Let’s face it…
There is just so much misinformation and rubbish out there, that it is easy to develop misconceptions about making money online. After all, every second idiot is trying to tell people all kinds of nonsense just to get them to buy their products – or rather their affiliate products.
Actually, it’s scary to see how much misinformation is out there. Here are a few common misconceptions about making money on the internet:
1. You need to spend a lot of money
Not really. Yes, if you want to pay for a decent course, it is going to cost you. If you are going to buy one information product after the other just because some guru tells you to, it is going to cost you.
But if you are flat broke…
It is possible to find all the information that you need online. The only problem is that, since there is also a load of misinformation out there, you will spend a lot of time trying to figure out what is real and what isn’t. Plus, since nobody gives away all of their course content for free, the information you need is scattered in bits and pieces all over the internet.
It will cost you in terms of TIME, which will cost you in terms of lost earnings. But it is possible to do it.
Also…
If you really, really have to, you can get a domain for free (dot TK). You can get hosting for free at Hostinger. You can also get domains from as little as 50c at Namecheap. You can get a basic but decent autoresponder for free – at Mailchimp or Mailerlite.
Note: Neither Mailchimp nor Mailerlite allows you to use their services to promote “make money online” products. But if you do niche marketing, it’s fine.
As for getting traffic, you can either pay for it or get it for “free”. “Free” traffic will require your time input – but at least you don’t have to fork out money you can’t afford, or don’t want to spend.
The bottom line is this: You don’t need to spend any more money than you are comfortable with. Just know that, if you choose to spend nothing on educating yourself, you will spend a lot of time doing it, and it will cost you in lost earnings.
But – keeping in mind that, what you pay for is what you get – everything is optional.
2. There is a “secret” easy way
Most of us have seen (at least one of) those Clickbank videos…
You know, one of those where the narrator tells you how he or she is sick of seeing people getting ripped off, and how they struggled, and then…
They stumbled across this piece of software, possibly from a secret laboratory, or possibly something “left behind” by someone making big bucks online.
And then they offer it to you for FREE – provided you pay the “setup fee”…
When you see the first video, you may be forgiven for thinking the guy is on to something. When you see the second one, you will immediately notice how the script takes the exact same turns, and the story is remarkably similar.
If you ever find a secret, easy way, keep in mind that it is either (a) rubbish, or (b) using some form of automation which can eventually kill your business.
Heck, even if you look at people “giving away” free Forex trading software…
(But only if you sign up with one of their approved brokers…:)
If their software really worked…
Why would they need to make commissions from your initial deposit at the brokers?
The bottom line is this: if it sounds too good to be true, it usually is.
3. You need to have a boatload of visitors to make any real money
Not really.
Fair enough, if you want to run a news website or an entertainment blog like Buzzfeed, you need a boatload of visitors to make money. But that is only because of the fact that the traffic is completely untargeted, and all you can do is to sell advertising space.
If you are making say, $3 CPM (per one thousand visits), and your target income is $3,000 per month…
You need one million visits per month.
But if you look at it differently…
Let’s say you offer coaching at a price tag of $997, on which you get a 50% commission – you only have to sell 6 per month.
If you get to the point where you offer that coaching yourself…
You only need THREE people per month.
Note: Courses usually sell for a hundred to say, five hundred US dollars. Coaching, on the other hand, can – depending on the niche, the depth, and the length of the course – cost several thousand dollars for a course that run from one to six months.
The bottom line is this: If you sell cheap items, you need a lot of visitors. If you sell high ticket items, you need much less traffic to generate the same income from your blog or website.
High ticket items can be courses, coaching, or even services (if you have the know-how or qualifications for professional services).
In conclusion:
In order to build a successful business online, the recipe is fairly simple: If you can spend money, do so – but spend it wisely. Only spend it on things that will empower you to make money faster and/or better. Avoid the “secrets”. Make as much money as possible from every customer or client.
Other than that…
Just keep at it. Most online businesses fail – not because they are not viable, but because people give up on them too soon.
One Response
Hi Kevin,
I think my favorite of the three is #2. There truly is no secret way. I know you and your readers have heard this numerous times, but it bears repeating that there is no push-button way. Trust me, I’ve learned this the hard way. Stop buying stuff, and just focus on what will make you money. Focus on one thing until you get good at it, then add to it.
Take it from me, folks. There are no shortcuts or loopholes. If you think there are, buy a lottery ticket.
Focus, focus, focus, and you will see progress/success. Your first step is to get past the belief that riches will just fall into your lap. Yes, you can make an awesome income online, but it takes work (like everything).
Pick a mentor and be laser-focused. And yes, you need a coach. Trying to make it on your own only makes it more difficult. Let me know if you want suggestions. I’ve been coached by some good ones.
To your success,
Bob