Online Mind Mapping and Brainstorming

Create your own awesome maps

Online Mind Mapping and Brainstorming

Even on the go

with our free apps for iPhone, iPad and Android

Get Started

Already have an account? Log In

Monetizing any Project Make $10,000 a month with minimal effort by Mind Map: Monetizing any Project
 Make $10,000 a month 
with minimal effort
5.0 stars - 4 reviews range from 0 to 5

Monetizing any Project Make $10,000 a month with minimal effort

Process

STEP 1: Break down what content I want to create for project [ie.software, audio, video, PDF, manuals, etc]

What do I envision the theme of the product to be?

STEP 2: Define the content development costs and time to complete each content type

Do I have existing content that can be repurposed? [ie. footage from a seminar]

STEP 3: Calculate total development costs and production time

STEP 4: Determine how many units I need to sell to recoup development costs

ie Total costs are $250. 20 units at $20 a piece = $400 which leaves a profit of $150

STEP 5: Prepare to test the concept to ensure it has the potential to generate $10,000 a month with minimal effort following the next steps

STEP 6: Do keyword research to discover the size of the potential customers and if I can compete with existing products

Use this tool for free keyword research

Hire someone to do keyword research for you by clicking on the arrow

Choose key term to research [ie. "dog training:]

See how many people search that term monthly

Calculate the CTR at 1% using the monthly searches, This is how many people would click on my online ad (PPC - Pay Per Click), EXAMPLE: There are 22,876 searches on Google for "dog training". Of those 1% come to my site = 228.76 visitors to my site

STEP 7: Calculate website conversion rate at 1-2%

Take the total number of site visitors from the CTR calculation in STEP 6 and multiply that number by the on site conversion rate to determine how many site visitors will purchase, EXAMPLE: At a 1.5% conversion rate 3.43 site visitors purchase (228.76 x .015 = 3.43)

STEP 8: Calculate estimated profit

EXAMPLE: 228.76 potential customers come to my site (Monthly searches x CTR) of those site visitors 1.5% purchase my product that has an average cost of $X which results in $Y profit

STEP 9: Research the cost each time someone clicks on your PPC ad (Pay Per Click) to determine advertising cost

Tool: Google AdWords

ie 50 cents per click

STEP 10: Calculate Advertising Cost

EXAMPLE 50 cents per click x 228.76 clicks (from step 6) = $114.38

STEP 11: Calculate post advertising profit

STEP 12: Evaluate the ROI% of post advertising profit

EXAMPLE: $428.72 in pre advertising profit for $114.38 in advertising (PPC) is 375% ROI which is great

STEP 13: Do the same calculations with another key term

brands names

synonyms

related topics

STEP 14: Calculate ROI of each key term, add up all advertising costs and determine success of project before you even begin

FINALLY: Quit your day job and gain control of your life

Read

The book that taught me this process flow

My blog

New node