Following on from my post last week on why freelancers should blog, here is a guest post from Timothy Ng who explains how bloggers can enjoy living the dotcom lifestyle.
If you blog and want to earn an income from your blogging activities, you are probably searching for a lifestyle that will give you
- More time
- More money
- The ability to be located anywhere in the world
Here are five tips on how bloggers can achieve this Dotcom Lifestyle.
Tip 1 – Work Smarter Not Harder
It all boils down to improving your blogging efficiency. Time is the motivating factor and you can become more efficient by implementing the following two points:
- 80/20 Rule
- Short Deadlines
Basically, this rule is derived from statistical data proving that only 20% of your blog followers will generate you money. Therefore, do not exhaust your efforts on the 80% who might earn you money; rather focus on the 20% that definitely will.
Improve your efficiency by as much as five times by simply shortening your deadlines. With short deadlines, people tend to get work done much faster because they don’t expand their available time in order to complete the task in hand. It’s all about focusing your efforts.
Tip 2 – Don’t Trade Your Time for Money
The Dotcom Lifestyle incorporates a vision where more time is available to the blogger. It is an opportunity for the individual to break free from the time constraints that a 9-5 job has. With a Dotcom Lifestyle, as well as being able to manage your own time, you can also enjoy better tax breaks because, as a freelancer, you can set yourself up as a sole trader or a limited company and claim items you buy in the course of your business against tax.
The fact is that there are ways to make money online, but not everyone succeeds in doing it first time around. Don’t just quit your job thinking that you will earn a living from blogging. Generate some money first to prove that it can be done.
Tip 3 – Generate Passive Income
This is the most ideal form of online income as it can earn you money without you sitting behind your PC. Online forms of passive income include:
- Advertising networks
- Affiliate programs
These programs will allow you to either generate income once off or on a recurring basis. Obviously, receiving passive money on a recurring basis is the cream on top of the pudding and should be sought after. I earn monthly royalties from thousands of referred sites. Benefits of passive income generation include:
- Security and growth
- You avoid: dealing with rude customers, credit card fraud, inventory problems
Tip 4 – Make Use of People
Many successful bloggers generate income by utilizing the services of others. It refers to the “Work Smarter Not Harder” concept. As an individual you can only do so much, otherwise you face complete burnout. Therefore, it would be unwise to solely rely on yourself as the only source of income. Living the Dotcom Lifestyle includes making use of others’ resources to generate money, leaving you with increased time and money. My three mottos are:
- “Rather use 1% of 100 resources than 100% of yourself”
- “Manage it right and you will succeed”
- “Success is a team sport”
Work smarter by managing your resources yourself. If done properly, you will generate a lot of income without sacrificing allot of your time.
Tip 5 – A.D.E Automate, Delegate & Eliminate
Never let your business control you! Do this by implementing structures that will ensure you only manage how your income is received. Sure, it may take some time to setup initially, but in the long run it will pay off.
Automate your business by:
- Initiating email auto responders
- Incorporating automated ad sales with programs such as Google AdSense
- Paying writers to update your blog & provide fresh content
- Inviting guest bloggers to post on your site
Delegation is only possible through networking which is either done online or by attending dedicated networking events. For example you can delegate more mundane tasks such as blog design, coding, article writing etc.
Eliminate yourself as much as possible from your blogs by incorporating automation and delegation with in your realm of work. If neither can be done, rather eliminate the process completely. Remember:
“Work Smarter, Not Harder”
This article was written by Timothy Ng. You can read more of his work at CreditCardFinder.com.au where he has a number of comprehensive guides to all types of credit cards.