In case if you are wondering, yes, bloggers can actually make quite a decent money through their blogs. More so, it is more than you realize, and some even make more than if they were to take up the typical salaried, 9 to 5 job.
Yet, despite all the money they are making, they are regular people, just like anyone else – yet you might not know it. So the question here is this – how are they doing it? And how can you make a handsome amount out of your blog?
Before figuring out the process of how to make money blogging, it is important to understand a few things about the entire process, and educate yourself on the financial aspects you should take care of.
Important Steps to Follow When Monetizing Your Blog
Like all things, you begin the process through starting a blog. This allows you to establish yourself as an authority on hand, because you will create great content for your blog. Secondly, you need to select and use income streams that are closely related to the theme of your blog, and make sure you establish and maintain online interactions with others.
The main goal here is making sure your blog is a go-to resource for your audience, which drives traffic to your site and helps you make money.
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All the successful bloggers you know will always utilize their blog as a main hub where people can find them, then gradually build their income streams from that point. These streams include (but not limited to) affiliate marketing, advertising, offering services, or selling physical and digital products. When two or more of these are combined, it translates into a large source of income for the blogger.
Even though the exact amounts bloggers will make will vary greatly according to their income stream and niche, there is no limit to what they can do. It gives them the room to be as creative with their approaches as possible.
Understanding Income Reports
Note the difference between net income and total revenue
Many reports on incomes from blogging will give you total revenues, instead of net incomes. Net income is the total revenue you make minus the expenses, so for you to increase your total income, you need to reduce your expenses. These include advertising costs, and other costs such as electricity.
You cannot draw a generalized conclusion, because the circumstances of each person is unique
Every blogger is different, even in their approach to blogging and their circumstances. The income they make, therefore, will have numerous variables involved and different combinations.
You cannot expect to generate income within the first few months though, as building your site and trustworthiness takes time. However, it is worth the effort when it finally begins to pay off.
Best Monetization Options for Newbie Bloggers
1- Sponsored Content & Advertisements
The aim of every business is getting their product to potential customers, and making profits from sales. If the businesses see that your blog is driving sufficient levels of traffic and the readers are their target customers, they might be interested in advertising on your space.
You can do this through several methods. One is display ads (these are graphics you use in your footers, headers, sidebars, and throughout your content). Another is through doing reviews and giveaways, as the company will give you some monetary compensation then you highlight their products on your blog. You can also do video, newsletter or podcast sponsorships, and an underwritten post (the company pays you to write or create posts that mention them or their product).
The only downside to advertising is the levels of traffic you must generate for you to make substantial profits, because the field is not as lucrative as before. In addition, ads can become annoying to the readers as they are navigating the site, so it is not a very good method.
2- Selling Affiliate Products
This is similar to advertisements, although it involves you promoting a service or product from someone else to your readers. You link the service or product through affiliate links, and then you get a commission for every click the link generates when the target audience purchases it.
The most common ones include Amazon Associates, Amazon Influencer Program, and Bluehost. You can also join WP Engine, Target and Ultimate Bundles, among others.
The good news about it is it allows you to highlight your favorite services or products without extensive marketing.
3- Digital Products
This is also another common method, and it can help you if you are an experienced authority in the field you specialize in. You can also distribute content as efficiently and quickly as possible, and there is no risk involved.
Some of these include e-books, e-courses, online workshops or classes, premium content (such as Patreon), membership sites, apps, themes or plugins, and video clips or audio content.
4- Physical Products
You will also find some bloggers selling physical products. These include books, manufactured products, handmade products (such as crafts), classes or in-person conferences, and retail arbitrage (especially when you have a knack of finding great deals).
However, because the overhead costs and other expenses are present when you use this method, it is risky to do it unless you are sure that it will be profitable to you. For instance, printing books can be a major risk, though some bloggers solve the problem by doing a POD (print on demand) or drop shipping system. Alternatively, you can opt for a dropshipping business model, whereby you just work on sales and marketing and the order management is done directly by the manufacturer.
5- Offering Services
Sometimes, you might notice some people using their extensive knowledge on a subject and getting paid they get hired. This can be through virtual or local methods. For instance, speaking gigs, freelancing, cooking, and virtual assistance.
The only problem with this is that it is not scalable, which means you can only earn as much as your time allows you to. The benefit comes in due to the low costs of operation, and you will be imparting your skills to others, making you more of an authority in your field.
Making money as a blogger is not difficult, but you just need the patience to pull through with it. You should also work on implementing the income streams gradually until you find something that works.