Why do 95% Fail to Make Money Online?
Posted on December 30th, 2008 in Internet Marketing, MME 'How To' Essays information overload, make money online
Well there are a few answers to why 95% of people fail at making money online in my opinion, but the #1 reason, I think, is a very simple one.
“Information Overload”
There is simply too much information to absorb at one time, especially in the “make money online” niche.
Have you ever been to a carnival? Or even better, a bazaar a foreign country. All the vendors are barking out their products and prices at you all at the same time. You end up walking out with a bunch of junk or with nothing at all, rarely do you leave with something you really wanted or needed.
Well, the Internet has turned into a “virtual Morrocan bazaar“. Whether you are a complete newbie or even have a little experience, getting bogged down trying to juggle 10 projects at once will doom you to failure.
If you are just starting out, my advice is to pick ONE project you want to work on. Whether it be a blog, marketing a particular product, whatever, just pick one and put all your effort into that one project. Test it out, and if you see its making you some money then ramp it up to make you more.
Now if you see after two or three months that it is not generating a reasonable profit for you, dump it, don’t waste your time on it anymore, just move on to a different project, but still keep it at one project, until you find one that’s making you money.
Once you have established yourself with that one project and you’ve tweaked it, optimized it, and done everything you can to make sure it producing the most money it can for you, then, and only then, should you move on to adding another project to your business.
Believe or not, this is also a very low stress way to start an online business, and you’ll actually enjoy what you are doing.
When I started out I was trying 20 different things at once and doing all of them badly. Once I realized that I was being caught in the “Internet Marketer’s Web” of Information Confusion, I put everything aside for a week and then started to look for that one project I was most interested in. Luckily for me that first one did become profitable, but the second and third were duds. Nevertheless I approached the second and third ones individually and not at the same time. I was able to realize they had very little potential relatively quickly and moved on.
Number four was a hit. I nurtured it, optimized it, tweaked it, then optimized it some more until it basically ran itself. Now I had two businesses online. So it was time to look for another business, or income stream, I like to call them, and the cycle repeated itself.
As I’ve said before my niches previous to this try at the “make money online” niche, are Web Hosting and SEO. I have more than one income stream for both niches so I felt I had done all I could in those markets and that is why I started this blog in this particular niche. It may do well, it may fall flat on its face, I’ll know that by February or March I believe, but because I approached my previous businesses they way I did, I can now afford to give this one more time to develop, especially since this niche is so competitive.
Peace
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