5 Things I Wish I Knew About Making Money Online.
I have been in the online space since 2011.
I had to mention that, so you would be rest assured that I have been around for a while, and I have done a whole lot of things, ranging from freelancing to forex trading, to blogging, as well as affiliate marketing and SEO.
The truth is, the same strategy applies to all these businesses; both online and offline. And in today’s post, I would be sharing the top 5 things I wish I knew about making money online.
If I had access to this sort of information when I was starting out, two things would have probably happened; it’s either I give up on the idea of getting started, or I assume a more realistic expectation of what would happen at different phases.
It goes without saying, that my goal in this article is to simply enlighten you about the online space, and how making money online really works. I would be plainly sincere with you because I am not trying to sell you anything whatsoever, which makes it easy for me to tell you the truth and the truth alone.
It is my hope that after reading this article, you would be well informed about what it takes to make money online, and how to specifically guide your actions and expectation towards online businesses, if you eventually decide to embark on one.
#1. No Overnight Success.
I decided to put this as number one because I cannot stress it enough. I offer amazon affiliate niche site training every now and then, and the first thing I tell my student is that making money online is NOT an overnight thing.
It takes time. Sometimes, it takes more time than a regular business. As a matter of fact, it usually takes more time than normal offline business.
What I am trying to imply is this; if you’re interested in a business that would make you thousands of dollars in two months or so, then you should look away from an online business because you won’t find any. You might want to call my bluff on this, but it is the truth.
If you’re this desperate to make that kind of money within a short period of time, then stay away from any online business. If anybody is preaching this kind of business to you, I can bet it; 9 out of 10 that they’re interested in milking you of your resources.
Online business; like every other business takes time and consistent effort…
…more on the consistent effort…
Things take time; especially now that the competition is much stiffer than it used to be.
If you’re just starting out, have it at the back of your mind, that you might have to grind for a year before you start seeing appreciable results. This is not to negate the fact that, some people make huge success within four (4) months, or six (6) months. But coming from somebody that has seen a project of over one year not take off, and also a project of 3 months take off, I’d say you should settle for anything above one year.
#2. You Need Money
Is it possible to start an offline business with zero capital?
Maybe some businesses can be done with zero capital, but frankly speaking, you NEED money to start any business, if you’re really serious about making a reasonable income from it in the nearest future.
I currently train students on Amazon affiliate marketing and SEO, and one of the major ideas of filtering students to serious ones is by charging about #10,000 for the course. The truth is, the cost of the training doesn’t matter much to me, I can as well give out the course for free. I wouldn’t feel the impact because I have other sources of income.
But I have since realised that money is needed to make money online, and as such, I need to bring in students that are not extremely broke to finance their online hustle.
Let me clear that up a little bit, before you have my head…
It’s ok to be broke and have dreams, heck! I used to be the most broke person I know. But aside from being broke, I did not understand the basis of hustle. I was broke, and would never invest money into any online business or training because I lived with the mentality that online business does not require money.
Now, I know better.
If you want to invest in any online business, be prepared to spend money, as if it’s a regular offline business. Be ready to raise the capital needed to get you educated about the business, as well as the money needed to set up the business itself.
Interested in blogging? be ready to spend money on hosting and domain, on hiring a designer for your logo, on getting the tools needed to keep your blog running.
Interested in affiliate marketing? be ready to spend on training and other tools and cost associated with setting up your sales funnel.
#3. Avoid Shinning Object Syndrome
All you need is a single system that works!
See! there are hundreds of ways to make money online. In fact, you can literally make money from an idea online. From writing to programming, to design, to affiliate marketing, to voice over, to animation, it is a very long list, and each of these methods has it’s pros and cons.
But one problem I had when I started was what I now call “Shinning Object Syndrome” which I will refer to as SOS henceforth.
SOS is a terrible problem for most newbies online, today you ready about a guy that made $1,000 daily from bitcoin, and then you start to think about going into the cryptocurrency businesses, then tomorrow you read about a guy that made $50,000 freelancing for a year, and then you remember how good of a writer you are, and you decide to try out freelancing.
It happened to the best of us when we first started. We want to do everything, and usually, we ended up doing very little.
Avoid falling into this pit. Be determined and focus on one thing and one thing only.
Let me give you an example; I have been promoting my course about making money from amazon affiliate niche site, but then out of the blue, somebody called me and wanted to hire me to help their publishing company publish their books on amazon.
While I know how to get this done, and the offer sounds extremely nice, I politely declined because it does not align with my current interest.
You should learn to focus on one thing that interest you at a time. Failing to do this will result into you wasting a lot of time jumping from one idea to the other, which at the end of the day will not amount to any profit.
#4. Learn The Basics
No matter your choice of online business, there are some skills that you would always need on the fly. If you don’t master these skills early enough, you would be spending a lot of money outsourcing to get people to do it for you.
While outsourcing is a good thing, in fact it is one of the things that would push your online business to the next level, you should also realise that, your early days spending would be on a shoe string budget.
Aside from the financial consequences of outsourcing, doing things yourself will go a long way in establishing your root in the business. Take for instance you’re into affiliate marketing like I am; you should be able to setup a basic website using wordpress, you should be able to work with FTP, hosting and all those technical jargons.
It doesn’t come easy, but you should learn how to get the done.
The truth is, you can learn anything online these days. All you need is a good internet connection, YouTube and Google. The rest is the amount of time you’re willing to put into the learning process.
Learn the basics, such as setting up your site, basic graphic design, how to write, and how to interact with people. These might sound mundane at first, but looking back now, I wish I mastered these things early enough.
#5. Focus On Your Strength, Outsource The Rest
This is a sharp contrast to the previous lesson.
Yes, learn the basics, it will save you money in the early days. But outsourcing is equally important, if you’re interested in going far in this business.
You must be willing to outsource some aspect of your business. Even though you can do it in the basic form, if you need a complete professional touch, or you are simple occupied with something else, then you should focus on outsourcing some of the other task.
My case for an example, I outsource some writing task, not because I cannot do the writing myself, but because more often that not, there are so many stuffs to write on, so I have to keep my sanity by getting another hand to help out.
I am not also great when it comes to graphics, in fact I suck at it, so i usually outsource that aspect of my business. My main strength is in analytics, more like the executive functioning aspect of the business, and this is what I love doing the most, because I don’t get tired of it.
Find your strength early enough and focus on it, the rest, you should outsource as much as you can.
Those are the top five (5) things I wish I knew when I was getting started with online businesses back then, the benefit of you reading this post is that, it would guide your expectation and keep you in a right mental frame as you work towards building an online empire for yourself.
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