How to become an Internet millionaire in five simple steps
6 min read
30 January 2017
Ecommerce company Teespring has paid out nearly $300m to users around the world since launching in 2012. It highlights that in today's digital age, online selling platforms are providing budding entrepreneurs with the tools to become an Internet millionaire without any upfront cost or risk.
Many successful online sellers say getting your first ten units into the world is the hardest part of reaching success. Jona Wetter, a 23-year-old Swedish design student, has used Teespring since 2015 and shares his thoughts on becoming an Internet millionaire. Keep in mind that his advice, though alluding to Teespring and branded wearables, is applicable to the selling of most products in the online space.
1) Find your audience
Finding a passionate audience is the key to becoming an Internet millionaire. Put yourself into your audience’s shoes: what do they like, what do they hate, what do they talk about?
Don’t be too broad in your targeting, the more specific you get the more passionate people you’ll find. Instead of ‘dog lovers’ try to appeal to a specific group, like pug owners that love wine. By combining interests you can pinpoint your audience’s interests.
Wetter’s advice: Understand what people are passionate about! If you think about a niche, such as coffee lovers, it’s always good to start researching about anything related to coffee. You’ll find information you never thought about and your niche is going to narrow down.
2) Create a kick-ass design
The design of a product is fundamental. If people can connect with your design, they’re more inclined to purchase it. Ask yourself whether it incites a reaction; does it make your audience laugh or nostalgic? Does it display a message they would be proud to show? If you really want Internet millionaire status then fostering a connection with your audience should be top priority.
Wetter’s advice: Create your own designs through Illustrator or Photoshop. Communicating your ideas to a graphic designer is a difficult process. Get inspiration from platforms such as Pinterest. If you are planning to target a specific niche, such as policemen, don’t just google designs ideas around policemen, expand your search and get inspired by different font styles as well.[rb_inline_related]
3) Launch your campaign (aka sales page)
Follow these three steps and you will be ready to go in less than five minutes:
- Jump into the site’s designated designer if it has one and upload or create a design.
- Select your products, colour options and selling prices.
- Add a catchy campaign title and description and you are ready to launch!
Wetter’s advice: Always go a figure above what the online site advises you as the ideal selling price – that’s what I do with Teespring. It’s better to go slightly above the suggested buying cost as your profit margins are higher!
4) Want to be an Internet millionaire? Promote your products
Share your campaign with the world. There are different ways you can share your products for free; the most common methods are social media and email marketing. For example, do you run a Facebook page for cycling enthusiasts? Or are you a blogger and have a list of subscribers? Start sharing your products with the people in your target audience – through Facebook posts, email, blog posts, etc. Once you’ve gotten your first few sales you can look into selling with paid ads to further boost your earnings.
Secondly, Facebook. We all are aware of the power of Facebook and people on Facebook really like to voice out what they like and don’t like amongst friends. Facebook ads are a great way to bring your product in front of people you don’t have direct contact with. All you need to do is to get a nice ad image ready that will stand out from the crowd and to target your audience’s interests.
Wetter’s advice: Watch as many videos as you can about Facebook ads, but if you are targeting police officers for example, when creating your Facebook ad, don’t just type in police officer, add magazines related to the topic etc.
5) Scale winning campaigns
This is the most exciting part of the entire selling experience. When you find a successful niche the possibilities are endless! You can scale up your efforts in many different ways, by investing more money into your ads, by creating more designs for your audience, but also by using marketing tools to get the most sales in.
Wetter’s advice: When you find a winning product the possibilities are endless. You will be able to connect with your audience and find out more about them, discovering new niches inside that particular audience. It’s always good to scale your design to other products, such as mugs, tote bags, stickers or hoodies.
Chris Lamontagne is director of growth EU at Teespring