MBA2601 How to Actually Make Money Online: A No-BS Guide

Summary

The $100 MBA Show: Episode MBA2601 - How to Actually Make Money Online: A No-BS Guide

Release Date: March 21, 2025

Host: Omar Zenhom
Podcast Description: The $100 MBA Show equips aspiring entrepreneurs with practical, actionable strategies to launch and scale their businesses without the necessity of an expensive degree or significant upfront investment. Hosted by Omar Zenhom, a seasoned entrepreneur and business coach, the show focuses on real-world skills essential for turning business ideas into reality.

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Introduction: Navigating the Online Money-Making Landscape

In episode MBA2601, titled "How to Actually Make Money Online: A No-BS Guide," host Omar Zenhom demystifies the process of generating income online. From the outset, Omar emphasizes the prevalence of scams promising easy money and sets the stage for a candid discussion on what genuinely works versus what pitfalls to avoid.

Key Quote:
"There are so many scammers out there trying to tell you that you can make easy money. Don't get fooled."
— Omar Zenhom [00:43]

Identifying Red Flags: Avoiding Common Scams

Omar systematically breaks down several prevalent scams that lure individuals into false promises of quick online wealth. He underscores the importance of skepticism and informed decision-making.

1. Copycat Systems Claiming Fixed Income

   Quote:
   "If somebody tells you that they have a shortcut to instant wealth online, they are lying to you."
   — Omar Zenhom [00:43]

   Summary:
   Systems that claim you can replicate their exact methods to earn a specific income, such as "$10k a month," are inherently flawed. Every business is unique, and success cannot be guaranteed through one-size-fits-all approaches.

2. "Passive Income" Promises

   Quote:
   "There is no such thing as true passive income from day one."
   — Omar Zenhom [00:43]

   Summary:
   Genuine passive income streams require significant upfront investment of time, effort, and sometimes money. Scams often exploit the allure of effortless earnings without acknowledging the groundwork necessary for sustainability.

3. Immediate Profits from Course Purchases

   Quote:
   "If making money was that easy as buying a course, everyone would be rich."
   — Omar Zenhom [00:43]

   Summary:
   Purchasing courses or programs with the expectation of immediate financial returns neglects the essential step of implementation. Success relies on applying learned strategies diligently rather than merely acquiring knowledge.

4. Overhyped Dropshipping

   Quote:
   "Margins are razor thin. Competition is insane because you're dealing with commodities."
   — Omar Zenhom [00:43]

   Summary:
   While dropshipping is often marketed as an easy path to wealth, the reality involves intense competition, low profit margins, and high advertising costs. It requires strategic differentiation and dedicated effort to navigate effectively.

What Actually Works: Core Fundamentals of a Successful Online Business

Transitioning from warnings, Omar delineates the foundational elements that underpin thriving online ventures. He simplifies business success into three essential components:

1. Offering What People Want

   Quote:
   "A real successful business does three things. Just three things."
   — Omar Zenhom [00:43]

   Summary:
   The cornerstone of any business is providing products or services that fulfill existing desires or needs. Understanding and catering to your target audience ensures that there is demand for what you offer.

2. Providing Value Beyond Price

   Quote:
   "You sell something for a price that's lower than the value it provides."
   — Omar Zenhom [00:43]

   Summary:
   Successful businesses price their offerings in a way that the perceived value exceeds the cost to the customer. This approach fosters customer satisfaction and loyalty, as the investment feels justified by the benefits received.

3. Maintaining Profitability

   Quote:
   "A real successful business does three things... and it does all this profitably."
   — Omar Zenhom [00:43]

   Summary:
   Beyond generating revenue, a lucrative business must ensure that profits remain after covering all expenses. Efficient financial management and scalability are critical to sustaining long-term success.

Three Low-Risk Online Business Models

Omar presents three viable, low-risk business models ideal for beginners with limited financial resources but ample time and dedication.

1. Coaching and Consulting

Overview:
Leveraging personal skills or experiences to provide guidance to others can be a lucrative venture. This model hinges on the ability to solve specific problems for clients, enhancing their performance or achieving their goals.

Key Steps:

• Pick a Niche: Target a specific audience with distinct needs.
• Offer a Free Session: Provide initial value through free webinars or consultations to build trust and gather testimonials.
• Charge for Clarity, Not Complexity: Focus on delivering tangible results rather than just offering advice.

Quote:
"If you have a skill or experience in something, people will pay for your help."
— Omar Zenhom [09:05]

Example:
Omar shares his journey from teaching to coaching, assisting clients in setting up websites and branding to help them attract clients, thereby creating a profitable feedback loop through satisfied customers and testimonials.

2. Service-Based Business

Overview:
Offering specific services such as copywriting, graphic design, video editing, or social media management allows entrepreneurs to meet immediate needs of clients without the overhead of product development.

Key Steps:

• Specialize in a Specific Skill: Avoid being a generalist; focus on a niche expertise.
• Start on Marketplaces: Utilize platforms like Upwork or Fiverr to gain initial clients and build a portfolio.
• Raise Prices as You Gain Experience: Incrementally increase rates as your expertise and demand grow.

Quote:
"Service-based business is compelling because it's done for you. It solves the whole problem for the client."
— Omar Zenhom [09:05]

Example:
Omar discusses a friend's success in podcast editing, highlighting how specializing in an underserved market can lead to substantial income, exemplified by reaching six figures within a year.

3. Digital Products Business

Overview:
Creating digital products such as online courses, ebooks, templates, or membership sites allows for scalable income where a product can be sold repeatedly without additional production costs.

Key Steps:

• Teach What You Know: Transform personal knowledge into marketable resources.
• Pre-Sell Before Building: Validate demand by selling the product before full development.
• Iterate Based on Feedback: Continuously improve the product based on customer input.

Quote:
"Pre sell before you build. Make sure people actually want your course before you build it."
— Omar Zenhom [09:05]

Example:
Omar cites his own program, the $100 MBA, which was successfully pre-sold, allowing him to confirm demand and refine the course with real customer feedback.

Strategic Insights: Building a Sustainable Online Business

Omar reinforces the importance of strategy, skill development, and perseverance in building a successful online business. He emphasizes that genuine success stems from solving real problems for real people and investing the necessary effort to achieve meaningful results.

Key Points:

• Business as a Skillset: Viewing business as a collection of skills—sales, marketing, financial management, etc.—requires continuous learning and improvement.
• Long-Term Commitment: Success is reserved for those who are willing to persist and avoid shortcuts.
• Profitable Value Proposition: Ensuring that the value provided significantly outweighs the price enhances customer satisfaction and business sustainability.

Quote:
"Making money online isn't about luck, it's about strategy. It's about skills. It's about patience."
— Omar Zenhom [09:05]

Conclusion: Taking the Next Steps

Omar concludes the episode by encouraging listeners to commit to their entrepreneurial journey through subscribing to the podcast for ongoing lessons and accessing free resources like the detailed "Escape Plan" guide available at 100mba.net. He reiterates the importance of subscribing as a commitment to personal business growth and staying informed with practical business insights.

Call to Action:
"If you want a more detailed step by step guide on what it takes to quit your job and start an online business, the reality of it then we have a detailed guide that you can download for free. It's called the Escape plan."
— Omar Zenhom [09:05]

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Notable Quotes with Timestamps:

• "There are so many scammers out there trying to tell you that you can make easy money. Don't get fooled."
  — Omar Zenhom [00:43]

• "If somebody tells you that they have a shortcut to instant wealth online, they are lying to you."
  — Omar Zenhom [00:43]

• "There is no such thing as true passive income from day one."
  — Omar Zenhom [00:43]

• "You sell something for a price that's lower than the value it provides."
  — Omar Zenhom [00:43]

• "Service-based business is compelling because it's done for you. It solves the whole problem for the client."
  — Omar Zenhom [09:05]

• "Making money online isn't about luck, it's about strategy. It's about skills. It's about patience."
  — Omar Zenhom [09:05]

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Final Thoughts:

In this episode, Omar Zenhom provides a clear, no-nonsense guide to making money online, emphasizing the significance of developing a strong skill set, understanding market needs, and maintaining a focus on delivering value. By steering clear of common scams and embracing sustainable business models, listeners are empowered to embark on their entrepreneurial ventures with confidence and informed strategies.

For more actionable business insights and to access free resources, visit 100mba.net and subscribe to The $100 MBA Show on YouTube or your preferred podcast platform.

Transcript

[Instagram Representative]

Introducing Instagram Teen Accounts. A new way to keep your teen safer as they grow. Like making sure they always have their seatbelt on.

[Omar Zenhom]

Alright, buckle up.

[Instagram Representative]

Good job.

New Instagram Teen Accounts. Automatic protections for who can contact your teen and the content they can see.

[Mizzen and Main Representative]

Mizzen in main is the pioneer of re engineering classic American styles with performance fabrics. All with the goal of making it easier for guys to achieve and enjoy their version of success. They're the brands you can turn to for a machine washable and wrinkle resistant dress shirt you can wear every day and high stretch pants that are as comfortable in the office as they are on the golf course. Go to mizzeninmain.com and use code POD20 to get 20% off your first purchase.

[Omar Zenhom]

There are so many scammers out there trying to tell you that you can make easy money. Don't get fooled. Making money online isn't magic. It's not luck. And it's definitely not about finding some secret nobody knows about. But let me tell you what making money online actually is. It's a skill. Scratch that, it's a set of skills. And just like any real skill, whether it's writing, coding or bricklaying, it takes time, it takes practice, it takes effort. So be on the lookout. If somebody tells you that they have a shortcut to instant wealth online, they are lying to you. Today we're going to break down the scams to avoid so that you don't waste your time and money like I did back in the day. What actually works, the real way to make money online and 3 low risk. Not zero risk, but low risk business models. You can start today. Let's get into it. Welcome Back to the $100 MBA Show. I'm your host Omar Zenholm where I deliver practical business lessons three times a week, Monday, Wednesday and Friday to help you start, grow and scale your business. Let's get one thing clear. Business is not a single skill. It's a collection of skills. Sales is a skill. Marketing is a skill. Managing money, hiring operations, I can go on and on. They're all skills you need to improve over time. And like any crafter, you need to learn them. You need to practice them. You need to get better over time. When I first got started in this whole business and entrepreneurship journey, I made a lot of mistakes. Even when I started my software company, Webinar Ninja over a decade ago which grew to 30,000 users that got acquired by Proprofs. I didn't know everything, but I knew enough to get started. And every day I built upon that foundation. If you're not willing to do that to get started, to learn as you go along, you're not going to make it. Listen, business is simple, but simple doesn't mean easy. Listen, putting a basketball in a hoop is simple, but to do it at the highest level, where you get paid really well, is not easy. And the same goes with business. All right, we're going to get real and honest about the scams you need to avoid, right? I'm going to call out the BS so you don't fall for it. Here's the first red flag that you need to be careful of. Just copy my system and you'll make 10k a month. No business works exactly the same for everyone. If you're selling a system instead of a skill, it's a scam. You are unique. Your business is unique. The customers you're going to attract are unique. Not one thing is going to work for everyone. This is why through this podcast, I'm trying to teach you skills, things that you will use in your own way with your own experience. Next Red flag. No work required Passive income on autopilot There is no such thing as true passive income from day one. You need to invest time, effort, money to have some level of passive income in the future. Even most passive businesses, like online courses or memberships or even real estate take a ton of work upfront to set up. But this whole set it up in a few days and forget it and make millions of dollars Idea scam Next red flag. Buy this course and make money immediately. If making money was that easy as buying a course, everyone would be rich. Learning is great, but without implementation, it's worthless. And it's all about the implementation. I could tell you firsthand from selling coaching and courses and all kinds of programs and products. People that implement the program or implement the product are the ones that succeed. And most people don't implement. So the course itself is not going to make you rich. It's how you apply it to your business and your products and your services is what's going to make all the difference. Another red flag. Dropshipping is the easiest way to get rich. It's not. Margins are razor thin. Competition is insane because you're dealing with commodities, products that you could buy anywhere, and ad costs are through the roof. If it's pitched as an easy business model, it's probably not a profitable business because you need to put in some effort to get that profit. Real businesses solve real problems. Scams sell shortcuts. So anytime you see somebody Telling you this is a shortcut to do this. This is a hack. Don't believe it. So what actually does work? Let's break it down. Let's strip down what a business is to its core fundamentals. A real successful business does three things. Just three things. Okay? Number one, it offers something that people already want. Okay? Very simple. You sell something that people want, whether they need it or want it or desire it, they are willing to buy it. Too many people are offering things that people just don't want, and they're struggling or they're kind of meh about. You want a business, you want a product. You want a service that people actually want or need, because this is going to make your whole life a whole lot easier. It's going to allow you to push the boulder down the hill and not up the hill. The second thing a successful business has is it sells for a price lower than the value it provides. Time out. Time out. This is everything right here. Now, this doesn't mean sell things cheaply. It means the value that you offer is so valuable is so good that the price is kind of not that important. All right? So you sell something for a price that's lower than the value it provides. So, for example, why do people have an iPhone? It's $2,000 because they sell see more value than $2,000 worth in the phone. So they buy it. They say, that's a good buy. I will buy an iPhone because I value it more than $2,000, and therefore I'm happy to pay $2,000. When it comes to luxury goods, this is even more important. Do you think somebody who buys a Bentley cares if the car is 450,000 or 500,000? No, the difference between the 50,000 is not that much, because owning a Bentley is more valuable than even half a million dollars to them, makes them feel the way it feels inside. Whatever the experience you're having at the end of the day, when you sell a product that is more valuable than the price, this is when you win. Number three, it does all this profitably. Meaning after all your expenses, paying yourself, paying employees, your vendors, all your bills, you still have money left over. You're making a profit. That's it. That's business. You don't need to be first to market. I wasn't first to market with Webinar Ninja, my webinar software. You just need to do something better or more unique than somebody else. Okay, when I say better or more unique, this could just mean serving a specific audience that's underserved. For example, if you want to get into the travel business, be a travel vlogger. There's tons of vloggers that are serving how to travel on the cheap, how to travel for, you know, $20 a day. An underserved market are people that want to have luxury travel, want to spend a little money and have a memorable experience because they don't know how many times they're going to get to go to that country, have that experience. Making money online is about offering something people will pay for. That's it.

[Instagram Representative]

Introducing Instagram teen accounts. A new way to keep your teen safer as they grow. Like making sure they've got the right gear for writing.

[Omar Zenhom]

Knee pads. Check. And helmet.

[Instagram Representative]

Done.

[Mizzen and Main Representative]

See you there.

[Instagram Representative]

New Instagram teen accounts. Automatic protections for who can contact your teen and the content they can see.

[Mizzen and Main Representative]

Mizzen in main is the pioneer of re engineering classic American styles with performance fabrics. All with the goal of making it easier for guys to achieve and enjoy their version of success. They're the brand you can turn to for a machine washable and wrinkle resistant dress shirt you can wear every day. And high stretch pants that are as comfortable in the office as they are on the golf course. Go to mizzeninmain.com and use code POD20 to get 20% off your first purchase.

[Omar Zenhom]

So I want to give you three low risk, not completely no risk. There's no such thing as no risk businesses, but low risk businesses you could start today. If you're starting out, you probably don't have a ton of money to invest. And that's okay because you do have one asset, which is time. And here are three businesses you can start with. Low financial risk, but high time, commitment and effort. And hey, you want this, right? This is going to change your life and you're going to get to do something that will give you full autonomy over your time, your money and your future. So let's get into the first one, coaching and consulting. If you have a skill or experience in something, people will pay for your help. Now you might think that, hey, the experience I have, the skill I have is not that big of a deal. It is to somebody who has zero idea of your world, of your skill, of your experience. If you know a little bit about how to post effectively on Instagram, that's a really incredible skill to somebody who has no idea how to use Instagram, doesn't even have an Instagram account, but they have a business and you need to promote it. Some examples are business coaching, fitness coaching, career counseling, negotiation lessons, anything Anyone is willing to pay for so that they can get better at whatever they do. So how to get started with consulting or coaching? Pick a niche. Pick a specific audience that you can help solve a problem for. Next, offer a free session. This could be like a live webinar to a group of people. This allows you to get testimonials and social proof that you can actually provide value. All you gotta do is ask. Ask on the webinar. Hey, in the chat, can you tell me what your number one takeaway was? What was your favorite part of today's session? How did today's session help you in any way? Next, charge for clarity, not complexity. Help people get results, not just give them advice. When I was a teacher in a former career, I started coaching on the side. People needed help setting up their websites and their branding and I started small. I started charging what I could and and I built a client base. People want to get somewhere, they want a result. And I helped them build a website that got them clients. As long as I get them a result, I win. They win, they give me a testimonial. I have a profitable business on my hand. The second type of business that you can start is a service based business. This is where you do the work for your clients. Some examples are like copywriting, graphic design, video editing, social media management. The reason why services is so compelling and actually one of the easiest things to sell is because it's done for you. It just solves the whole problem for the client. They don't need to learn how to write better, you just write for them. They don't need to learn how to put together some graphics so their website looks great. You create the graphics and put it on their website. Well, when I started my Service based business 14 years ago, I actually started on a marketplace. Marketplaces like Upwork or Fiverr. I only did this to get my first few clients so I can get some testimonials, get some work and a portfolio that I could put on my website. Once I secured those clients and had some testimonials, I was able to just get clients through my own website. I ran simple ads with Google Ads that just drove traffic to my website and got me clients. You want to specialize in a specific skill, don't try to be a general freelancer. The services that I hire in my own business are very specific. Graphic designers, developers, copywriters, they do something specific very well. And another quick tip is as you get more clients, raise your prices because you're getting more experience, you're getting Better. The value offer is more. I used to raise my prices after every new customer. So for example, let's say I charge $2,000. The next time I had a client I charged 2,500, the next time 3,000. At some point I hit a ceiling. And when you hit a ceiling, you know, now it's time to hire other to do the work for you. An example is a friend of mine started editing podcasts for small creators. Within a year he was making six figures because podcasters need editors, they need someone to edit their podcasts. And he positioned himself as somebody that is for the creative market. The third type of business that you could start is a digital products business. This is where you create once but sell forever. Some examples are like online courses, ebooks, templates, memberships, how to get started. Well, teach what you know. Turn your knowledge into a sellable resource. Pre sell before you build. Make sure people actually want your course before you build it. So maybe you can sell the course before it's available so they get like first access. You just need a sales page and an outline of what the course is all about and the results that you are looking to achieve for your clients, for your customers through the course. And once the course is out, keep improving it based on the feedback you get. A good example is my program, the $100 MBA. We pre sold the first version that we built and that way we were able to know the demand is there for our course. I then spent a few months creating the program and I was able to deliver to my customers and get feedback immediately. By the way, I'm not here to sell my program. I wanted to create this video so that you make an educated decision about how you want to move forward with your business education. The point I'm making is don't build something and hope people buy it. Sell it first, then build it. Making money online isn't about luck, it's about strategy. It's about skills. It's about patience. Choose a real business model, not a get rich quick scheme that somebody tried to sell to you. Focus on solving real problems for real people and expect to work hard before you see big results. I think that's fair enough. Because here's the thing, the people who stick with it, they win. The people that look for shortcuts, they quit. So if you're in it for the long haul, you're already ahead of most people. And if you want a more detailed step by step guide on what it takes to quit your job and start an online business, the reality of it Then we have a detailed guide that you can download for free. It's called the Escape plan. Just go to100mba.net and you'll see it right there on the homepage. It's absolutely free. If you found today's episode helpful and you want more practical business lessons to help you start, grow and scale your business, the best thing you could do is subscribe to this podcast, Hit subscribe or follow on your favorite podcast app, the one that you're using right now, whether it's Apple or Spotify or wherever you listen to podcasts. By hitting subscribe you get our next episode automatically and it's the best way to support the show. It's absolutely free and it's a way for you to commit to growing your business. And now that you've subscribed, I'll check you in the next episode.

[Mizzen and Main Representative]

Mizzen and Main is the pioneer of re engineering classic American styles with performance fabrics, all with the goal of making it easier for guys to achieve and enjoy their version of success. They're the brands you can turn to for a machine washable and wrinkle resistant dress shirt you can wear every day and high stretch pants that are as comfortable in the office as they are on the golf course. Go to mizzeninmain.com and use code POD20 to get 20% off your first purchase.