Wednesday, September 22

Fastest Way to Make a Million Dollars – A Strategy That Works Well in Both Good Times & Bad

The fastest way to make a million dollars (legally) is to sell a product or service of value to the widest customer base possible in the shortest time span allowable. The best tool that we have available at our disposal to achieve this is the Internet.

There are millions of niches through which you can make tons of money on the Internet, without having to spend a dime on advertising or without even creating or managing a product, a service, or an inventory. The good news is that the Internet is a great way to diversify your sources of income so that you can be earning consistent revenue even during an economic recession.

All you have to do is join an affiliate program, join a drop shipping program, or set up a blog, and kick off an advertising campaign it using one of the many free advertising venues that exist today, such as article marketing, participating in discussion forums, and free online classifieds.

The more traffic you can drive to your website, the more money you will make. For example, if you have a goal to earn $100,000 this month (which is about $1.2 million per year), and you join an affiliate program for a product that pays you 25% of each sale of a $100 product. That means that you will earn $25 per sale. At that rate, you would need to generate 4,000 sales in one month in order to make a net profit of $100,000.

How much traffic do you need to generate in order to get those 4,000 sales? Assume that for every 100 people who visit your website, only 10 people actually click through to your affiliate advertisement and buy the product. That effectively means that your odds of getting a sale are 1 in 10.

This is not unlike a traditional retail store at the mall. Not everyone who stops by in your store will actually buy something. Some people are only there to window shop.

So, if you need 10 visitors in order to make 1 sale, and you need to make 4,000 sales, therefore you would need 40,000 unique visitors to your website every month in order to reach your goal of $100,000 per month. That’s about 1,333 visitors per day.

How do you get those 40,000 unique visitors to your website every month? You can use free advertising methods as described above, or you can use pay-per-click advertising in which you link directly to the affiliate product you are trying to sell, instead of to your own blog. For example, if you could pay 5 cents per click such that every time someone clicks on your advertisement as seen in the search results for services such as Google, then it would only cost you $2,000 per month in advertising costs. That $2,000 investment in advertising costs would yield $100,000 in profit!

Does it sound too good to be true? No it is not. People are making tons of money on the Internet all the time. Even during the recent economic downturn, as we speak, people are earning a fulltime income on the Internet. Is it as easy as it sounds? No it is not. That is where thinking outside of the box, coming up with a good product and a good marketing strategy come into play.

If you are relatively inexperienced at internet marketing, you can expect your costs per click to be much higher and your clicks-to-sales ratio to be much higher as well.

Of course, you do not have to spend money in order to make money on the Internet. There are ways to advertise for free and get the same broad exposure as well.