RSSCategory: Biz Ideas

How to Build Passive Cash Funnels From Scratch

| June 21, 2015 | 0 Comments

How would you like to set up a simple system that collects the email addresses of your prospects and then markets to them automatically? We are of course talking about a sales funnel, something you can set up in one day in almost any money-making niche. It doesn’t take any great skill or talent. You don’t need your own products. You don’t even have to use your own content.

You simply need to set up the system and then put it to work for you, yet new marketers hesitate to do this. Is it because the system looks too easy to be effective? Or because new marketers are afraid they don’t know all of the steps involved? With this primer it won’t matter – you’ll have everything you need to get started today.

The best sales funnels are tested and tweaked to maximize your profit. You might think it’s not that important if you’re earning $1.00 per prospect or $2.00 per prospect – after all, it’s all profit, right? But the better your sales funnel is at making money, the more and better advertising you can afford. If your funnel is only making pennies, then you can only use free methods to generate traffic. But if your funnel is making real money, you can reinvest some of those profits into converting even more prospects into even more sales.

A good sales system will build solid relationships with your lists so they open and read your emails. And best of all, it will allow you to “print money” on demand, simply by sending out an email.

There are two types of sales systems you can build – lead driven and sales driven. A lead driven system puts prospects into your system when they enter their email address to receive your free offer. A sales driven system is made up of buyers only. For example, you place a product on the Warrior Forum, pay 100% commissions to maximize sales from affiliates, and then collect the email addresses of the buyers. It’s a good way to build a very solid list, but you need your own products to make it work.

That’s why we’re going to focus on the lead driven system, because you don’t need to have your own products. Instead, you can promote affiliate products and let someone else worry about setting up sales pages, delivering products, sales support, customer service and all of that. Eventually you might want to add your own line of products, but for right now it’s much faster and easier to let other people handle the product end while you focus your efforts on getting leads into your system.

Now you might wonder – why not simply send traffic to an affiliate offer? Why build a sales system? And the answer is of course that with your own sales system, you get to keep the leads and continue to market to them over and over again. If you’re simply sending traffic to a sales page you don’t own, then regardless of whether they buy or not, you never capture the email addresses and they’re lost to you forever.

An Overview of How Your System Will Work:

You’ll use various methods to send people to your website. These methods might be paid advertising, social media marketing, media buys, link swaps and so forth.

The visitor enters their email address in exchange for your free offer.

That new subscriber automatically receives the free offer, and this part is important: They are redirected to a special offer. This offer is usually something that is steeply discounted and extremely limited time-wise.

If the new subscriber purchases, they’re placed on the customer list. Otherwise they stay on the lead list. Either way, they continue to receive content and promotions from you every day or two, automatically via the autoresponder.

Tracking

This could be one of the biggest reasons new marketers don’t create affiliate funnels – they don’t know how to fine tune those funnels to make the most money. But the money is in the tracking, because by tracking you know what’s working, what’s not and what needs improving.

You can track everything in your business, and by tracking, you turn your funnel from guesswork into a scientific process that tells you exactly what to do to maximize your profits.

Imagine you’ve got two different versions of your offer and you test both. Version A is making half the sales of version B, so what do you do? You eliminate Version A, send all your traffic to Version B and begin testing to improve Version B even further. Using this method your business is guaranteed to improve over time – It’s that simple.

If you don’t track and test, then every sale you get will be from sheer dumb luck. In addition, you will be leaving more money on the table than you can even guess. Not only do you lose all the profit you would have made from the increased conversions, but you also lose all the profit you could have made by reinvesting the extra profit into more traffic. Think about that.

What You Need To Know:

EPC – Earnings per Click. This is the money you make versus the number of people that clicked over to your page. So if you make $246 for every 100 people who visit your page, then you’re making $2.46 per click. 10 clicks = $24.60 and 100 clicks = $246.

Why knowing your EPC is important: If you know that statistically speaking, every time someone lands on your page you’re making $2.46, then you know exactly how much you can spend per click to drive prospects and stay profitable.

One note: Your EPC might only include the money you earn immediately from your sales funnel – generally from your one time offer. Or if you’re able to track for a period of time, you’ll know what your EPC is for the lifetime of your customers, also knows as the…

LCV – Lifetime Customer Value. The average dollar amount that every lead is worth. This number will be significantly higher than the initial EPC you earn from your list building one time offer.

When you know how much money you’re making, you know how much you can spend on advertising. So let’s say, factoring all the purchases they make, that your average customer is worth $50. This means you can spend anything up to this amount on advertising to acquire your new customers and you will still make money.

CPL – Cost Per Lead. How much it costs to get a lead into your funnel. If you spend 10 cents to send a lead to your opt-in page, and 1 in 5 of those leads opts into your list, then you are spending 50 cents for each lead.

IMPORTANT: LCV – CPL = Your Profit. If your lifetime customer value is $50, and you’re paying $5 per lead, then your profit is $45.

Break Even Point – This is the point in your sales funnel when you break even. You can calculate this by knowing what your CPL is and what the average conversion rate is on each offer you make in your sales funnel. Depending on the offers you’re making, your conversion rate and your CPL, you might break even the same day you get a new lead by immediately selling them on a one time offer. Or the break even point might be when you make the second offer a couple of days later, or the third offer after that. By knowing your break even point, you know when you will recoup your money and when you will be in profit on the average lead.

The faster you can reach your break even point, the faster you can grow your business, because the faster you can reinvest your money into getting more leads. Thus you want to tweak your funnel to reach the break even point as fast as possible without alienating your new leads with offers.

The best way to reach your break even point in the least amount of time is to make an incredibly great one time offer the moment they join your list. This offer should be such a great deal that it’s hard to resist, so you want to give far more value than the small amount of money you’re asking for. And placing a countdown timer on the offer will further increase conversions.

These numbers are crucial to your success. Knowing them and improving them are the absolute key to building a long term thriving business, because you know exactly what you can spend to get leads while still making a good profit. On the flip side, guessing what your numbers are or simply not knowing is the fastest way to failure in building a sales funnel.

Picking The Right Market

There are 3 types of markets you can target: Passion, Pain or a Combination of the two. A passion market is something that people passionately pursue and spend money on, like hobbies. The more expensive the passion, the better. A pain market is one that solves a problem, like weight loss. And a combination market is a mix of the two. For example, it could be the dating niche where people are desperate to meet someone, but once they do, they have a passion to make the relationship work.

When dealing with a pain market, the bigger the pain the greater the urgency to solve the pain, and the easier it will be to convert. People who want to solve a problem right now are ready to buy right now. But when it comes to passion markets, it’s best to create a greater sense of urgency by having sales that expire.

Pick a market that is big enough that you don’t run out of prospects or advertising options, and small enough that you can solve specific problems for them. Also, choose something evergreen. Obviously gardening or Christmas décor is very seasonal, while Internet marketing changes so fast your funnel will be outdated in six months. Instead, pick something people need year round that doesn’t change greatly from one year to the next, such as dating, weight loss, parenting and so forth.

Creating Your Squeeze Page

As you know, the purpose of your squeeze page is to sell people on giving you their email address in exchange for your free gift. But a good squeeze page does more than this – it also prequalifies the prospect, ensuring that you are only attracting the specific group of people who will be interested in your particular niche and the products you promote.

So if your target market is guys who recently ended a long term relationship and are looking to get back into dating, your squeeze page is going to speak directly to them – not to guys who have been single and playing the field for years or to guys in a relationship. And if your target market is people who take luxury vacations, your page will speak directly to that market and completely exclude vacationers on a budget.

And because your entire list is being built from one squeeze page, it’s very easy to tweak and test that page to maximize your conversions.

As you know, your headline is the most important thing on the page. It’s got to be so compelling, they would stay to read the rest of the copy and fill out the form even if they were late to receive their lottery check or if their dinner was on fire.

The sub-headline clarifies the headline and tells the person what to do next. It also adds urgency. If this sounds like a lot, it is. Getting the copy just right on your squeeze page makes the difference between 20% conversions and 50% conversions, so invest time getting this right.

The sole purpose of the button copy is to get the click. That’s it. Here’s button copy you should test against whatever else you want to try, “Click Here to Download.” It’s been proven to work really well and beat most controls, so give it a try. Also, make your button stand out from everything else on the page, so the viewer cannot possibly miss it.

Your Free Gift

This has to provide real value to the subscriber. It might relieve a pain, solve a problem, satisfy a burning curiosity, help them to accomplish a goal, etc., but whatever it is, it’s got to be something people WANT. If it’s so good people would PAY for it then you’ve likely got a winner.

Don’t confuse your prospect at this point. If your free gift has 100 different benefits for the subscriber, your offer will be diluted. Instead, focus on the ONE BIG benefit this free gift is going to give them.

Your Thank You Page

This is where you make a DYNAMITE offer that they will see only ONCE. It’s a super limited time, one time only, get it now or lose it forever kind of deal. The value should be through the roof and it’s got to be worth far, far more than the asking price. As an example, this is a great place to offer a best selling $97 product for $9.99.

An alternative is to offer a $1 trial into a hot membership. If you can also offer a lower monthly rate on a high priced membership, or if the membership is in the $7-$20 a month category, you should do great.

Remember, you want to promote something on the Thank You Page because this is where you want to break even. That is, if you’re buying advertising, you want the profits from your Thank You Page to PAY for your advertising, so everything else you make in your funnels is pure profit.

Split Test Everything

Split test your Squeeze Page and your Thank You Page. Split test the offers, the headlines, the text, etc. Test everything and don’t just test small – test big, too. Try an entirely different headline, and entirely different offer, etc. Test small as well. Test different colors, different calls to actions and so forth.

The more people you have opting in and the more people you have buying from your Thank You Page, the more money you will make and the more money you can invest in advertising.

Products to Promote

Obviously you only want to promote high quality, evergreen products that will help your customers. Choose products that solve problems or give how-to instruction. And if possible, promote products with recurring payments because these will pay you month after month.

Your funnel is no place to promote flash-in-the-pan products because you want products that are available for months and even years to come. This way you don’t have to continually update your autoresponder copy to replace products that are no longer valid.

Creating and Sourcing Content

Make sure that all of your content is directly related to the reason why they signed up in the first place. Share tips that will help them solve their problem or help them move their passion forward. The more helpful you are with your information, the longer they’ll read your emails and buy your products.

Sourcing content is simply finding content online that’s terrific and sharing it with your readers. Remember to give credit for the content. And write your own thoughts and intro for the content.

Of course you don’t only want to use sourced content, you also want to create your own. You can do this by writing it yourself, by hiring someone to write it or by purchasing the rights to content.

Just make sure that everything you share with your readers provides immense value and helps them to reach their goals, and they will stay subscribed.

Getting Traffic

It’s important to realize that there is no free traffic. You’re either paying for traffic with your time or with your money. And the sooner you can pay for it with your money, the better, because then you can begin growing your business at a much faster pace.

Regardless of whether you’re paying by time or by money, there are smart ways and not so smart ways of getting traffic. Initially, it can be very frustrating to try to create traffic streams yourself. For example, starting a blog and trying to get people to the blog so you can get them to your squeeze page is hard work and takes time. It’s worth the investment, but realize it probably won’t pay off for six months or more.

That’s why when you’re first starting out, you want to find traffic streams that are already in place and tap into those.

If you’re buying traffic, spend the money it takes to get good traffic. Cheap traffic is no bargain when it doesn’t convert. Typically, the less you pay for traffic, the lower the quality, but there can be exceptions. Facebook, for example, can be a source of very reasonably priced traffic that converts really well.

For free traffic, Social Media is your #1 venue. Post often and everywhere. Post great content and be helpful. Find fan pages and become a member, then send that traffic to your opt-in page.

If you can, partner up with other people who have lists and work out deals. Offer to pay them to put a banner on their site or to recommend you to their readers. Guest blog, and at the end of your posts offer readers you free gift. Do ad swaps with other list owners and website owners. Offer to pay a flat rate to large list owners if they’ll offer your free gift to their subscribers. This works especially well in any niche other than the IM niche, since large list owners in other niches aren’t approached with these kinds of offers all that often.

The scope of traffic possibilities is much larger than we have room to cover here, so do some research and find the 2-4 methods that resonate with you and your offer.

And keep in mind, once you have your funnel set up, you can devote nearly all of your time to getting traffic because everything else runs on automatic. This means once you can afford to BUY your traffic, this will become practically a hands off business, and you can invest your time setting up a second and a third funnel, and so forth.

Emailing Your List

You will of course be programming all of your emails into an autoresponder so that the entire process is totally hands off for you. Once a person joins your list, they begin receiving the emails in your autoresponder at the intervals you’ve set up.

In your first email be sure to include the free gift. You might also write a short note thanking them for subscribing. Don’t make it too formal – let some of your personality start to shine through right from the beginning.

Ask questions – “What do you need help with?” “What’s your opinion on ___” Write emails like you’re writing to a friend; short, sweet, personable, to the point, etc.

When you send a promotional email, send a second email the next day asking if they got the email. This is an effective way to double the response on your initial email without promoting twice.

When you promote a product, promote it multiple days because this shows that you really believe in the product and aren’t just trying to make a fast buck. Plus, promoting the same product multiple days wears down the sales resistance of your subscribers. Those who are sitting on the fence are much more likely to jump off the fence when they’re reminded multiple times to do so. And if you’re offering a special, limited time discount, it’s even more effective.

Send strictly content emails before a promotion. For example, if you know you’re going to sell a program in 3 days that solves a specific problem, talk about the problem before hand. This gets them thinking they want a solution, and POW! In the next day or two you offer it to them.

This is especially effective if you offer partial solutions in your content. For example:

(Email 1) Pimples suck, here’s why (let them feel the pain.) One way to possibly get rid of pimples is to use this home remedy – it might work for some people.

(Email 2) Bring on more pain, offer another possible solution that might work for some, and let them know your favorite solution is coming tomorrow.

(Email 3) Remind then of the humiliation of pimples, but it’s okay, because now you’ve got THE solution, here it is!

Remember to not bombard your list with different offers – give them good content, too. Sometimes providing good content is as easy as recommending a video that fits right in with your topic. It’s not hard. The secret is to find out what works, put that in your autoresponder and let the system do the work for you.

Track and Test everything. Track your traffic sources, test your conversions on your squeeze page and your thank you page, track which emails are effective and so forth. The better you track and test, the more you can make. It’s that simple. Get tracking software and use it as soon as possible, because it can make all the difference. Improvely is a good conversion tracking software. Remember, without tracking, you are simply guessing, and you can lose a lot of money when you’re guessing.

That’s it – that’s how you set up a traffic funnel. As you can imagine, the first one is the hardest because you’re on a learning curve. But once you master the skill of setting up a funnel, you can do it over and over again in any niche you choose.

Imagine for a moment that you set up a new funnel just once every 3 months for the next 3 years. That’s 12 different funnels, all working for you night and day to make you money. You might want to update them now and then to promote new products that come on the market, but other than that, these mini-businesses are set up and running for you.

This can be one of your very best options for quitting your job or making the extra money you need for retirement. And it’s not rocket science, it’s simply getting a feel for what your market wants along with plenty of tracking to optimize the entire process.

Your first step now is to pick a niche and get started. You’ve nothing to lose and total financial freedom to gain, so by all means, get started today.

How to Start and Run a Successful Money Making Blog

| April 26, 2015 | 0 Comments

This one takes time, effort and care. That said, if you set your blog up correctly and follow the steps, you can earn a full time living from blogging for the rest of your life.

Most of the steps seem like common sense, and most readers will already know how to perform them. Or you’ll at least have a good idea of how it’s done, and you can find tons more info online for each step.

That’s why we’re going to make this as simple as possible, in the form of a checklist from getting started, to having your blog up and running, and finally to making money. Let’s get started:

The Basic Stuff:

Choose your blog topic. A big mistake many new bloggers make is writing about anything that pops into their heads. The problem is, when you don’t target a specific group, you don’t target anyone. Choose your topic based on your interests and whether or not people spend money in that niche.

Choose your audience. If your blog is about losing weight, who specifically are you targeting? Kids? Teens? Office workers? Stay at home moms? Retirees? Diabetics? The more laser targeted your audience is, the easier it will be to grow that audience.

Narrow your topic based upon your audience. In the weight loss example, if you’re targeting seniors then you won’t be writing about extreme sports or radical diets to lose weight. You will likely be writing about walking programs, Tai Chi, resistance training and swimming.

Pick a great name for your blog. It could be your name, a company name, a benefit driven name, or create a new word (like Google). Make sure you have full rights to use the name.

The Technical Stuff:

Buy your URL. Hopefully the name of your blog is available as a dot com. If not, you might choose another name. Also, consider buying your other domain extensions as well, such as the dot net and dot org.

Decide if you’re going to hand the technical aspect of your blog, or if you’re going to outsource it. If you don’t like to hassle with things like WordPress, themes and plugins, you might want to outsource everything to someone reliable who doesn’t charge a fortune.

Get hosting. Not all website hosts are created equal. Do a thorough search to find the one that is right for you. Choose passwords that are super tough to guess or hack. And if you’re getting help with the blog, assign administrative functions.

Select a theme template for your blog. It should be clean, uncluttered and look professional. Select your blog’s colors and personalize the header with your name and perhaps a header of your own.

Select the plugins you’ll want to use. Don’t get hung up on this – you can choose and add more plugins later as you decide what features you want.

Install a spam filter. If you’re going to allow comments, then you’ve got to have a spam filter in place.

Choose your blog’s look and feel. What is the first impression you want visitors to have when they visit your blog? Is this look consistent throughout the entire blog?

Choose your typeface. While it might sound trivial, the fact is your font has a tremendous impact on readability and impression.

The Fun Stuff

Develop your brand. So you’ve got a blog about weight loss for people over 50. That’s a good start, but you can do better. By developing your own unique brand, you put yourself in a league of your own without competition. For help on branding, check out this 4 part series on building a blogging brand:

http://weblogs.about.com/od/marketingablog/qt/How-To-Build-A-Brand-And-Increase-Traffic-To-Your-Blog-Part-1.htm

Write a memorable tagline for your blog. For a list of 45 clever examples, go here: http://www.toprankblog.com/2009/07/blog-taglines/

Choose your voice. If you’re writing to engineers, you’re going to be using an entirely different voice and vocabulary than if you’re writing to babysitters. Decide up front how you want to come across – serious and professional? Down to earth and approachable? Funny and likeable?

Set a blogging goal. How often will you blog? How many words for each post? How will you track whether or not you maintain your goal? (Hint: Use a free service like HabitRPG.com to keep you on track.) When you set your goal up front, you’re more likely to stick to it.

The Necessary Stuff

Choose your blog’s Terms of Use. This is the legal stuff, so it’s important to get it right. Seek a lawyer if you help, or you might Google “terms of use generator” for help with this.

Add appropriate disclaimers to your blog. Again, a Google search can help tremendously with this.

Define your privacy policy. If you collect subscriber information or any kind of personal information from your readers, you need this.

Develop a blog commenting policy concerning things like foul language, self-promotion and so forth.

The Foundational Stuff

Write your “about” page. This is one of the most important pages on your entire blog – yet many bloggers completely drop the ball on this one.

To get help, go here: http://thestoryoftelling.com/10-rules-for-writing-about-me-page/

To find 12 great ‘about’ page examples, go here: http://www.blogtyrant.com/best-about-us-pages/

Add a contact page. A REAL contact page with REAL info. Include your email, your street address and your social media options. Many times people will click this link just to see if you’re a real person or someone out to scam them. And add an incentivized lead capture box on this page. You’ll be surprised how many people sign onto your list from this page.

Add your lead capture boxes. Place them in the right sidebar above the fold on every page, or place them in the middle of your pages or at the end of your pages. Test to see which locations work better.

Provide an outstanding incentive to get people to join your list. This should be something they want bad enough to consider paying for, but now they get it for free just for joining your list. Remember to tailor your incentive to your audience.

Use Google Analytics to find out what’s working for your blog and your traffic, and what needs improving.

More Fun Stuff

Choose regular features, such as an interview of the week, news roundups, opinion of the week, case studies, how-to articles and so forth. By having regular features, your readers know what to expect. And it makes it easier for you to continue creating new content.

Write the best quality content you can. One great post is worth 5 mediocre posts.

Write the best headlines possible. Blog posts are a lot like books – a great book with a lousy title won’t sell. A lousy book with a great title will sell, but it will get terrible reviews on Amazon. And a great post with a great title will be warmly embraced by readers and even talked about on social media. Plus it makes you look good, too.

Use images. The right photographs grab attention and pull it to the post, so choose your images carefully.

Keep an idea book. Anytime you have a new idea for a blogpost, write it down. This way you’ll never lack for something to write about.

Optional Stuff

Add feeds from other blogs. If you don’t blog on a regular basis, consider adding other content or feeds.

Decide if you’ll allow guest posts. If you will, define your guest blog post policy.

Consider using video to break up your content. People like variety and love videos, so consider giving it to them.

Get a copy editor to review your posts before they’re published. You’ll save face and a lot of hours answering people who love to point out your mistakes.

About the Time You’ve Made Your Tenth Blogpost

Add search to your blog. Make the search functionality easy to find and use. The reason to wait to add search to your blog until you have some posts up is because you want to have content for them to actually be able to search.

Make your archives easy to find. Let readers search for older posts by date, topic or title.

Add related post links to the end of each blog post to keep readers on your blog.

Blog Promotion Stuff

Let your social networks know anytime you make a new post.

Add social sharing buttons to each post. Then encourage readers to share.

Add your blog’s URL to your social media profiles.

Email your list to let them know about your new post. Write a list of bullet points in the email that highlight your post and make them want to visit your site and read it.

Write guest posts for other blogs, and place your blog’s link in your author bio.

Join blogging communities where blog owners promote each other.

Share other people’s content. This will get you known in your field and your own content is more likely to be shared as well.

Respond to comments. This increases the number of comments you receive, which makes your post look more popular, which in turn encourages social sharing.

Monetize Your Blog

Create and sell your own products. You’re the expert with the blog – who better to create and sell products to your list than you?

Promote affiliate products to your list. Be careful with this – only promote great products that provide your readers with a ton of value. Your list can be worth its weight in gold many, many times over, but only if you promote to it wisely.

Promote affiliate products within your posts. For example, if you’re writing a post on how to set up a website, you might offer them a link to a hosting company. Be sure to disclose it’s an affiliate link.

Sell subscriptions ad memberships. Reserve your best of the best information for paying subscribers. Add a forum to the paid membership to increase the value. For example, if you have a blog on traveling for cheap, reserve your very best tips and deals for paying subscribers and give them a place to share their own travel stories.

Allow ads on your blog. You can sell the ads yourself, or use a service such as Adsense.

Ask for donations. Depending on your blog’s topic, this can sometimes be quite effective.

Get a sponsor. Once you have a significant amount of traffic, you can explore the possibility of getting one or more sponsors for your site.

Do product reviews. For products that you recommend, offer an affiliate link. Be sure to disclose that you’ll be earning a percentage if they buy.

Sell teaching programs you’ve created like those you see on Udemy.

Sell coaching. You can do one on one coaching through Skype, or group coaching through videos, webinars and conference calls.

Sell services. These might be your own services, or you can act as the go-between.

Get speaking gigs. Once you become known as an expert in your niche, you might be able to land lucrative speaking gigs.

Compile your posts into books and sell them on Amazon, or sell them yourself.

If you’re podcasting, sell your podcasts on iTunes or compile them into an audio product.

A blog by itself is not a business, it’s a hobby. But when you treat it as a business and work it as a business, it can become quite lucrative.

And here’s a surprise – many blog owners find that their greatest sources of revenue come not from the blog, but from the connections they build because of the blog. When you can show that you know what you’re blogging about, movers and shakers will reach out to you. And in turn, you’ll find that successful people are much more open to meeting you and working with you on projects behind the scenes.

In fact, having a popular, profitable blog opens an entire new world of professional and even personal possibilities you probably haven’t even thought of yet. It’s a wonderful, sometimes frustrating, always gratifying journey that many bloggers wouldn’t trade for anything.

How to Become a Software ‘Tycoon’ By Next Week

| April 26, 2015 | 0 Comments

This is such a simple business, you might think it’s TOO easy. But the fact is, people have been quietly making money doing this for well over a decade, and it still works about as well as ever. I say ‘about,’ because these days you’re probably going to charge less than you would have 10 years ago for the software you’re going to develop. But you can also make far more sales than you could have ten years ago, so it balances out.

And don’t worry – you never need to write a line of code yourself. In fact, you can know absolutely NOTHING about creating software, and yet still make this work very, very well for you.

The concept is simple:

Step 1: Find a WordPress plugin that does something valuable and comes with PLR rights.

Step 2: Find out if there are any bugs in the plugin.

Step 3: Find one or more new features that would significantly improve the plugin.

Step 4: Rename your plugin and find a coder to take out the bugs and add the new feature(s).

Step 5: Sell it.

So first of all, why are we focusing on WordPress plugins? Because as of a year ago, 74,652,825 websites depended on WordPress. And WordPress related keywords score 37 million searches per month. In other words, the market is not only huge, it also gets bigger all the time. And website owners will happily buy your plugin if it solves a problem for them, makes their life easier or adds to their bottom line.

Let’s go through the process step by step:

Step 1: Find a WordPress plugin that does something valuable and comes with PLR rights.

You might think this is going to be difficult to do, but a quick search on Google proves just the opposite: You’re going to have so many choices, you might not know where to start. There are plenty of websites that are eager to sell you their PLR WordPress plugins, and sometimes you can even get them for less than $10.

That said, don’t be afraid to pay more for a better plugin, because the better it is, the easier it will be for you to complete the next 4 steps. Plus, if it’s bug-free, you’ll save money because there won’t be a need to fix it.

Our quick search for websites selling PLR WordPress plugins yielded these results, some of which look quite promising. But don’t limit yourself to just these possibilities – Do your own search and see what you can find.

http://whitelabelplugins.com/

http://insta-product.com/

https://www.pluginmill.com/

http://www.masterresalerights.com/software-and-scripts/

http://www.plrjunction.com/store/wordpress-plugins/

http://plr-mrr-products.com/?tag=wordpress-plugins

The plugin you choose must come with source code as well as the rights to make changes to it.

You’re looking for a plugin that solves a problem or provides a big benefit to the user. And if it can somehow increase their bottom line, it’s even better.

While you’re doing your search, keep in mind step 2, which is…

Step 2: Find out if there are any bugs in the plugin.

The first half of this step is easy: Google the name of your plugin and see what results you get. Then Google your plugin name along with words like bug, problem, glitch, etc. If someone is complaining about it on a forum, you’ll find out.

Make a note of any problems you find because you’ll need this info to give to your coder.

Step 3: Find one or more features that significantly improves the plugin.

Ask yourself how this plugin can be improved. For example, let’s say the plugin generates a floating box to capture leads. You might add a timing mechanism that allows the user to determine when the box appears.

Or let’s say your plugin takes surveys from your visitors. You could add a feature that redirects your survey takers to various pages based upon how they answered the survey, thus targeting them straight toward what they want.

A good place to find ideas is on the same websites and forums where you were looking to find bugs. You might see a comment that says, “Great plugin, but I wish it would do ___”

Step 4: Rename your plugin and find a coder.

Choose a name that sounds nothing like the original name. Put some effort into finding a great name. Remember, often times the only thing standing between a book being a bestseller and not making sales at all is the title. And name you give to your plugin can be every bit as important as a book title when it comes to sales.

Get quotes on a freelancer forum to fix the bug(s) in your plugin, add the new feature(s) and change the old URL and name to your new URL and name.

Make the job contingent upon them being able to do what you’re asking. This should go without saying, but if done incorrectly you could get caught with your pants down. For example, if you hire someone to make the changes, but it turns out the changes cannot be made for whatever reason, you might still otherwise have to pay. 9 times out of 10 making the changes should be no problem, unless the source code is so bad they’d have to start over from scratch.

Step 5: Sell it.

Once the changes to the source code are completed, get an e-cover created and write or record your sales page. Just to be clear, the reason you wait to get the e-cover created and write your sales page is just in case there is a problem with the source code.

For example, you get a quote for $200, but it turns out the software will have to be done from scratch and now the bill will be $800. It might make more sense financially to start over with a different plugin than proceed with the current one. But if you’ve already written a sales page and bought a cover, you’re out that time and money.

Now that you have your product and sales page, it’s time to sell. Send the offer to your list, set up an affiliate program, put it on Warrior and JVZoo and Clickbank, etc. Market it as you would any other product, talking about how it benefits the user.

Step 6: If it’s a winner, improve it.

If sales are high, congratulations! It won’t happen on every plugin, but as you get better at the process you’ll develop a sense for what will sell.

On any plugin that is a hit, solicit feedback from your users on how you could make it even better. Make the changes, and rerelease your plugin in its 2.0 version. This is a great way to double and sometimes even triple your original sales.

Step 7: Rinse and repeat.

The first one is your hardest, and as you can see, it’s not difficult at all. You just need to get started. And know that your results will vary. Some plugins will sell a few hundred dollars’ worth, others will sell ten times as much, and occasionally you will hit one out of the ballpark.

Over time you should see your sales on each plugin increase, for 5 reasons:

  1. You’re getting better at choosing plugins that people want
  2. You’re getting better at finding just the right feature(s) to add
  3. You’re getting better at naming and marketing your plugins
  4. You’re accumulating a customer base who buy from you over and over again
  5. You’re accumulating affiliates who know you put out great products, and thus they want to promote your stuff

And because you’re getting better at all these things, you’re gaining the confidence to do more and more, thus increasing your opportunities to earn more and more.

Optional Step 8: Create your own plugins from scratch.

Haunt the forums and see what people want. “I wish I could just press a button and…” “I wish there was a way to…”

When you see statements like these, find out if others in your market want the same thing. Then see if there is already a plugin to do that. If not, get your coder to create one from scratch. It will cost you more, but because you are the first to offer such a plugin, the profit potential is also much greater.

Fast Cash Option: Do steps 1-4, and then instead of selling your plugin to end users, you could sell your entire plugin package (plugin, e-cover, sales page, URL) on Flippa or a multitude of other sites. You probably won’t make as much money this way, but you also won’t have the work of selling to the end user, either. And the money you do make comes fast, with just one sale.

Coaching Option: Once you’ve done this a few times, you can make your own coaching program that teaches other marketers how to do the same thing. Your coaching program could be one-on-one training, conference calls or a pre-recorded packaged program, where you build your training once and sell it for years to come.

Affiliate Option: You’re building a list of WordPress plugin buyers, so why not promote other people’s plugins to your list as well? This one simple technique can double and triple the income you generate simply by sending out a few emails each month.

Plugin Packages Option: Once you’ve created several plugins, why not package some of them together for a special event or deal?

Upsell/Downsell Plugin Option: When you get prospects to your sales page, offer them a downsell if they don’t take your initial offer. This might be one of your other plugins at a special price, or even an affiliate product. If they do purchase, offer an upsell. Using Upsells and Downsells is an incredibly easy way to increase your sales.

I Have No Money” Option: What if you don’t have the money to hire a coder? Find someone with coding experience who will partner with you for half the profits on your first plugin. They do the coding, you do the marketing. Then continue with your partnership if it seems especially beneficial, or use your profits to bankroll your second plugin and you’re in business for yourself.

Bottom Line – Even if you’ve never seen yourself as a software mogul, you can do this business. All it takes is a little initiative and a small investment to get you started.