A beginner’s journey through the 5-step formula for making money online



If you’re just starting on your online entrepreneurship journey, the sheer number of different ways to make money online feels overwhelming. Where do you even begin? Well, I’m here to tell you about a simple yet effective framework called the 5-step formula that serves as an excellent guide for beginners looking to monetize online.

Choose a profitable niche

The first key step is to determine what niche you want to create an online business in. Your niche dictates your audience, the products/services you sell, and ultimately how much earning potential your business has. Some examples of popular profitable niches include:

  • Health and fitness
  • Wealth and personal finance 
  • Pet care and training
  • Software, tech and computing
  • Business coaching and consulting

Brainstorm what you’re passionate about and conduct keyword research to assess how much search volume/demand exists around particular topics. Choosing the right niche is essential for being able to attract an engaged audience and sell products that truly deliver value.

Build an audience and following

Once you’ve settled on a specific niche, it’s time to start building your audience. There are several effective ways to do this as an internet beginner:

  • Launching a blog to attract visitors organically through SEO
  • Creating YouTube videos to establish yourself as a thought leader
  • Leveraging social media platforms like Instagram and TikTok to grow a following
  • Guest posting on other blogs/podcasts in your industry 
  • Running paid ads to your site or offers to accelerate growth

Monetize your audience

Here’s where things get fun – it’s finally time to start generating revenue from your niche online business.

  • Selling digital info products like online courses, ebooks, or video training series
  • Affiliate marketing through reviews of complementary physical/digital products 
  • Offering online coaching and consulting services in your area of expertise
  • Building an eCommerce store selling products around your niche
  • Running paid ads/sponsorships and marketing other brands to your audience

Take stock of your audience’s pain points and determine what additional resources would bring value. Deliver these through one or multiple income streams for profit.

Provide excellent customer service 

By this point, you’ve attracted an engaged audience and started selling products/services that deliver real value around your niche. But don’t start counting profits just yet – retaining customers is just as crucial as acquiring them. 

  • Have multiple customer service channels active like email, social DMs, community forum
  • Respond promptly to buyer questions, concerns, and grievances
  • Honor return/refund policies fairly if customers are unsatisfied
  • Seek customer testimonials and feedback about their experience
  • Update buyers on shipping times or inventory issues promptly

Continuously optimize and diversify 

Congrats on building a successful online business around your chosen niche. With revenue coming in reliably, you can now focus on sustaining growth long-term. The name of the game now is to continuously optimize while diversifying income streams. This might involve:

  • Tweaking your product pricing or sales funnels to increase conversion rates  
  • Creating new content and offerings to provide additional value to your niche
  • Testing out affiliate promotions, paid sponsorships, and other monetization avenues
  • Outsourcing elements of product fulfillment or customer service as needed
  • Exploring expanding your offers into the offline space with in-person events

While making money online has nuances and complexities as with any business, the 5-step formula aims to provide structure for beginners feeling overwhelmed. Sure there will be obstacles, roadblocks, and headaches along the way. But evaluation of 5 step formula reviews framework gets you grounded and back on track toward building a profitable online business over time.

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