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$5000 a month can get you a lot.
But often, it seems impossible to get to that figure on your own.
In this article, I’m going to show you how to earn money to the tune of $5000 a month; from profitable business models, to step-by-step guides on how to turn your business into a lucrative venture.
Let’s make bank!
I know, I know - you’re probably rolling your eyes.
But let me stop you there.
When you break it down, $5000 a month isn’t so impossible.
Think about it:
So many people do it already.
Think about people who have online course businesses.
For example, Sam Ovens’ Consulting Accelerator course costs $1,997.
These are real figures people happily pay for.
And I believe that you, when given the right tools, can create even more value than all the entrepreneurs I admire.
First, take a seat and jot down all the skills and abilities you have.
Make a list of your skills.
For example, folks like Glen Allsopp started digital marketing consultancies because they had digital marketing skills.
He, in particular, focused on his SEO skills.
Numerous artists switched to graphic design (both as a service and as a consultancy).
Freelancing sites are full of people turning their skills into businesses, but we’re going to go the extra mile
So what can you do, or what do you know a lot about?
Determine your strengths and opportunities.
This financial consultant covers plenty of areas, and shows you the best business models for your skills and capabilities.
If you don’t have special skills that you can easily turn into a business, you can make $5000 a month by selling products - without a warehouse or high overhead costs.
Dropshipping is a great option.
What is dropshipping?
Dropshipping is a method of selling products without keeping stock. You’re effectively processing orders and purchases, as well as marketing your products, and the supplier ships products directly to your customers. You just take your margin.
Similarly, you can start an affiliate marketing business.
What is affiliate marketing?
Affiliate marketing is marketing other people’s products, and taking a commission for each product you sell. Normally, all you need is a blog.
You don’t need to keep stock, or have significant capital to get started.
All you need is a website and a sales funnel.
This allows you to minimize your costs and maximize (pure) profits.
Alternatively, you could try your hand at traditional eCommerce where you pay for products first, and then think about selling them to customers.
If you’re just getting started, it’s going to take a while to start making $5000 a month.
So while traditional eCommerce can be a good way to make money, I’d advise against it unless you have significant start-up capital or you’re prepared to wait months (if not years) to get $5000 a month in profits.
Digital products are the best way to make the most out of your skills and lean eCommerce.
This is definitely my favorite product idea.
I strongly recommend considering it when thinking about online business ideas.
Here are just a few ways you can make $5000 a month with digital products:
Services are hard to scale without either raising your prices, or hiring extra people to help you out.
However, digital products allow you to leverage your knowledge and sell it at scale.
For example, you can sell courses to thousands of customers, and all you need to do is create the course once.
After that, it’s almost passive income.
And as with any product, the key is in marketing it and acquiring customers without paying hundreds in advertising fees to get them.
Sales funnel marketing is one of the most effective approaches to promoting your business.
Think of a sales funnel as the road your customers take towards purchasing from you.
For example, their first step may be seeing your ad on social media, or your page in Google search results.
Then, they come to your site.
You explain how your product can help them, and offer a valuable resource in exchange for their email address.
You continue the conversation by seeing how they react to your lead magnet and behave on your website, and personalizing your email content.
You convince them of your product’s value.
And when you send them the right offer, they convert into customers.
There are a lot of steps your leads take before they decide to purchase your products. Sales funnels allow you to gently steer them towards the right decision every step of the way.
Fortunately, you don’t have to think of everything and do everything yourself. There is a way to predict purchasing patterns, and completely automate them so you effectively run your business on autopilot.
Systeme.io's home page
But systeme.io has plenty of other features.
In fact, you could say that this tool is your one-stop shop for all things marketing.
Each sales funnel template on systeme.io is comprised of a set of different steps (and pages) that adapt to the way your leads make purchasing decisions.
The crucial first step to attracting new customers is offering a lead magnet.
What is a lead magnet?
A lead magnet is a valuable resource you give away for free in order to demonstrate your knowledge and credibility to first-time visitors. The goal is to get their email addresses, and use an email nurturing campaign to turn them into customers.
If you’ve taken Ramit Sethi’s test earlier on, you can now recognize it for what it is: a lead magnet.
He asks for your email address to get results.
For example, if you sell a marketing course, you’ll probably want to offer a lead magnet like: “eBook: 10 strategies for marketing your business.”
In order to download the lead magnet, your target audience member has to give you their email address.
You can then use it to add them to your customer relationship management system, analyze their behavior and interests, and send them relevant, personalized content through email.
(This is why email marketing’s ROI is 122%, the highest when compared to other marketing methods.)
Systeme.io allows you to monitor different actions leads and customers take on your site.
Then, you can automatically personalize your interactions with them; from up-sell offers, to email content that will motivate them to make a purchase:
A classic example of this “trigger automation” approach is sending a lead magnet after getting a lead’s email address through a form:
You can imagine how easy it becomes to earn $5000 a month if you have a good product, and an automated sales funnel that promotes your online business even while you sleep.
Another important aspect of sales funnels are landing pages.
They’re the pages your visitors “land on” after clicking through on your ads/search engine results/links in general.
The key is to match the offer you made with the link, and convince them to download your lead magnet.
Sales funnel builders also offer templates for landing pages:
After choosing your template, you will be able to add conversion-driving elements such as:
The goal is to explain the value of your (lead magnet) offer.
I’ve talked about 21 awesome sales/landing page examples in this article, so I invite you to check it out.
If you want to increase your net worth, the key is in reducing your costs while maximizing your earnings.
In practice, this means you should focus on affordable marketing ideas:
Fortunately, with an effective sales funnel, you can successfully convert plenty of that traffic into sales.
The best strategy for earning $5000 a month is reducing your costs and maximizing your profits.
Now, your regular costs will look something like this:
Total: $1640 - and that’s without advertising, and paying for other services that will help you integrate your marketing services and create a coherent sales funnel.
Kind of defeats the purpose of starting an online business without startup capital, right?
That’s why systeme.io is a much better alternative.
You’ve seen costs add up when you use different tools for different purposes.
This used to be the standard.
But if you use systeme.io, you get everything you need within a single platform:
When I built systeme.io, I wanted to create an all-in-one tool so no one would have to spend thousands to get a shot at earning $5000 a month.
The pricing reflects my goal, as well.
I invite you to take a look at the systeme.io pricing page for a full list of details.
What you’ll notice is that we offer full website and sales funnel functionality, even for $27 per month.
Normally, all-in-one platforms cost upwards of $1200 per year.
systeme.io can cost as little as $27 per month.
You can cancel your subscription any time, and you don’t have to pay annually.
Systeme.io affiliate dashboard
Kajabi is definitely more expensive, but it has sales and marketing features.
On the other hand, Teachable doesn’t have marketing features, but it offers more course-building options.