We previously discussed trading your time for money and why that is not a good idea. If you haven’t read that one I encourage you to read that post first. There are several really good reasons why you should consider the internet as your route for starting a business and becoming a millionaire.
- The cost to get started is almost Zero. You can get a domain for $10 and pay for a year’s worth of hosting for less than $100
- The systems can be fully automated. Which means you can get 100% passive income
- The skills are taught all over the internet, most of the for free. Like here at The Millionaire Mastery
- The convenience to work wherever you want to. You can literally be on top of a mountain or in the woods as long as you can connect to the internet. True freedom of location
- The convenience to work when you want. Build your internet business around your current life.
Those are just some of the reasons I like building internet based businesses. There are some other great ones to such as the money. You can make unlimited money with your online business in a short amount of time.
Internet Business Startup Costs
Sometimes we don’t have $100,000 to start our next business venture, tust me I had less than a $1,000 when I started about 5 years ago. With internet based business you can start up for less than $100 and some people have made millions of dollars from their initial $100 investment. Neil Patel did a test to see if he could build a $100,000 per month business from scratch with minimal money and without using his name. He did spend close to $2500, but nearly $2,000 of that was for the domain name he bought which he could have purchased for about $10 if he was a little less picky about his name. Within the 12 months, he hit his goal. If you want to find out more, see his full article. Neil Patel $100k Per Month Challenge.
These startup costs don’t include any of learning you may need. The minimum startup cost of $100 will only cover getting the domain and hosting for it. Most people will need to learn all the skills necessary to make money online. Some basic costs will include learning, research software, graphic design, website design, writers, and more depending on which route you take. In an upcoming post, I will teach you how to do most of this yourself and where to find resources available to get quality work without spending too much money. I have been able to successfully make significant money while only spending a few thousand dollars on a brand new site and I’m sure you can too.
Fully Automated Internet Systems For Passive Income
The beauty of passive income is that once you have it setup, you do almost zero work. I have some websites that make me thousands of dollars each month, and I spend less than one hour per month on them. That one hour is mostly just looking at the traffic in Google analytics. This is about as close to a true passive income as you can get.
Internet-based business isn’t some get rich quick scheme either. You will have to put in the time up front to build these systems and establish the income generating machine. This is a real business and should be treated like one.
You probably know by now what the secret is to getting internet millions. In case you missed that point I will reiterate it. The secret to making millions on the internet is by creating systems. Systems take a process and allow you to replicate it or scale it infinitely large. Systems can be automated by either hiring people to do the job or allowing software to do it for you. Automated systems generate money without requiring you to do the work. If they are 100% passive, you won’t need to do anything at all except watch the money rack up in your banking account.
Does that sound to good to be true? A big part of the millionaire mastery is getting the mindset right. If you answered yes to the question or even had your doubts, chances are you have a mindset that has been stopping you from achieving success or will stop you when you get close. I will be posting some awesome mindset analysis and training content in the near future so be on the lookout.
Freedom Of Location
One of the best things about building an internet based business is the freedom of location. With this, you can work from anywhere in the world as long as you have an internet connection. Just image sitting in a warm beach house working from your computer, feeling the cool air from the ocean passing through your window. This sure does beat sitting in an office or out doing some hard labor.
I find myself taking lots of vacations. Last year I took at least 15 trips out of state and a few of them I spent over two weeks away from home. I was able to work from a Las Vegas hotel room, my families house in Arizona, up in the Great Smokey Mountains of Tennessee cabins, and even right down in Florida at a oceanside resort. Oh I even took my family to Disney World and was able to make enough money to cover the trip working after my daughter went to sleep at night in our Disney resort. You can’t do that working for Burger King!
Freedom Of Time
Time is something that you can never buy or will ever be able to get back. The true value of internet based business isn’t going to be in the money you make. It is going to be in the freedoms you will have and the time you won’t have to waste. Several millionaire bloggers such as John Chow spend less than two hours per day working on the business while they continuously generate income. How much is your time worth to you?
If you haven’t decided by now that this is a great idea, then this may not be for you. For the rest of us, we need to get started asap and make the move to become an internet millionaire. Subscribe to my blog to keep updated.