Building Online Equity While You Sleep
For a small business owner, there is no better feeling than waking up after a good night’s sleep to discover ecommerce, affiliate, or advertising income that was not in your account when you went to bed. The problem is that when you are just starting out is that at times, you can go days without making a cent.
This lack of income can make it feel as if all your hard work is for nothing, like the wheels are spinning but you haven’t moved an inch. The solution is to focus on building equity instead of income.
In the early stages of online business, equity is almost always easier to build than income. Before we get into specifics about how to build online equity let’s start by defining what online equity is. I would define online equity as any measurable statistic, associated with your online business that increases your leverage for making money online.
Let me give you some examples… Gaining 100 new followers for your email newsletter would count as an increase in online equity. In addition adding 10 new pages of content to your website would most likely count as an increase in online equity. Gaining 500 new friends, all interested in your businesses niche, on a social networking site like Facebook would count as an increase in online equity as well.
Let’s take a closer look at our Facebook example. If your particular niche is affiliate marketing, you could search on Facebook for groups that have already been created around the subject of affiliate marketing. Once you have found the groups that you would like to target you can work through the member’s of these groups systematically. For instance you could add 500 Facebook users as “friends” on your profile in a single evening.
Within a 24 hour period, even if only 10% of these users decided to reciprocate (by adding you as a friend), you would still have gained an additional 50 friends by the end of the next evening. If you gain 50 friends in one day then while you sleep the first 20 or so of these followers might have added you as friends. This example is just one way that you can build online equity while you sleep.
The next time that you decide to promote through your Facebook profile, your audience will now be 50 profiles larger than it one before. The larger your following on a particular social networking site, the larger your sphere of influence and as your influence grows so does your leverage to make money online.
What other methods can you think of for building your online equity?
May 17th, 2008 at 3:33 pm
Many thanks for writing this. I’m still in the early days where I’m making a few cents here, a few cents there…. but it’s information like you have here that is of real value to me ~ practical, realistic, honest. Great job!