3 Big Online Business Mistakes To Avoid
Everyone makes mistakes. If you’re not making mistakes, you’re not trying. When you’re trying to carve out a living online, you just need to avoid costly mistakes. Here are three biggies you need to steer clear of…
Mistake #1: Expecting Money Too Fast
When I was just getting started, I did it before the Internet was really popular — way back in the AOL / Compuserve only days. Nobody was ordering online yet, so the info and software I was selling was by mail order.
I still remember the bummed out feeling I had every day I checked my mailbox only to find it empty. With all the classified ads I was running I expected to find at least an order or two. The wait for real, self-generated income was very difficult for me. It’s a good thing I kept my day job until I figured it all out!
Once I did get the hang of it, I was lucky enough to retire from my regular job at age 32. But not everyone does that. In fact if you expect to hit pay-dirt in weeks or even months, you may be setting yourself up for disappointment.
However, you can earn some decent money online rather quickly, whether you’re selling your own products and services, or working as an affiliate marketer. I’ve witnessed it over and over in many different niches. You just have to be prepared for the long-haul going in.
When you are ready to do whatever it takes and work it as long as it takes, you’ll avoid the “biz-op bar-hopping” that many folks do, jumping from one bizop to another looking for a quick buck.
A real, lasting business takes time to build. Know that going in and you’ll be much better off.
Mistake #2: Trying To Do Everything Yourself
This is a trap I used to fall into all the time. I’d spend two hours trying to design a decent logo or header… another two hours writing a press release… two more hours submitting articles… and on and on.
There are only so many hours in a day and you just can’t do everything yourself!
Nowadays before I tackle any task, I decide what I want the end result to be like. Then I hop over to fiverr.com and find a provider with great reviews. I pay them five bucks and have the finished solution within a day or two.
My time is certainly worth more than $2.50 a hour and I’m sure yours is too. Plus, experts can almost always do a better job.
If you have not started using fiverr gigs in your business yet, you are really missing the boat. There are providers there for nearly every chore imaginable, from design to voiceovers, to video, promotional tasks, etc.
I even use fiverr for personal gigs occasionally. I had a Christopher Walken impersonator call my wife and wish her a happy birthday, and she said it was the best present she ever got. Thank goodness she had no idea it cost me only $5.
Mistake #3: Failing To Diversify
This is a real business killer. And early on I refused to promote what I considered competitors products, thinking my own were enough. But when sales of my first info-product slowed I was left with little income.
Lucky for me I was able to finish a new product relatively quickly and ramp sales back up. Then I diversified more by promoting related products and service via affiliate programs, adding advertising to my mix and then eventually going into coaching.
But I’ve heard from many of my subscribers who’ve fallen into this same trap in other ways and really suffered the consequences.
One fellow was earning thousands a week in Amazon commissions until Amazon decided to end their relationship with affiliates in his state, due to tax law changes. His income went to zero.
Another subscriber of mine was earning hundreds of dollars a day with Google Adsense until a Panda update obliterated his rankings. His income went to nearly $0 and it happened literally overnight.
It’s stories like these that reinforce the need for multiple income sources online. You just cannot afford to rely on one big business like Google or Amazon. You also shouldn’t rely on just one monetizing method, such as just advertising income, or just product sales.
Diversify your income sources to include your own product sales (via multiple payment methods), affiliate product sales via multiple merchants, residual income from affiliate programs, residual income from your own membership site or sites, advertising income, product licensing and more.
If you want to see more ways I make money online, my new video shows you how I’ve been able to earn a living online for two decades now. No hype, just the facts.
So there you have it. Three huge mistakes to avoid online. Steer clear of these and you’ll have a real shot at making money from the web, whether you want a full-time pay check or just want to add some money to ease the household budget.