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How to Become Your Own Boss by Creating Your Own Wealth Online

The following is a guest post by Patrick Meninga of Make Money With No Work.

Become Your Own Boss

How do you become your own boss in the world of internet marketing?

The key is that you have to generate consistent monthly income, enough to cover your living expenses. If you can achieve this income consistently then you can walk away from your regular day job and effectively become your own boss.

So the question becomes: How do you do that? How do you generate a consistent monthly income online?

Let me show you how I was able to become my own boss.

Online Business Models

There are undoubtedly a million and one ways to generate income from the internet. I have expertise in exactly one of these business models, and that is in building an authority website.

I know that other types of online businesses do exist. For example, someone might create an ecommerce store that sells products directly. Or, they might create dozens of tiny niche websites that make money from advertising.

And so on.

The method that I used was to create a large authority website, and I put all of my time and energy into that one web property. Because the topic was lucrative and had real profit potential, I was able to sell the website for a very large sum of money after my traffic reached a certain point. My earnings per month were $2,250 with only about $100 in business expenses at the time of the sale.

There are some huge advantages of generating income with an authority website, and only a few disadvantages that can be easily overcome.

The following is a guest post by Patrick Meninga of Make Money With No Work.

Become Your Own Boss

How do you become your own boss in the world of internet marketing?

The key is that you have to generate consistent monthly income, enough to cover your living expenses. If you can achieve this income consistently then you can walk away from your regular day job and effectively become your own boss.

So the question becomes: How do you do that? How do you generate a consistent monthly income online?

Let me show you how I was able to become my own boss.

Online Business Models

There are undoubtedly a million and one ways to generate income from the internet. I have expertise in exactly one of these business models, and that is in building an authority website.

I know that other types of online businesses do exist. For example, someone might create an ecommerce store that sells products directly. Or, they might create dozens of tiny niche websites that make money from advertising.

And so on.

The method that I used was to create a large authority website, and I put all of my time and energy into that one web property. Because the topic was lucrative and had real profit potential, I was able to sell the website for a very large sum of money after my traffic reached a certain point. My earnings per month were $2,250 with only about $100 in business expenses at the time of the sale.

There are some huge advantages of generating income with an authority website, and only a few disadvantages that can be easily overcome.

Advantages:

  • Relatively stable income compared to some business models, such as niche websites.
  • Flexibility in monetization – you can run ads, sell affiliate products, add on a membership site, sell a product, etc. Running ads can be especially lucrative if you pick the right niche such as: Attorneys/lawyers, Insurance Agents, Software Companies, Online Loan Providers and Mortgage Companies.
  • High sale price – if you choose to liquidate (like I did) then you will command a high asking price for your web property (I sold mine for $200,000 after putting in roughly 300 hours of work into it).

Disadvantages:

  • Takes a long time to reach profitability and steady income. I would estimate at least 2 years for most people.
  • Takes a high volume of high quality articles. This either requires significant time or money investment, or both.
  • Requires some level of promotion and marketing. This is an additional expense that must be paid with either time, money, or both.

To be fair though, many other online business models also require a fair amount of promotion, and many of them will also require plenty of content generation as well.

I am biased because I made my success with the authority website model. Certainly you could do worse–for example, I have friends online who have lost all of their income after all of their niche websites were penalized by the search engines. There is risk with any business, of course.

Creating Value with an Authority website

In order to mitigate the risk from loss of income and further stimulate organic growth of your business, you should focus on creating real value with your website and delivering an outstanding user experience to your site visitors.

How do you do that?

You create value with your website by:

  • Offering genuine insight and unique ideas with each article that you publish. Do not just rehash information that can be found elsewhere on the web. Be original, and useful.
  • Create resource articles that offer timeless value. One way to do this is to go into extreme detail when explaining how to do something.
  • Break down complex ideas (such as how to become your own boss with an online business) into step by step instructions that give a clear idea of what success would entail.
  • Form a community that brings interested people together and gives them a platform to help each other progress in some way.

If your website is merely generic information for the search engines to munch on, you have missed the point and any income you generate is living on borrowed time.

Instead, create a real destination; a website that is genuinely useful and worthy of recommendation.

Focusing on Income Growth

If you really want to become your own boss then you need to be able to pay yourself.

This means that you need to be able to pay your monthly expenses using the income that you generate from your online business.

To meet such a goal, I have two recommendations for you:

1) Focus your business activities on increasing search engine traffic to your website. This is best accomplished by adding lots of quality content to your website every single day. Volume matters, but quality must remain high. A tough balance to strike.

2) Start promoting your website by building strong links. Do this with guest posting and real world networking. Get to know other webmasters in your niche. This takes time, effort, and patience. Invest in it heavily. The time will pass anyway, and your site needs time to age as well. You cannot succeed without forming some alliances and healthy connections on the web in this manner.

When you own and operate an authority website, it is easy to become distracted. Some people spend all day updating social media services instead of focusing on activities that lead to future income: More quality content on-site, and more quality links from guest posting and networking efforts.

Become Your Own Boss

If you follow the ideas in this article and build an authority website, you are halfway there to becoming your own boss.

The second half is to grow your income to the point that it exceeds your monthly living expenses, and then simply quit your job.

That might sound like a fantasy to you at this point, but I can assure you that the opportunity really exists. The web is still quite young.

I worked on my authority website for about 300 hours total over a four year period. If I had known how successful it was going to be I probably would have done the 300 hours of work in six months instead of four years.

After earning a solid income for four years straight I eventually sold the website for $200,000. My effective pay for creating the website turned out to be about $900/hour. Not bad at all for something that was effectively a labor of love.

If you want to become your own boss then you need to create your own wealth. Do this by creating real value.

Yes, it takes real work. But, what else are you going to do with your precious time and energy?

Go build something amazing!

Image Credit: MemeBase

By Patrick Meninga

Patrick Meninga is the owner and author of The Freedom Blogger. He recently built and sold a flagship website for $200,000 dollars. Follow him on Twitter.