried the product. A year later 3M issued free samples to residents of Boise, Idaho, United States. 90% of people who tried them said that they would buy the product. By 1980 the product was being sold nationwide in the US; a year later Post-its were launched in Canada and Europe. In this example 3M didn't make any money from the post-it right away. Can you imagine if they had just given up after that? Instead they figured out how to make money from their product. The reason people weren't buying is because they hadn't tried it yet. After giving people free trials they were able to make some money.

Sam Adams Beer grew in popularity this same way. They developed a brew of beer that they knew was good, but they needed a cost effective way to let others know how good their beer was. Well, why not let them see for themselves? One of the co-founders went up and down the east coast giving bars free samples of their beer. What'd ya know, soon enough they started to make money from all the orders they received for their beer. This is a common method used by companies, especially when first starting out, to get potential customers interested in their product. Offer a free trial, and after they sign up for a trial you know they are interested, so give them an extra incentive to sign up for a paid membership, or to make future purchases. This method shows how to make money with minimal investment of cash. Depending on exactly what you do, it's usually just an investment of time and resources.

This whole method of making money is part of the marketing process. When you first start a business most of your time and money should be put into marketing. After you have some customers and steady revenue from your new business, then the next step is to outsource some of your time consuming tasks. You want to free up your own time so you can focus on running your business and how you're going to make money. You can easily outsource to people in India or the Philippines because they speak English and it's cheap labor. You can also open an office and hire employees. This is more expensive, but gives you a more hands-on approach to running your business. Another option is highering free lancers. This is a great option for short-term employment without the costs of benefits.

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