IBM 202 | Internet Alchemy: The Secret to Making Money Online

IBM202-200For the last three years we have been obsessed with solving one of the biggest problems for new internet entrepreneurs. How do you choose a niche that will not only be profitable, but that provides freedom, fulfillment, and motivation for years to come?

Over the past eight years of working with over 5000 new entrepreneurs, we’ve noticed three troubling traps that keep entrepreneurs from choosing the right business niche and building a successful business.

In this episode, we outline those three traps and present the solutions to those traps in this two-part series.

Right-click here to download the MP3

In This Episode

  • The 3 most common traps that derail new entrepreneurs
  • The 2 missing ingredients that will bring you a business of freedom and fulfillment for years to come
  • The “internet alchemy” method for making money online
  • The 2 most important words for making money online
  • The single skill that will give you the ability to create income at a moment’s notice

Items of Interest

Student Businesses Shared  in This Episode

Breakthrough

shopify-header-stamp-logoStacie Humphreys (an Academy Member) posted the following to the mastermind group.

“Drumroll please… our first video ever! How to make ribs at home, starring my awesome husband, Greg. I’ve never shot or edited video before, and Greg’s never been in a video before, but I’m super happy with how it turned out! I shot the video with a Nikon D3200 and edited in iMovie. Please excuse the lens focusing noise and other flubs… progress, not perfection – right?”

Not only is this a great example of jumping in and taking fast action, it’s also an excellent example of how to use video to promote your product.

Showing your product in action is always a great way to convert sales.

Watch Stacie and Greg’s video here. This video grabbed them over 2500 visitors from Reddit.

Quick Tip

Elance

Elance connects you with freelancers all over the world. From graphic design to programming, from transcription to writing, from video editing to audio editing and more, you can find just about any help you might need on a project basis.

We’ve often been able to find freelancers to get stuff done on a moment’s notice. If you’re just starting to dabble in outsourcing, give elance a go.

Post a project and let dozens of freelancers offer up their bid to get your project done.

What do you think?

If you could use “internet alchemy” to make an extra $30k, how would you spend the money?

Comments

  1. Great episode, especially about buying cars. I wanted to mention that I did buy both of my family’s cars with cash, but not because I’m super rich, but because I was brought up in a more savings oriented country and I’m sticking to this mentality as much as I can in my new American Life.
    After moving to the U.S. I was surprised how many people finance their cars and keep having the newest luxury cars available just to portray success or whatever reason they might have. In my opinion you shouldn’t buy a new car if you don’t have the money. It’s that simple and it’ll keep you out of debt.

    Keep up the great work, guys!!!

    • Yeah I love that idea and plan on doing that from now on!

    • That reminds me of some very interesting things said in the book “The Millionaire Next Door.” I remember one thing he found is that often the wealthiest people DO NOT drive the most luxury cars. They know that false status is not wealth.

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