If you have been around in internet marketing for a little while, you will have probably come across the statistic that says 95% of people who start internet marketing never make any money.
Now I don’t know of this is an accurate figure, but the truth is most likely that a large proportion never make anything at all, a smaller amount make small amounts and only a few people go on to make the plus $10,000 per month incomes that you hear about.
This is a sobering fact and if you are new to making money online or internet marketing, very first big question you have to ask yourself is:
How do I make sure I am in the 5% who really succee
If you look at the failure history of new online businesses, the first 60 to 90 days is the time where many give up and probably complain in the process about how “online business don’t work”.
People fail at this stage because they haven’t even given their business a chance. It’s like opening a shop, and closing in a couple of months because not enough customers came in through the door.
Of those who carry on, many will give up in the next 3 to 6 months. Perhaps their ambitions were unrealistic, they did not make the megabucks they expected in a short time, could not solve technical issues or they did not realize they have to actually do some serious work to be a success.
The rest will continue on to make some money, but only a few of these will persevere on long enough to make the big 6 figure incomes you hear about.
Reasons for Failure
If you examine the reasons why so many fail to succeed, there are several key things that come up over and over again.
1. Laziness. They just fail to get started and do anything.
2. Lack of commitment. They continually think about how much they want their own business but never actually get started and do something. They keep waiting for the ‘right time’ or keep ‘thinking about it’.
3.They don’t understand that success takes time and work. They try something for a while, it doesn’t work, so they switch to something else. That doesn’t work so they change again, and so the cycle repeats itself over and over again and eventually they give up. Remember the the so called “gurus” you read about that make thousands of dollars every month have spent at least 3 or more years and sometimes far longer in building their businesses and probably working their backsides off in the process.
4. Many just get overwhelmed by the amount of new information they have to learn and understand before they even stand a hope of turning a profit.
5. Technical issues, how to buy a domain, build a website, how to get traffic and so on. If you come from a non technical background, this can be a big hurdle to overcome.
6. They fail to invest in their business. It takes far less money to start an online business compared to a offline business, but some people still think you can do it for nothing or very little.
While there is an absolute minimum amount of money you need to spend to get a basic business going, after this it is a trade off between investing a little money and spending a lot of time before you see a profit, or investing more money and getting results far quicker.
The big problem with doing it on a small budget, is that the chances are that you give up before you start to see any results.
So what is the best way to start an online business that will maximise your chances of success?
The Expensive Way
The best but most expensive way to start an online business, is to get someone who has already done it successfully and has a good track record to teach you. Some of the top successful internet marketers will take people on and teach them on a one-to-one basis.
They will show exactly what needs to be done to become successful in the shortest possible time. The advantages of this route is that the teacher will keep his or her pupil motivated on a very direct course to making a profit and stop them diverging in to the many time wasting side alleys and traps that befall many of those teaching themselves.
They will ensure that the pupil puts everything they are taught into action, doing the work and getting things done at the right time in the right way.
This unfortunately is not going to be cheap. People with proven track records can charge upwards of $1000 per month for a one-to one teaching course. The benefit however is that the business should be in profit as quickly as possible and the cost of the course should quickly be recuperated.
The Less Expensive Way
The next method is to enrol in a training program or join a membership programme again with someone who has a proven track record but with a group of like minded people together on a course with a contact email and a Facebook group for ongoing support.
In addition to the actual course itself, there is the sharing of problems and ideas with others, which can be a great motivator especially as some members may already be running a successful business and so can give a boost of confidence to others in the group to also succeed.There is usually a Facebook group to exchange ideas, problems and solutions.
This will be a lot cheaper than a one-to-one course and with continual ongoing support from the course provider and other members, help can be given and problems be sorted out.
This method will require much more motivation and self discipline from the student to get things done and keep everything on course compared to one to one teaching.
The Least Expensive Way
The cheapest way is to teach yourself from all the free information out there.
The downside of this is that in addition to the good stuff, there is also an enormous amount of rubbish and outdated stuff around and it can take a lot of time and and practice to sort out the wheat from the chaff.
A good start is to find the top blogs or websites of the people in your niche of interest who are successful and making a good income or have a good reputation. Many of them publish their incomes every month so the advice they are giving is proven to work.
Find a marketer who is successful and has been in the business for a number of years and it is possible to learn a lot from just watching them operate. Pick someone who does things in a way you feel comfortable with, buy their products, subscribe to their email lists and get a real insight how their business work.
Sign up for their newsletters, join their Facebook groups and get on their lists, taking note of how often they email people, the content and style of the emails, what sort of products they promote. Follow their blog, look at the content and buy some of their products to see exactly what they are selling, then use that as a starting point for your own business.
Obviously you must not copy any of their products, emails etc, but this technique can give you a great start to your own online business.
If you’re not building an email list, you’re making a big mistake.
Having your own email list of subscribers is the biggest asset your business can ever have.
Building an email list is essential because it’s the the most profitable method to build a relationship with potential customers on a one to one basis.
When you have a list, you have a ready made reservoir of potential buyers not only for your own products, but for affiliate products you can promote for commissions.
Look at e-commerce sites like Amazon, they get you to continually buy more products from them by emailing you offers on a regular basis.
Your visitors and customers WANT to hear more from you than you realize.
Whatever platform you use to get traffic, whether free or paid, anything can change at any time, but the important thing about your own list is that you have full control over it.
With an email list full of dedicated followers who are there to open your emails and read your most important updates, you have the foundation of a profitable evergreen business.