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We’re entering a new era of growth, learning, and information exchange. Gone are the classic days of going to school, doing well so you can get into a reputable higher education institution, and securing a high-paying job with an adequate salary that will help you build a life for you and your loved ones.

The system of yesterday simply cannot support itself. It’s noted by the credit agency, Experian, that the United States currently holds $1.4 trillion dollars of student loan debt or $39,395 per borrower.

Furthermore, The National Center for Education Statistics illustrates that this debt is going to keep rising. According the the research, “[…]between 2006–07 and 2016–17, prices for undergraduate tuition, fees, room, and board at public institutions rose 31 percent, and prices at private nonprofit institutions rose 24 percent, after adjustment for inflation.”

If one wants to “invest in themselves” in the economy of the future, they are going to be swimming in a sea of debt.

What’s worse? According to data compiled from the Federal Reserve Bank of New York, only 27% of people find work strictly related to their degree.

But that’s enough bad news for right now. On the other side of this grim narrative, we can uncover a profound opportunity for the selected few willing to look…

Why the online course industry paves way to the future

The creation, sale, and purchasing of online courses will help pave way into the future. 

The eLearning industry — the industry that includes the recognition of online coursework — has grown in recent years and expects to keep growing into the future. ADROIT Market Research projects the eLearning industry to grow to $315 billion by 2025. 

The industry is becoming more robust. With more platforms and 3rd party utilities entering the marketplace (Teachable, Thrive Apprentice, Udemy etc) the barriers to entry for the blogging “solopreneur” are lower than ever to make their own course — and more importantly, make some serious cash!

What does all of this mean in layman’s terms?

• People are searching for alternative means of developing skills
• Potential users are presented with access to thousands of different topics and courses that will help them develop those skills
• Insurmountable opportunity lies waiting for creators willing to put in the necessary work in order to build, market, and sell their online courses.

So enough dilly-dally, you came here to read about how you can build, market, and sell your own online course. This article is going to teach you just that. 

Starting out, we’re going to go over three fundamental themes worth considering for your online course…

1. You’re selling an outcome

Everything about your course: the features, technology, editing, and bells & whistles is all great.

What’s better?

The end destination you’re selling your user.

• Are they going to learn a new language?
• Are they going to be able to code their own app?
• Are they going to train to run a marathon in under 4 hours? (to my runners out there — is that a good time?)

For both you as the creator as well as the end user, the most important fundamental element to consider with your online course is the outcome that will be achieved. This is important to you so you know what to build and it’s important to the user so they know what their hard-earned money is being spent on.

2. The content alone isn’t enough

A tough pill to swallow with your online course is understanding and recognizing the fact that a lot of users won’t finish the course. This is due to the self-guided nature of online courses and the lack of willpower an average user will have in completing the course.

A way to combat this is the hand-holding you can provide for the user. 

• Do you have automated emails scheduled daily/weekly after a user purchases the course?
• Do you have a Facebook group the users get access to that will help them fully discover more about the challenges and successes other users are experiencing?

If you can discover auxiliary benefits you can offer in conjunction with your course, not only will you have more users seeing the course through to completion, you will build a bigger base of True Fans that will act as brand ambassadors and purchase future courses you release. 

3. Social proof, social proof, social proof!

Human beings, as much as we’d like to consider ourselves free thinkers, act more like herded sheep when it comes to our purchases. Not only are we more emotional than rational in our purchases, we like to see that other people, who are similar to us, have made the purchase and have experienced favorable results.

This is where social proof can work to your advantage. 

Do you have an email list already? If so, do you have a slate of True Fans that can act as Beta testers? Of course, they’re Beta testers of the program in exchange for feedback and a testimonial.

You need to build proof that the product works and that real people have used it and gained favorable results.

Or else you’ll just have a nice online course collecting digital dust on your site’s storefront shelves (you can thank me for the nice alliteration later). 

How to create & sell your online course

In illustrating how to sell your online course, we’re going to break this article down into the chronological order one can take in order to do so. This order is going to cover a number of elements required in the creation and sale of your course. Those elements include:

• Conceptualization
• Creation
• Marketing
• Sale

The rest of the article is going to outline a series of steps you can follow in order to create and sell your online course.

Step 1. Identify your end goal

Like stated earlier, it is your main job to define the outcome that will be achieved by the user of your course. 

• Are they going to gain a 6-pack?
• Are they going to learn how to code and produce their first mobile app?
• Are they going to learn how to create a professional-level edited Youtube video?
• Are they going to learn how to make a solar-powered, self-sustaining tiny home on a budget of $75k or less (if you can do this by the way — send me the course now!)

When completing this step, this doesn’t have to be the most in-depth of undertakings. Perhaps you have a notebook or a handful of post-it notes and jot down some ideas. Don’t beat your brain up too hard. Identify various problems that are plaguing your niche and, with your expertise, a program or solution that can help said audience find a remedy.

One great method for finding the outcome is by polling your audience (if you are reading this article and wish to build and sell your first online course, you should already have and be nurturing an email list). 

When you have identified the end goal for your user, it’s time to start outlining the course content

Step 2. Outline the course content

So you have the end goal for the user. Now, you’re responsible for reverse-engineering the way you got there. Let’s put one of the above examples under the microscope: How to create professional-level edited Youtube videos.

With that, we’re going to need to know:

• How to select an adequate camera (can be smartphone, 4k etc)
• How to select a proper microphone
• How to setup an XLR microphone
• How to properly frame the shot
• How to optimize the lighting
• What editing software to use
• How to stitch and clip takes
• How to use said editing software
• How to add opening video graphics
• How to add B-roll
• How to add free-for-commercial-use background music
• How to color-correct
• How to render the video
• How to upload to Youtube

You get the idea. All of these elements add up to the end goal of creating a professional-level edited Youtube video.

When you label out all of the steps necessary to get there, what you’re doing is creating your outline. With the outline (which I recommend you create in a GoogleDoc) allows you to map out what lessons, chapters and modules you’re going to add to the course. You have the responsibility of defining the chronological order of the chapters.

Take note of each example step above: all of these can be expanded in detail. The detail will be the lesson. The “How to…” the chapter, and then one can group the chapters into what are called modules.

When you have this all organized and succinct, we’re ready for our next step.

Step 3: Implementation of the coursework

Implementation of the coursework essentially means how you are going to host or provide your course.

There are a number of ways to do this. Some of the most popular are:

• Udemy
• Teachable
• Thinkific
• Thrive Apprentice

Now all of these platforms offer their own advantages. Udemy, is one of the most popular. It allows you to host your course on a site with thousands of other sites. That’s its drawback, however. You will be competing in a crowded marketplace with other course creators. This generally results in a price-war with your competitors — driving the price down so your low cost will capture the sale.

But you put in scores of hours to create this piece, you don’t want to pawn it off for pebbles — right?

Teachable and Thinkific are similar in that you host your course through their site but it acts as an extension of your own site. You create a domain with them and when you provide a link (perhaps in the header menu of your site) you are redirected to a hosted Teachable/Thinkific site where you can then lead the user to a sales page, purchase and a login for them to work on the course.

Of course the drawback here is you still lose your site visitor — i.e. they need to leave your site in order to access the course.

The third method is a plugin like Thrive Apprentice. As a plugin, you are hosting the course completely on your WordPress site. You allow the user to access the site via the plugin. Whenever they need to continue using the course, they are remaining on your site.

If there’s one thing all digital marketers and course creators can agree upon — keep your site visitors on your site.

When all is said and done, however — whichever hosting platform you choose for your site, you’re well on your way to benefiting from the hard-earned ROI you set out for in creating the course.

Once your course is uploaded to a platform, you’re ready for the next step.

Step 4. Marketing your course

“If you build it, they will come” — Field of Dreams

Read that quote above very carefully…

Now completely disregard it. That mantra is your worst enemy when it comes to marketing and selling your online course.

Why?

Because no one cares!

Well, let me rephrase that:

No one cares — until you convince them to care.

Yeah, that’s better. What do I mean by this? Just because you created an online course doesn’t mean that people will magically buy it. Why do you think whenever you turn on the TV or watch YouTube videos or do something that involves media (hold for Medium — Thank you Medium Membership!) you see advertisements, for even the biggest companies on the planet?

Because when conducting business, you have to market to people. Marketing to people involves reminding customers of your products and services and educating them on the benefits and outcomes your product can provide.

Of course there are some fallacies involved with this: Coca-Cola and them selling, “Happiness in a bottle.” Shame. 

But I digress.

In marketing your online course, you should be constantly sending out promotional material to your email list. A potential email sales sequence can be:

Introduce problem->What world could be like->Thing holding you back->People just like you (testimonials)->Offer

It doesn’t have to be overly intricate.

You can even introduce a pitch of the product using an email sales sequence like the one above after a new subscriber subscribes:

Opt-in->Welcome sequence (over course of 5 days)->Last email starts sales sequence

Overall, the most important aspect of marketing and selling your online course is that you don’t just create it and hope your customers will start flocking in droves — because that won’t happen.

Step 5. Onboard your user

No one likes to purchase something and be hung out to dry.

In other words — when dealing with the sale of an online course, it isn’t enough to just sell the course and hope the user will be able to fend for themselves and figure everything out.

What you can do to onboard:

• Send a follow up email with the purchase confirmation that has a detailed user how-to PDF that outlines how to operate the course.
• Have a welcome video in the course before any on the educational content starts.
• Offer access to a Facebook group that has current students — this will allow for troubleshooting and questions to be answered in real-time.
• Send an automated follow up email after 5, 7 or 10 days to check on the status of the user. How are they progressing through the course?

Step 6. Create brand ambassadors

“Your brand is what other people say about you when you’re not in the room.” — Jeff Bezos

It was mentioned earlier that the success of your course is partially contingent on testimonials (social proof). With every new user you have purchase your course, you are doing your business and course a disservice if you’re not following up and asking for a review or testimonial.

You want people going out and talking positively about your course.

In the new digital economy, more and more people are finding success online. Furthermore, more and more people are looking to reviews and testimonials to influence their purchasing decisions. A study conducted in 2018 noted that 7 out of 10 shoppers used rating filters to help influence their purchase. 

Just because you are a blogger doesn’t mean you are insulated or immune from this fact. All of the course hosting platforms mentioned in this article provide some form of review/testimonial feature with their services.

Reviews and testimonials will make or break the future of your course.

Conclusion

Creating your first online course isn’t rocket science.

But it is blogging science (yes, I’m coining that).

You cannot just tape together a bunch of ideas, get a camera and start filming a course hoping it will do well. That will just leave you with a bunch of footage, scrappy content and false hopes.

What you need is proper strategy.

The strategy you can adopt in creating and selling your online course can be comprised of 6 important elements:

1. Mapping of your user’s end goal
2. Creation of your course outline
3. Implementation of the course
4. Marketing of the course
5. Onboarding of the user
6. Creation of brand ambassadors

Of course all of this isn’t enough. When creating your course, you should always keep in mind the three fundamental principles of course creation:

Principle 1. It’s about the outcome.

Principle 2. The content alone isn’t enough.

Principle 3. You will live and die on social proof. 

When you have all of these things together and you choose the right platform to host and sell your course, you are well on your way to becoming an online entrepreneur and content creator.

So go forth!

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The idea of starting an online business, offering up a valuable product to the market, and having the mechanisms in place that could generate tens, if not hundreds, of thousands of dollars on auto-pilot — even when you’re sleeping.

It’s crazy, right?

It’s one of the hottest topics you hear talked about today.

• But what’s it all about?
• How does it work?
• Is it even real and if so, how can I cash in on this goldmine?

In this article, we’ll examine all there is to know about generating a passive income, from how it works to what you can do right now to get a passive income mechanism started in your life (even if you currently work at a day-job).

What Is Passive Income?

According to BusinessDictionary, passive income is:

“Earnings from rent, limited partnership, or other sources of income (in which the earner does not take an active part), not including salary, wage, interest, or capital gain. Also called unearned income, passive income can be written off against passive losses.”

The key phrase here is:

“…the earner does not take an active part.”

So, like alluded to earlier, this is a way of making money when you’re sleeping!

Why Should I Work to Build Passive Income?

Wealth can mean a lot of things. It has a very personal definition.

For a lot of people, wealth means the ability to purchase material items when and how you want to.

For others, wealth is a state of being — you can have no money and be wealthy in spirit.

For our purposes here, wealth is defined by the ability to be uninhibited by financial restraints and ultimately finding the freedom to do what you want, when you want to.

Freedom is paramount.

The idea that we’re workers and that we need to trade our time for a salary is an outdated model.

Are you familiar with the etymology of salary and what that word even means? Salary doesn’t even have roots pertaining to money. In fact, salary is:

“…from Anglo-Norman French salarie, from Latin salarium, originally denoting a Roman soldier’s allowance to buy salt, from sal ‘salt’.”

I don’t know about you, but I don’t want to have an allowance to buy salt — I want freedom.

Passive income allows you to transcend the archaic model of trading your time and effort for money. It allows you to generate that same money (if not more) with zero effort and outside the bounds of a traditional time constraint.

How to Generate Passive Income (Even if You’re Broke n’ Clueless)

There are many ways of generating passive income. Below, we’ll outline some popular ones. These popular means of passive income do generally require extra capital in order to participate.

Afterward, we’ll go into more detail about the one way of generating passive income that can offer the most sustainable financial reward over the long haul.

Investing

Investing is probably the oldest and most common way to generate passive income. You purchase ownership in a company and reap the rewards of their enterprise.

However, investing comes with risks. First off, you can’t guarantee that a company will be successful. Second, the headline of this section included “broke.” You need extra capital in order to get into the investment game.

Real estate

Real estate can generate passive income and build wealth. Real estate has been known for years as the “safest and surest investment.” Specifically for passive income, we’re looking at purchasing real estate that’s rented out to tenants in order to turn a profit.

Similar to investing, this requires capital (a massive amount for that matter).

Owning an online business

Owning an online business is the best way to generate passive income.

Why? Because with an online business, you can create digital products, offer them to a marketplace, and sell them ad infinitum.

Are you familiar with the eLearning industry? According to ElearningNC:

“eLearning is learning utilizing electronic technologies to access educational curriculum outside of a traditional classroom. In most cases, it refers to a course, program or degree delivered completely online.”

In other words, it’s the act of using your knowledge in a specific industry or niche, creating a learning curriculum, and selling that to a market that’s looking for it and is willing to pay for it.

Furthermore, a study conducted by Reuters notes:

“Global E-Learning market is expected to grow from $176.12 billion in 2017 to reach $398.15 billion by 2026 with a CAGR of 9.5%. The key factors that are favoring the market growth are flexibility in learning, low cost, easy accessibility, increased effectiveness by animated learning, escalation in number of internet users and growing access of broadband pooled with mobile phones with online capabilities.”

That’s an industry that’s going to double its growth over a ten-year span!

A lot of you might be thinking, “But what if I’m too late for the party?”

The short answer here is, “No.”

I won’t go too in-depth into this idea in this article (for I already have in another), but all you really need is 1,000 True Fans (as noted in Kevin Kelly’s groundbreaking article, “1,000 True Fans”).

The idea is simple — in order to sustain a viable business, all you need are 1,000 True Fans (or people that will come for your products and services over and over) that can help you generate $100 individually, thus providing you with $100,000.

Now, for many of you reading this, it might seem overwhelming. You might be thinking this is an insurmountable grab of the market share, or perhaps that you’re too late to capture that many people.

Let’s take a look at the size of the market as a whole (the number of digital shoppers in the United States alone). According to Statista:

“In 2016, 209.6 million U.S. people were online shoppers and had browsed products, compared prices or bought merchandise online at least once. These figures are projected to reach 230.5 million in 2021.”

In other words, you’re only going to need to capture 1,000 people out of the 209.6 million that are online shopping.

Put another way — you only need .0004771% of the entire market in order to generate $100,000 annual revenue through this model!

When we take into account how realistic our efforts can be in capturing a customer base that can catapult is into the world of entrepreneurialism, let’s take a look at how to put that on auto-pilot (passive income).

Generating Passive Income (Step-by-Step)

Still using the 1,000 True Fans model to build our online business, we’ll go through a step-by-step process of how we can sell our products and services on auto-pilot.

Step 1: Come up with an idea that helps solve a problem

“I have not failed. I’ve just found 10,000 ways that won’t work.”

— Thomas Edison

Or steal an already existing idea from someone and make it better!

Now, I’m not advocating for plagiarism. A prime example of taking an already existing idea and making it better is Facebook.

Was Facebook the first social media site that promoted the individual and connected them to the world? Absolutely not! Remember MySpace?

Facebook took that idea and made it better. Now it’s one of the most valuable companies on the planet. However, let’s temper our expectations here. We’re not looking for the next Facebook. We’re looking to build a company that can first help provide for ourselves and our family — anything after that we can build it into is just gravy.

So what kinds of problems can you help solve (that are already in existence)?

• Are you an expert in human health/fitness? You could help build a training routine/diet plan.
• Are you an expert in self-improvement? You could build a self-improvement module of various tasks one could take and books to read that would help improve someone’s life.
• Are you an expert in interior design? You could build a catalog of tools, furniture, and design ideas that one can implement into designing their own house.

There really are so many different ideas that can be generated here. The most important part to consider is coming up with an idea that helps a group of people (audience) solve a specific problem.

Step 2: Build a site that acts as a digital “brick & mortar” to sell your products/services

I’ll be brief with this one.

Blogging is the way of the future. If you don’t believe me, just take a look at the evidence that proves how much blogging has grown (both in size and revenue) in the past few years.

By setting up a blog, you’re essentially putting your “brick & mortar” store on the world wide web. If you don’t do this, you aren’t going to have a place to launch your products.

Step 3: Use an Email Service Provider (ESM) to build an email list and passively sell your products

Even after almost 30 years, the introduction of new technology, and the advent of social media, email is still king.

Why?

Because with email, you have a direct connection with the people you’re looking to sell to.

With various social media tools like Quora, Medium, Instagram, Facebook, and Twitter, you’re able to communicate with your audience, but you’re subject to the surprise eradication of your content. You also don’t guarantee that the information you wish to convey is sent to the individual directly.

With email, you have direct access to your entire audience (an audience that lives on your email list). You’re able to send messages and pitch products or services to who you want when you want to.

Don’t you ever get annoyed by all the promotional emails you get daily? I know I do at times.

If they’re so annoying, why do companies still use them?

Because they work!

In order to achieve passive income, once you start to create your online business and promote it with content, it’s important that you get those readers to become email subscribers. You do this by getting your readers to opt-in to your list.

There are many ways you can do this and I won’t go over the strategies in depth here for I’ve already done it with this resource.

Why an Email Service Provider is so important

An ESM is so important because, without it, you don’t have the means for passive income.

With an ESM, you’re able to pre-schedule out emails after someone joins your list and sent them “pitch” emails, promotional material, and urgency marketing campaigns on auto-pilot.

For example, take this scenario:

• A reader sees, clicks on, and reads your article describing how to gain six-pack abs.
• At the end of the article, they’re prompted with a pop-up or footer that notes if they give you their email, they can get a FREE “6-pack abs in 6 weeks” guidebook.
• From there, they’re sent into a welcome email sequence that introduces them to your business.
• After, let’s say, six days of automated emails, they’re prompted with a “Total Body Transformation Workout Schedule” video module. Now, since they’re a loyal subscriber, they’re pitched the video module at $100 (when it’s normally $400 — a 75% off deal, but only for the next 48 hours).
• The newly acquired email subscriber can’t resist such a deal and buys the module.

You can see with this scenario, that after writing one valuable article, you have the potential for automatic, passive sales.

It’s all within reach, but only if you have the right strategies and automated tools in place!

Summing Up

Generating passive income is one of the hottest topics you can find on the web today.

And rightfully so — it’s essentially the 21st Century version of The American Dream (at least for me).

The ability to build a business that offers value to a community and sells the products or services you’ve built on auto-pilot, thus giving you the Freedom (with a capital “F”) to explore the world around you.

Who wouldn’t want that?

Now, there are various ways to generate passive income:

• Investing
• Real estate (through renting to tenants)
• An automated online business

The method we cover here is through an automated online business. Generating passive income through an automated online business is real and possible as long as you have the right automated tools in place.

It also isn’t an undertaking that needs a substantial audience in order to keep it afloat. Using the 1,000 True Fans model, you only need around .0004% of the market in order to sustain a viable passive income.

Once you capture your market share, building your passive income machine is as easy as 1, 2, 3:

Step 1: Develop an idea that helps a community solve a problem

This doesn’t even need to be an original idea — you can take an already successful existing idea in the marketplace, add your spin on it, and make it better.

Facebook is the best example we have of someone taking an already existing idea and making it better.

Step 2: Build a digital “brick & mortar” so you have a place to launch your products/services

If you’re going to sell a product or service to an audience, you’re going to need a place from which to sell them.

Enter your blog/site.

Blogging is an industry that we used to think of as a joke some 10 years ago. Now, it’s a goldmine that has people entering the space daily.

When you own a domain and site, you have a place from which to store and sell your products. You need this in order to build a successful passive income machine.

Step 3: Use an ESP to sell your products on auto-pilot

An Email Service Provider is the most crucial tool you’ll use in order to make your product building and selling efforts go on autopilot.

With email, you have the means for direct contact with your audience and direct means to pitch and sell them new products as you develop them.

You can have someone join your email list and set into motion the automated sequences that will provide them value and sell them your products/services.

Creating passive income shouldn’t be just an idea you see as you scan the web — it should be a reality that you fit into your life.

Sure, it’s going to take hard work and time, but once you have all the pieces in place, you’ll open up that time so you can get back to what you’ve been searching for this whole time…

Your freedom.

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Many people believe that the only way to become wealthy is through getting lucky through some serendipitous event:

• The lucky meeting that a musician got with a famous music producer
• The lucky investment that helped change the day-trader’s life
• The lucky viral video that catapulted an individual to stardom
• The lucky break of being born into an already wealthy family
• The lucky make up of your genetics that make you see things that others don’t

We hear stories like the ones listed above all the time. If we’re an optimist, we think, “it’s only a matter of time before I get lucky too” and if we’re a pessimist we think, “I’ll never get lucky like they did, so why even try?”

Regardless of how you view the world, becoming wealthy in today’s landscape takes a keen understanding of certain viewpoints and strategies. It also requires certain philosophical viewpoints and the need for continuous learning.

The myth of wealth

Why is it that wealth is so elusive to some but can be caught with what seems like little effort for others?

Furthermore, what even is wealth? Merriam-Webster defines wealth as:

1 : abundance of valuable material possessions or resources. 2 : abundant supply : profusion. 3a : all property that has a money value or an exchangeable value. b : all material objects that have economic utility especially : the stock of useful goods having economic value in existence at any one time national wealth.

But really, when we talk about wealth, it has a more personal meaning to it. Some people think that being wealthy is having a happy and fulfilling family and the means to support it. Some people believe it having a lofty bank account and the ability to spend one’s money on the material things they desire.

For the purposes of this article, we’re going to define wealth as,

“Wealth is the ability to generate assets that earn money while you sleep.”

Now compare that definition to the idea of being rich. You could have $1,000,000 in the bank. Sure you are going to have accrued interest with that sum, but the money in the bank doesn’t yield assets that generate more money.

The only true way to generate wealth is to have ownership.

Ownership includes ownership of a business, ownership in a product or

service, ownership through equity/investment of someone else’s business.

How to gain ownership

For many of you reading this, it might seem like gaining ownership is an insurmountable task. Gaining ownership of an enterprise takes both time and money. You are currently trapped in a job that demands 40 hours (at least) of your time and keeps you satisfied with a nice salary.

A nice salary is just that: nice.

And what is it when something is nice? When you’re really excited about something, do you relay that the event in question is nice?

• When you just gave birth to your first child do you describe the experience as nice?
• When you kiss a new found love and hold them in your arms for the first time is the experience nice?
• When you develop a new app that has the ability to profoundly impact a community to you describe the app as nice?

Something that can have a positive impact on your life is generally not nice. It offers more and thus needs a better adjective to describe it. Trading your time for a nice amount of money via a salary isn’t sufficient enough for building wealth.

“Salary is the price you pay to compromise on your dreams.”
― Nitya Prakash

Getting a comfortable job that allows you to trade your time for a salary is the old model of making a living.

Fortunately, there is a new model for a making a living and it also is the most streamlined way of creating wealth in your life. How? Well the new model both minimizes the time bandwidth required to scale your efforts and it also creates ownership of an enterprise.

Furthermore, it will help defend you against the technological changes that gloom over the horizon. A study conducted by McKinsey notes that by 2030, 73 million jobs are projected to be lost due to automation. Most of these jobs will be monotonous, repetitive and “boring” jobs.

On the bright side, jobs that are going to be in demand in the future, automated economy are going to be jobs that illustrate human creativity. Creative work such as:

• Writing
• Coding
• Visual/performance art
• Design
• Mental health professional
• Dance/yoga/physical health
• Podcasting/audio communication
• Youtube/visual communication and broadcast

Are going to remain in demand. Why is this? Because when repetitive jobs are automated, we are going to still find a need to innovate as a human species. In the past, we’ve had technological advances that replaced jobs (think of the printing press) and as a species we overcame that (the need for more editors, writers for more content, paper supply companies etc).

So how does this figure in for you?

With modern technology — the internet being the main technology — the barriers to entry of starting your own business are magnified.

Take for instance the idea of 1,000 True Fans. Wired Magazine creator, futurist writer, conservationist and photographer coined the terms 1,000 True Fans more than 10 years ago in his groundbreaking blog article that shares the same name.

In the article, Kelly notes how in the future (but it’s really already here today) in order to create a viable business your company, product or service really only needs 1,000 True Fans to be sustainable (though he goes further into the article noting 1,000 can be modified depending on your widget/service price).

A true fan is someone who will keep coming back and purchasing from your business whenever you release a new product or service. They will follow your narrative on social media and email and will support your overall endeavors.

His math is simple:

If you have 1,000 true fans (people that will for sure purchase your product or service) and you offer that product or service for $100. You are looking at an income for the year at $100,000.

He also dispels the nature of being lucky when it comes to the 1,000 true fans with his idea of the “Long Tail” economics.

Most viral and successful products fall into the “short tail” of economics: they are products that radically change the landscape and are so successful that few competitors come into the market. Think Facebook, Google, Amazon etc.

The “long tail” is more of the niche market products or services that enter the market place. While they aren’t industry or total-marketplace disrupters, they do service a need and are searched out by a specific group of people.

Now with the world being comprised of almost 8 billion people — this bodes well for you in your enterprising, wealth-generating endeavor…

Think about what you are passionate about.

• Do you like to write?
• Do you like to have long-form conversations with people?
• Do you like to draw/paint/create visual art?

Chances are there are thousands of people that are passionate about those things as well.

And the beauty of all of it?

No one is able to relay that creative work like you can. Everyone is unique and has their own gift to share with the world.

The gift you share with the world is your ticket to wealth

Like stated above, the barriers to entry in getting your gifts to the world have been thoroughly beaten down.

• The means for getting video content to the world used to be controlled by a few firms that had the means of distribution through only a few channels on broadcast television. Now, those barriers have been destroyed by Youtube.
• The means for getting radio broadcast out to the masses used to be controlled by local radio stations that would only put certain content out due to the contingencies of their advertisers. Now, those barriers have been knocked down due to podcasts
• The means for getting your writing work shared used to be mandated by a few established publishers that would either accept or decline your work, use their distribution channels to spread the work and then take a giant cut of the sales. Now, those barriers have been blown up due to Amazon self publishing and blogs.
• The means for starting up your own fashion line used to take an insurmountable amount of bandwidth to design the clothes, purchase inventory space, find established means of distribution and own a brick and mortar to sell the clothing. Now, those barriers have been removed due to drop shipping services, e-commerce sites and amazon.

While you may be like many other people and fall into a specific niche or industry with this new model of generating wealth, you won’t be competing necessarily with the others in your field the same way people used to compete.

As human beings, we make sense through story and narrative. As more and more of our lives become automated, we are going to find a need to exchange our resources with companies and individuals that share a common narrative with us. We are going to need to find our tribe and do business with them.

That’s where the success of your wealth generation comes into play.

“Everyone is not your customer” — Seth Godin

You have a unique gift to offer the world and no one is going to be able to offer that gift the way you can.

In delivering that gift, the only way you can, you remove luck from the equation.

What if I don’t know what my gift is?

It’s a valid question…

A lot of people don’t know yet in their life what their gift is. If this is your case, take inventory of what the people around you say about you.

“When you’re good at something, you’ll tell everyone. When you’re great at something, they’ll tell you.”

― Walter Payton

Listen to the important people in your life and notice what they say about you.

• Maybe people say you’re great at holding a conversation
• Maybe people say your doodling is amazing
• Maybe people say you are great at relaying and teaching information

Once you open your ears and actually listen to the people around you in your life, you’ll uncover things about you that can have a profound change in your life.

In conclusion:

In order to become wealthy in the future, you don’t need to be “lucky.” You have to have a well-defined strategy that aligns itself with what is going on in reality and the economic forces at play.

Wealth is the ability to create freedom in your life:

• Freedom from financial stress
• Freedom to travel where you like
• Freedom to live where you like
• Freedom to meet with and build relationships with who you like

Wealth is created through ownership

In order to create wealth, you need ownership in an enterprise. This can be through entrepreneurialism (the most recommended method with today’s technology at your disposal), investment, and ownership of a product or service.

A salary is never going to be a means of generating true wealth.

Millions of jobs are going to be lost due to automation and a salary and banking on a job that might have existed 10 years ago will leave you far behind in the pursuit of wealth.

Creating ownership is easier in today’s economy:

Ownership is easier today mainly due to to the internet. With the internet, you are able to scale your message to millions of people with affordability.

In fact, you actually don’t need to scale to millions of people. According to Kevin Kelly’s 1,000 True Fans you are able to generate wealth and create a viable business by capturing only a small percentage of the marketplace.

With a true fan (tribe) base, you can tap into like-minded individuals who are looking to buy-in (literally) to your narrative.

Your gift is your ticket to wealth

As we move more and more into an automated world, we are going to need to fill a human-creativity void.

What that means is we are going to move from an routinized, industrial world into a creative and gig-based world where creative projects will propel us towards innovation.

We are going to need to use human creativity to fill this void.

Every human being is creative — it just depends on finding what that creativity isand how you can use it.

Once you find that creativity, there will be other humans that are drawn to the way the story is being told. This is true of all humans. Stories provide meaning in our lives. Whether it be the story we tell ourselves or the stories we glean from the people around us.

Once you find the story you can tell, you can use the technology that has completely knocked down all of the barriers to entry to share that story with the tribe that is looking for it.

From there, you will start to generate wealth. You will create assets that generate money automatically — even when you sleep.

And what comes out of that is freedom. Freedom is what we are all looking for.

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