Making $100k, $500k, or $1 Million a month online is possible with the right approach, and anyone can do it, including you!
You don’t believe me?
Well, many online businesses can make $100k, $500k, or $1 Million a Month. The big deal is picking the right business model with the right niche.
Also, not all online businesses are created equally. While some can make $1 Million a month, others will hardly cross $100k in revenue.
E-Commerce is an online business model with the potential of making $1 Million a month. Let’s say a product costs $100. It takes 10,000 sales per month (on average – 333 sales a day) to reach $1 Million monthly income.
On the other hand, it’s challenging to achieve the $1 Million milestone with freelance writing as the business is not scalable.
Making money online is a gradual process. You should know how to make $100k a month before aiming for $1 Million.
Here’s the catch:
To build an online business that brings in $100k, $500k, or $1 Million a month, you need 3 ingredients:
- Great products
- Quality Traffic
- Good Conversion
These ingredients work hand-in-hand to form a successful online business.
How Much Capital Is Required To Earn $100k, $500k, $1 Million Online?
Surprisingly, you don’t need a lot of money to start most online businesses. You can technically start a $100k income business with a few hundred dollars.
For example, you can start an affiliate marketing blog with less than $200 and grow it to $100k in income.
Overall, starting an online business doesn’t require much capital. But you can scale things fast if you have extra money to pour into your business.
What Kind Of Online Businesses Can Make You Your First $100k, $500k, $1 Million?
There are lots of different business models out there, but to keep things lean and simple, let’s focus on the 5 I have the most experience with:
- Affiliate Marketing
- Amazon FBA
- Online Coaching
- Selling physical products (e-commerce)
How To Make $100k/Month Online
If you are brand new to the world of online business, $100K might seem daunting. But if you start one of the businesses I mentioned above, you are a step closer to your goal.
Let’s take a close look at each of those business models and see, based on some real-life examples, how you can make $100k a month with them.
Affiliate Marketing ($100k a Month)
Affiliate marketing is one of the most sought-after online businesses due to its low entry barrier and high-income opportunities.
According to Statista, affiliate marketing spending in the U.S. alone is expected to reach $8.2 billion by 2022, more than triple what it was 10 years earlier. So, it’s not too late to jump on the train.
What is Affiliate Marketing?
Affiliate marketing is the process of promoting other people’s (or companies’) products, then you earn commissions when valid sales are tracked. You find a suitable product, get a unique link, and earn a commission when a purchase is initiated with your link.
It’s also important to know there are many ways to do affiliate marketing. But we will focus on these 3:
1. Affiliate Marketing with a Blog
Doing affiliate marketing with a blog means you will need to pick a product to promote and create blog posts that effortlessly sync with the offer you are promoting. This will make it easy to fix your affiliate links without being salesy.
Android Police is a blog about technological devices (mostly android phones). They also write reviews about different devices and insert their affiliate links wherever it makes sense.
Creating a blog is easy. It takes less than 15 min to set one up, and there are tons of guides on how to do that. You must settle for a good web hosting service and pick a brandable domain name.
2. YouTube Affiliate Marketing
YouTube affiliate marketing is straightforward; You will need to create engaging videos and recommend your affiliate products to your viewers. Once they buy with your links, you earn commissions.
The most effective place to put your affiliate links on YouTube is in your video descriptions.
Setting up a YouTube channel is completely free. You only need a Gmail account, and you are good to go.
You can start affiliate marketing on YouTube in many ways:
- Reviewing Products
- Unboxing Products
- Recommend Products in your videos
3. Paid Ad Affiliate Marketing
Paid Ad affiliate marketing is when you pay to promote your affiliate products. There are many ways to do this, but Google Ads is a good starting point. To run Google ads, you need:
- A website/landing page
- Google AdWords account
Running Google ads means your website or landing page will appear at the top of search results for the keywords you target.
However, before using paid ads for affiliate marketing, you should know if the affiliate programs you are promoting permit you to do so. Some affiliate programs do not accept paid ads as a promotion strategy.
Now, let’s see how to start affiliate marketing in 5 steps.
Step #1: Pick a Platform
To start promoting affiliate products, you will need a platform. The best platforms to enjoy maximum growth and great conversions are:
- A Blog
- A YouTube Channel
You should pick the platform that best suits your personality. Read this guide on how you can set up a blog. On the other hand, if you want to get started with a YouTube channel, you can easily do that with a Gmail account and head over to the site.
Step #2: Choose your niche
Your niche will determine your target audience. If you want to build authority fast, it’s a smart choice to niche-down (target a more specific audience).
Instead of targeting “weight loss”, you can be more specific by targeting “weight loss tips for men above 40”.
When deciding on a niche, keep 3 things in mind:
- Choose a topic you know much about
- Pick a smaller Niche (niche-down)
- Do market research
See the breakdown:
Let’s say you see “weight loss” as your potential niche. The first thing to do is check if people are interested in this niche.
So, Go to Google Trends and type in: Weight loss.
The result for “weight loss” shows that the niche trend is stable, so it’s a good one.
You can also use keyword research tools like Ahref or KWfinder to know your niche’s monthly search volume.
Next, you should niche-down.
Go to Google and type in your niche. Then scroll to the bottom under “searches related to” to find sub-niches suggestions.
Not all suggestions you see will work. For instance, “how to lose weight fast in 2 weeks” is better off as a single content than a niche. So, take your time on research before picking a niche.
On YouTube also:
Type in your niche to see more specific niche ideas.
The results above are more specific. You can decide to focus on the “weight loss diet” as a niche and start creating videos about it.
Step #3: Choose affiliate programs to join
This is the tricky part. Remember, your goal is to crush $100k monthly income, so pick affiliate programs with the potential of earning that.
There are 3 types of affiliate programs:
- High-paying, low-volume affiliate programs
- Low-paying, high-volume affiliate programs
- High-paying, high-volume affiliate programs
Picking the right offer depends on your niche and level of expertise. Most of the time, the second model (Low-paying, high-volume affiliate programs) is more scalable.
See web hosting affiliate programs as an example:
They are low-paying. You can receive a $50 – $200 affiliate commission per sale. Also, you can make enough sales since a lot of people are buying the service every day.
To find affiliate programs in your niche, search for niche + affiliate programs.
For example, type in: skincare affiliate programs.
Step #4: Create quality content
Creating valuable content is the best way to promote affiliate products. Whether you are creating content for a blog or Youtube channel, keep these 3 things in mind:
- Create original Content
- Always create actionable Content
- Make your Content engaging and thought-provoking
Step #5: Generate traffic
The best way to generate traffic to a blog or YouTube channel is through SEO (Search engine Optimization).
So, what is SEO?
SEO is the practice of optimizing your content to rank high in search engines like Google and YouTube. SEO is basically:
- Finding the keywords your audience is searching for
- Creating content around those topics ( blog posts, YouTube videos, etc.)
- Link Building
If you learn how to rank your content on search engines (Google, YouTube, etc.), You will be driving organic traffic to your content effortlessly.
Amazon FBA ($100k a Month)
Amazon FBA in full “Fulfilment by Amazon” means Amazon will take over the responsibilities of shipping your product and everything related to it. This includes warehousing, packaging, returns, refunds, etc.
The only parts you will work on are listing your products and shipping them to Amazon’s warehouse.
According to Statista, Amazon was responsible for 45% of US eCommerce spending in 2019 — a figure which is expected to rise to 47% in 2020. This shows that selling on amazon is never an unprofitable idea.
Let’s see how to start an Amazon FBA business.
Step #1: Product Research
Product research is the first and most crucial step. You should find products with great potential for selling so you can make sales fast.
By tweaking the filter to your taste…
… You will be bombarded with tons of products that meet your requirements.
To succeed with Amazon FBA, your product should be good and also profitable.
Step #2: Product Sourcing
After researching products with good profit margins, the next step is sourcing the products.
Assuming “belts” is one of your potential product categories. You should check the prices on Amazon to understand the average pricing.
You will get enough manufacturers to choose from.
You can also add filters (verified supplier, how long the company has existed, price, etc.) to be left with only reliable manufacturers.
Now contact 20 or 30 suppliers via email. You will receive numerous quotes from different manufacturers with which you can make your final price calculation.
After reaching conclusions on price and other details, you can then place your order. You are expected to pay 30% upfront and make the rest of the payment when the entire production process is completed.
Step #3: Product Listing
Your product listing is where you talk about your product and why you think it’s the best. It is important to get the most out of this opportunity by making your listing as appealing as possible. You will need an Amazon seller account to do that.
Your product listing should consist of:
- a visually appealing product image
- additional product images and descriptions of the product
- a catchy headline
- bullet points that give more benefit to the product
Something like this:
Once your products are ready, you can send them to Amazon’s warehouse to start selling.
Step #4: Start Making Sales
To build an Amazon FBA business with the potential of making $100k a month, you need to know what it takes.
You need 5000 customers to buy a product with a $20 profit per month to hit the $100k monthly income.
In this case study, Ronald Bell went from $0 – $100k a month selling on amazon with only two strategies:
- He focused on products with a 200% ROI. Meaning he picked products he could sell twice their production prices.
- He went hard on PPC (He uses 25% of his profit for paid ads).
A recommendable launch strategy is Amazon PPC (pay-per-click). You want to start getting lots of impressions and sales as soon as your product listing is live so your product can quickly rank on the 1st page.
Online Coaching ($100k a month)
Online Coaching seems to be growing exponentially over the years and not showing any sign of slowing down.
The thing is:
The world needs more knowledge and information. If you enjoy the concept of helping companies or individuals solve their problems, you can easily monetize your knowledge as an online coach.
But, how can you start?
Step #1: Find your niche
Just like any online business, identifying your niche is crucial to your success. You want to be recognized as an expert and go-to resource for a specific niche.
For your inspiration, fix yourself in one of the following niches:
To niche-down, you should be thinking of sub-niches like:
You can further narrow down your niche. Just make sure it isn’t too lean that you don’t have enough audience.
You should end up with something like:
Relationships > Dating > Dating tips for women over the age of 40
Money > Online Business > Search engine optimization (SEO) for eCommerce
Step #2: Price your Offer
There’s nothing cheap or expensive in the world. It’s just trading value for money.
As an online coach, always charge premium prices. Sticking with a high price and giving value worth the money will preserve your worth as a coach.
Step #3: Market Yourself
For any coaching business to succeed, it needs clients.
You can take the ‘audience-first’ route where you build a small audience and then sell your services to them. You can build your audience through:
- A Blog
Make sure you convert your audience into an email list so you can easily reach them.
Once you have up to 100 people on your email list, you are good to go.
You can start pitching them your coaching services and expect great conversions.
Example of how to pitch:
To make $100k a month with online coaching, you need to do things differently.
Yulia Tarbath is an online health coach that grew her business to $100k in 12 months.
One thing that helped her achieve that milestone was creating a high-ticket coaching program that cost $5000.
The first stage of her program is used to convert leads to sales by explaining the value that comes with her high-ticket coaching program. Once her clients make payment, they can then access the remaining part of the program.
Before starting an online coaching business, think about creating a high-ticket program that contains values. Once you have your audience, you can sell your high-ticket program to them.
SaaS ($100k a Month)
SaaS (software as a service) is a cloud-based paid service where people can access software on the internet instead of downloading it on desktops.
For example, Netflix is a SaaS company that sells software to watch licensed videos on demand.
If you want to start a SaaS business, follow these steps:
Step #1: Develop a solution for a problem
This is the most vital step. Finding solutions to existing problems is what SaaS is all about.
There are lots of ways to discover problems worth solving. Some good starting points:
- Fix a problem better than anyone else
- Solve a problem you can relate to
- Use your knowledge of an industry to solve a problem
Coming up with a problem to solve isn’t the hard part. With proper research, you are good.
Step 2: Write an Operational Plan
This goes without saying. You should map out your operational plan. Your plan will roughly cover:
- Business model (how you will make money)
- Strategy (what you’re going to do)
- Schedule (who is doing what and when
- Tactics (how you’re going to do it)
Once you have a plan, you can proceed to create your product.
Step 3: Build your Product
This is simple…
… You have your idea mapped out, so you can proceed with building your product.
The easiest way to do that is to outsource the product creation to a freelance coder.
This will cost money but zero work from your end.
Step 4: Market your Product
Creating a product should be easy. But getting the word out there about your product is the real deal.
The smart thing to do is…
… present your product as a solution to a problem through content marketing.
You want to focus on using content to solve problems, then recommend your product as the easiest solution.
This is the same route most businesses take to achieve success. It’s called content marketing.
Ecommerce Business ($100k a month)
Due to the high rate of online shopping, selling physical products (e-commerce) has become one of the most lucrative ways to make money online.
Starting an eCommerce business is easy but demands many steps and decisions to come together at the right time.
Let’s see how to start an e-commerce business.
Step 1: Choosing a product
To start with: You need to research a product to sell.
You can spy on your competitors to gain ideas for products to sell. You can also use Google trends to see products with good trends.
The process of choosing products for your online store includes:
- Finding products to sell
- Obtaining your Products
- Research your competition
- Write a business plan
Step 2: Build your Store
Since your product is ready, the next step is building your store.
You can create an online store from scratch on WordPress with woo-commerce. You will need a domain name, web hosting, and a WooCommerce plugin.
An easier alternative is Shopify. They have pre-built stores ready to use. You only need to add your products and start selling.
Step 3: Marketing your store
You need to pull massive traffic to your store to make sales. More visibility means more sales. And my favorite strategy is: Organic Traffic
Organic traffic is the most converting. This is when buyers discover your products by searching on search engines (like google).
For example, if someone searches “buy white sneakers” on google, they are likely to click and buy from the #1 result.
To gain organic traffic to your store, Your store must be properly optimized to rank for different products. And you can achieve this by learning eCommerce SEO.
How to Make $500k a Month Online
We have seen how to make $100k a month with 5 business models. Now, Let’s see how to scale them to a $500k monthly income.
Affiliate Marketing ($500k a Month)
Making $500k a month with affiliate marketing isn’t easy. Even top affiliate marketers like Pat Flynn, that are making such income, are not revealing their strategies.
But from our research, these are what you should look into:
- Pick a good Niche: Not all niches are powerful enough to make lots of money with affiliate marketing. You should choose a niche with repeat buyers. This is very important since you don’t want to make $500k in one month and $0 in the subsequent months.
- Find High-paying Affiliate programs: You want to settle for affiliate programs with at least 50% in commission. This commission should be high, e.g, you get paid at least $300 in commission.
- Use Paid Traffic: Optimizing your content for search engines (SEO) to gain organic traffic is good, but paid traffic will help scale things fast.
The two paid ads strategies I recommend are Google ads and Facebook ads.
Amazon FBA ($500k a month)
In this amazon success story, Angie went from being broke to making $500,000 a month on Amazon after she discovered one secret.
The secret is… rank on page 1 and stay there.
Ranking on page 1 of Amazon is achievable if your products are making more sales and gaining reviews than others.
This is why you shouldn’t rely on only amazon traffic to make sales. Try external traffic sources like social media, blog posts, influencer marketing, etc.
If you work on ranking your products on Amazon’s first page, it will be easy to reach the $500k monthly sales.
Online Coaching ($500k a month)
Growing an online coaching business to a $500k monthly income is possible. In fact, Russell Ruffino is a case-in-point example. He successfully grew his coaching business to over $500k monthly revenue.
So, How did Russel do it?
First, he made a clear goal. He focused on clients that are serious about driving results for themselves. Then he sells high-ticket programs to them.
He usually runs hyper-targeted Facebook ads to a webinar registration page and then lets those webinars educate these leads on the value of his marketing and sales strategies.
His Facebook ads bring around 1,200 sign-ups. Not all will convert to clients, but he consistently makes half a million dollars per month with this strategy.
The strategy is simple; Create a high-ticket product, build a landing page promoting your product, and run Facebook ads to your landing page.
SaaS ($500k a Month)
Growing your SaaS company to a $500k monthly income is big.
Sean Thorne (CEO of TalentIQ) has done it. He even shared his story here.
It all boils down to…
… getting to reach more potential customers. One thing working for most SaaS companies is: Having an affiliate program.
SaaS is usually a monthly or yearly subscription, so they are a bit expensive and generally have high-paying affiliate programs (mostly recurring commissions).
Creating an affiliate program for your SaaS business will entice content creators to start recommending it. It’s a win-win situation, they get affiliate commissions, and you get more customers.
LeadPages has gained more visibility by creating an affiliate program that offers content creators 50% recurring commissions when they refer customers to pay for their tool.
Ecommerce Business ($500k a month)
Ecommerce is a lucrative online business that can surely yield $500k in revenue – if things are done right.
For instance, A fashion brand pushed their eCommerce store to $500k in revenue.
And one of their top secrets is: Using Lead Magnets to hook buyers.
An example of a lead magnet is offering incentives like giving discounts on an initial order to get buyers’ email addresses.
Once you have their email addresses, you can continue to pitch them similar products and eventually make more sales.
How to Make $1 Million A Month Online
Let’s see how you can scale these 5 business models from $500k to $1 Million monthly income.
Affiliate Marketing ($1 Million a month)
When it comes to these big numbers, you can see them in different ways. The best way, in my opinion, is to know how many customers you need to refer to make $1 Million each month.
You should pick recurring affiliate commissions over one-time commissions. With that, you can continue to earn commissions even when you stop bringing in new sales.
Let’s take Opesta, for example…
…their Affiliates get to keep 40% of all recurring sales. Their average commission is about $40 per month but can get much higher.
Since it’s a monthly payment program, you will need 69 referrals daily for 12 months before you start making $1 Million per month.
Getting 69 referrals a day is big. You definitely need to go hard on paid ads to achieve that.
Amazon FBA ($1 million a month)
I read an amazon success story where the seller made over $1 Million in revenue.
What you can learn from the story is that it takes time to reach $1 Million Amazon FBA.
Also, one of the seller’s most powerful marketing tactics is paying Instagram influencers to help market her product.
This is simple:
Once you reach an agreement with influencers…
… You will pay them, and they will post your product with catchy captions. The amount of influencers you will need depends on your goal.
This is what the post should look like:
- Focus on influencers with huge and active followings
- Target at least 5000 sales per post
- Test different influencers to get the best
Let’s say your profit per item sold is $20. If you find an influencer that meets the above requirements, you might be charged $5000 for a sponsored post.
If things work well in terms of conversion, you might profit up to $50k per sponsored post.
Online Coaching ($1 million a month)
To scale your online coaching business to $1 Million in revenue, you must think beyond helping people one-on-one. You should start focusing on different models like selling online courses.
If you don’t have prior experience with one-on-one coaching, it will be hard to create a valuable online course. Since most online courses are self-study, you must know how to position your course to serve the same value as one-on-one coaching.
Once you create your course…
… You should go hard on promoting it to reach a wider audience.
You can sell to your existing clients and also run targeted ads (google ads, Facebook ads, etc) to boost your course visibility.
SaaS ($1 Million a Month)
The biggest inspiration for anyone looking to build a million-dollar SaaS business is Intercom. They built their SaaS business to over $50 Million yearly income without spending insane amounts on advertising.
Here’s how Intercom gets most of its web traffic:
How did they achieve that?
They leverage content marketing; they have a blog where they publish helpful content related to their software, then recommend their software in all their content.
I have mentioned earlier that content marketing is what many businesses use to achieve success.
When you focus on creating top-notch content that addresses your potential customer’s pain points, you can easily promote your product to them and gain good conversion.
If you want to take the same route as Intercom, you need to create a blog for your SaaS business.
Ecommerce Business ($1 Million a month)
Growing your e-commerce business to $1 Million a month sounds unachievable, but it’s possible if you have a potent strategy.
Let’s take Gymshark, for instance:
The sportswear store is currently worth over $400 Million.
And their marketing strategy doesn’t look like a hard one; social media and influencer marketing.
Gymshark partnered with a bunch of social influencers and transformed them into their ambassadors.
Each of these ambassadors has hundreds and thousands of followers on many social media channels, which naturally brings Gymshark a decent number of fans.
The only problem is:
This marketing strategy requires lots of money to establish, but it’s highly profitable. In my opinion, it’s the fastest way to build a multi-million dollar eCommerce business.
If you have a big budget for your e-commerce business, you want to leverage influencer marketing to see fast results.
Now you know! Building a successful online business is possible with the right approach. But, it does not happen overnight.
If you are serious about starting a profitable online business, I suggest you take the ‘audience-first’ route, where you build up a small audience first and then launch a product.
There are several platforms to help you build an audience. It could be through a blog, YouTube, or Podcast. Once you have your audience, there’s no limitation to how much you can make.
The concept of any online business is creating value and solving problems. Instead of searching how to make $100k a month online, you should be concerned with how to create value and solve problems.
Now, I’d like to hear from you. Which of these business models sounds most appealing to you?
Tell me in the comment box!