There are many conflicting opinions as to why people fail at making money online. Most coaches and gurus like to blame it on a lack of action, but it’s a little more complicated than that. There are a number of reasons for failure online, but here are a few that stand out:
1. Information overload:
Let’s face it – there is a massive amount of information out on the internet. And fair enough, there’s also enough information to show you how to make money online without having to pay for it.
Unfortunately, there is this one tiny little problem:
It’s scattered in bits and pieces all over the web.
It gets worse: It’s not just as simple as being scattered. It’s also a matter of the bits and pieces belonging to different business models and different approaches to different business models. In broad terms there are many similarities, but in reality there are various different approaches and strategies available. Unless you can learn everything you want from one single blog, chances are that you will end up trying to match up different sections of different strategies.
If I may put it to you in simple terms: The bits and pieces of internet marketing information out there are like pieces from different jigsaw puzzles lying around. The problem is that you don’t know which piece belongs to which puzzle…
Have you ever tried to throw all the pieces from a few different jigsaw puzzles into one box, and then tried to build just one of them?
That’s effectively what you are trying to do if you attempt to sift through the freely available bits and pieces of information on the web. It’s not impossible to do, but it can take forever. Many people take years to try and figure it out on their own. Do you really want to waste that much time before you get to the lifestyle you want?
Of course, there are also those who just buy course after course, or ebook after ebook, and end up with too much information to work through.
And lastly, don’t forget that there is a load of useless information out there as well. Outdated stuff, information presented by people who don’t know what they are doing, and information that is deliberately leaving out key pieces of information in order to get people to buy the products of those who put the information out. Frankly, trying to figure out what is real and what isn’t will be a nightmare – even if you do have some basic knowledge.
2. A lack of (consistent) action:
This one is, unfortunately, very true. Fair enough, there are many reasons why people fail to take consistent action. Some freeze up because they feel overwhelmed by the sheer volume of information presented to them, or fear of having to learn technical stuff. Some of them suffer from self doubt, and fail to envision themselves as being successful. Some are afraid of failure, so they never get around to taking the first step. Some find they are often too tired to work on their projects after a hard day at work.
Whatever the reason…
If you don’t work at it consistently, it will suffer the same fate as a seedling trying to grow without regular water: Your project will die. You don’t have to do a massive amount of work on it every day – but you do have to work at it consistently.
3. Giving up too soon:
Malcolm Gladwell wrote a book called “The Tipping Point”. In it, he describes how seemingly insignificant little things add up over time, and eventually results in massive change. It’s exactly the same with making money online: You start working, and it may seem as if nothing is happening for quite a while – while in reality you are systematically working towards your “tipping point”.
The speed at which you approach your personal “tipping point” (the point where you start seeing things happen and money coming in) will depend on a number of factors. These include the niche you chose, the amount of time you put into your project on a regular basis, the extent of your online presence, the quality of the information you put out, whether you have a coach or mentor, whether you have a marketing budget, etc.
Sadly, most websites and blogs on the internet fail simply because their owners give up on them too soon. They have a specific set of expectations, and if they don’t see results within that time frame, they simply give up and move on.
Instead of giving up, you should rather go back and evaluate: How much have you done to date? What is the extent of your reach on social media? What is the quality of what you put out there? Have you done something wrong, or are there ways to improve on what you have been doing? In most cases, you will be better of by just trying to improve on what you are doing, instead of starting something new.
At the end of the day, making money online is as simple as this: Get a decent compilation of information from someone who knows what it’s about, apply that information as best as you can, and just keep at it consistently until you pass your “tipping point”. From there, just continue to grow your online business.