WiFi Money, in short, is any money made over the internet. These are online businesses that don’t require a physical presence.
The internet has allowed an entire generation of people to start an online business with very little capital. It’s easy to get started, doesn’t require bank loans or a network, and is the best shot the average person has at building wealth.
If you’re looking for a more streamlined WiFi Money Guide, go to that link.
Table of Contents
How To Make WiFi Money
First and foremost, you must make a decision that you’re going to start a digital business. You’re not starting a side hustle or starting something for a few extra dollars per month. The “how” of how to make wifi money matters.
You’re building a business that can scale and move with you wherever you decide to travel. So what should you start? See below.
Types of WiFi Money Revenue Models
Ecommerce
While this is a broad model, we’re going to define this as selling a *physical* product. Selling anything over the internet classifies as ecommerce. In this context, let’s classify it as selling a physical product on your own website.
Amazon
Selling on Amazon is still classified as ecommerce and selling a physical product. It is separated from ecommerce above because it’s unique in scale and the fact that you control a lot less business levers as opposed to selling on your own website.
Drop Shipping
Drop Shipping is selling another company’s product through your site. I advise against it since the margins are compressed and you don’t control the supply chain.
Reselling
This is actually a great way to dip your toes into ecommerce to gain experience. There are some success stories of people that started years ago and built 8 or even 9 figure business, but it’s unlikely to be you.
You’ll make some money and learn a lot in the process. I’ve seen people clear 6 figures in profit by learning how to stack coupons with certain brands.
Affiliate Marketing
This is a broad term and has a lot of avenues of how you can go about it. In short, you’re partnering with a brand and driving traffic to their site. When they purchase, you get a cut of the revenue. Affiliate marketing is a great start into WiFi Money as it takes less than $20 a month to start.
If you’re looking to start your own website to run affiliate marketing, check out the linked post.
After it’s built, here’s a great WordPress 101 Guide that will get you up to speed on everything you need to know.
Display Advertising
In this WiFi Money business model, you’re showing ads to users that visit your site. You get paid for the amount of ads that are shown.
Courses
Selling courses is nothing more than selling your expertise in a packaged and easily digestible format online.
Digital Products
This could be similar to the courses above or completely different.
Everyone thinks of digital products as scammy, but it’s actually a very large market with some big and established player. As the world becomes more and more digital, digital products will take the place of a lot of physical products.
Other WiFi Money Revenue Models
There’s an almost infinite list of different revenue models of WiFi Money. If you’re interested in learning more and starting your own, the Substack has a ton of great information to get you started. If you’re unfamiliar with the Substack platform, here’s a FAQ on Substack.
WiFi Money Profits
Online businesses have a wide range of benefits over traditional brick and mortar businesses. WiFi Money has much larger profit margins than a typical business. Outside of your product and advertising, the incremental scale of an online business, requires no additional investment.
Since most costs are fixed, this in turn leads to much larger profit margins as you grow.
WiFi Money’s Impact on Traditional Small Businesses
There’s two broad themes on the impact on small businesses.
First, less people are creating traditional small businesses. The smart entrepreneurial types have read the writing on the wall and have shifted their focus to building online businesses.
Second, many traditional small businesses are losing significant ground to online businesses and WiFi Money. Not only is more business being done online and less being done in person… Online marketing to drive those clients are mostly being done by people that own online businesses or are smart enough to recognize the effect of the internet.
WiFi Money Leads To Wealth
WiFi money is easier to start, requires less capital, the business moves with you, and has higher margins than brick and mortar businesses. All of these factors lead to a higher probability of you building wealth.