May 28, 2009
When you begin learning how to make money online you must first have goal. Without a clear goal in mind you will find it difficult to set targets, and without targets you will find it more difficult to make money. That is why all businesses have a gaol and set regular targets that are the subject of business plans.
It has often been said that a failure to plan is a plan to failure, and nothing could be truer. As a simple goal, decide how much money you want to make in your first year. You could be silly and decide on a million dollars, but you are unlikely to achieve that, so be realistic: say $75,000 in your first year.
You can then break that down into monthly amounts, starting small and increasing each month, which will give you the basis of your targets. You should then plan how to meet these monthly targets. That is a good sound basis of a strong business.
However, you now have the problem of how you are going to make that money. There is a large number of ways in which you can make money online, some of the most popular being|:
1. Creating your own product or service.
Perhaps you have a skill or specialized knowledge that others will pay for. You might be a children’s entertainer or a hypnotherapist. Perhaps you can write en eBook about breeding dogs, or make a video series on maintaining your own car.
I know of one person that made a fortune by making series of short videos of how to carry out simple household maintenance tasks, such as changing an electrical plug, changing a tap or faucet washer, and even putting in a new sink and laying a carpet. A simple idea, yet something that had a massive customer base. Think of all those women living alone, or even guys that don’t know why a screwdriver has a flat end.
Think of what you are good at, or what you have knowledge of, and work out a way of packaging that knowledge or these skills in a way that would sell. I am a good writer, and make money online writing articles to help others to promote their websites.
2. Sell somebody else’s product
If you are unable to produce a product of your own, then sell somebody else’s. Everybody trying to learn how to make money online has heard of affiliate marketing, even if they don’t recognise the word. Affiliate marketing is selling a product for somebody else in return for a commission.
If that product can be delivered electronically – by email or downloaded – then that commission could be 50% or higher, since there is no replacement cost. Unlike a tub of vitamins, an eBook or software application doesn’t have to be produced again once it has been sold, so the vast majority of the selling price is profit. You can therefore be paid more for selling it. 50% is about minimum for such items, and some go as high as 75% or even 80%.
Among other ways of making money online are multi-level marketing (MLM), where you recruit others to sell products for you, you receiving a commission on their sales, buying on eBay, and selling the same items for more than you paid for them, buying items in bulk when they are in high supply, and selling at a high price when they are scarce (e.g. certain toys at Christmas time), and many others.
Each of these ways of making money online has one thing in common: you have to learn how to go about it and how to promote whatever it is that you are doing. Even your eBay business has to be promoted by means of your ‘product description’.
Most businesses need a web presence, either as a traditional website or some other presence on the web such as a Squidoo lens or participation in social networking. They might also need software, and knowledge of how to use it, and knowledge of how to attract traffic – potential customers. Without customers, your business will fail.
This is where most people begin to fail. In fact 99 people out of every 100 that try to earn a living online fail. They fail for one of 4 reasons:
1. Lack of Planning
They did not have a clear objective in mind and did not plan properly. The started their business on shaky ground and looked on it as a hobby. They fell into one of the main traps of working at home: worked part-time, and took time off whenever they felt like it rather than set out the daily tasks needed to meet their targets and work until they were completed.
2. Lack of focus: Information Overload
They did not focus, and jumped from one program to another. They had too much information, and were unable to give any one method of making money online the time to work for them. They tried too much at one time and so failed in everything.
3. Lack of Perseverance
They gave up to soon. It takes time to build up a successful online business. Except for a very fortunate few, there is no ‘get rich quick scheme’. Making money online is hard work, and those that persevere tend to succeed. Most don’t!
4. Lack of Knowledge
This is the least reason for failure. There is no need for lack of knowledge in the internet age – everything you need to know is out there, yet many people try to do it themselves without getting the information they need. Learn from the work of others: do not reinvent the wheel. Trite, I know, but true nevertheless.
Use whatever training courses are available out there. It could be expensive, I know, but there are ways to learn all you need to know without spending a lot of money.
It is important that you do not fail for any one of the above reasons because they are all avoidable. It is a shame that so many dreams are shattered for a lack of planning, focus, commitment and perseverance, and a lack of knowledge. All are avoidable.
Peter Nisbet – You can get all the knowledge you need to start making money online through Peter’s membership site. Check it out here – Marketing Membership – Don’t fail through a lack of knowledge or of the tools to succeed.