Ephraim Ejimofor 2 years ago
@ephraim-ejimof... 20 min read Write a comment #personal-development

Seven Mistakes You Must Avoid To Make Money Online

Making money online is the fastest-growing trend in this 21st century. It is a deviation from the traditional and physical businesses we see every day. Starting an internet business is pretty simple. However, if you do not approach this correctly, you will never be successful. Many people who start an internet business fail within a short period. I don't want you to follow in those footsteps. Here are seven mistakes you must avoid when planning to make money online. In this comprehensive research, you'll have a better chance of succeeding with your internet business if you avoid these blunders.

Handling Your Online Business with Disrespect

The majority of people who start an internet business do so because they are curious. They've read a lot of crazy promises about how they can earn a fortune with just a few mouse clicks, so they purchase a domain name and some hosting and start playing about claims of immediate traffic and such and such nonsense. They adhere to the guidelines in any training program that promises them the world. When they realize that generating a fortune in their undies by clicking their mouse and employing "wonder software" is impossible, they lose interest quickly and leave.

The problem is that starting an internet business is relatively inexpensive. A domain name costs about $10 per year, and site hosting costs about $10 per month. You may create a website for free if you install the WordPress blogging software. With such a little investment, it's no surprise that so many individuals abandon it when they learn it's not as simple as they thought.

You are far more likely to fail if you do not handle your internet business as a legitimate business. You don't need to put a lot of money into your internet business, but you need to put some heart.

Setting up an internet business is simple; making it a success is more complicated. Regardless of what some may say, building a solid and long-lasting internet business requires effort. You'll need to invest in things like an autoresponder service to make it operate correctly.

You must think that you are building a valuable asset. Your website is your most valuable asset. You can sell your website to an interested party for a significant profit as an exit plan.

If you wish to sell your internet business when it becomes established and profitable, some individuals will be interested in buying it.

You must work on your web company every day to make it successful. Don't believe the hype about miracle software. You must always learn to do the proper things and spread the word about your internet business.

If your internet business is only a pastime or a fad for you, your prospects of success are little to none. For example, assume you put your whole life savings into a brick-and-mortar store in your neighborhood mall. Would you consider that a pastime or a fad? No way - to pretend that you've put your whole life savings into your web business.

There may be times when things with your internet company go awry. Something will break down, or your current campaigns will fail to achieve your desired outcomes. To overcome these obstacles and keep going, you'll need tenacity and dedication. Treating your internet business as a genuine one can assist you.

Starting an Online Business Without Planning

How many people that start an online business do you think to create a plan for their business? The answer is very few. Nobody knows how many online businesses fail every year, but it will be a lot. Most new online business owners do not set goals or create any plan. They are then surprised when it all fails. Benjamin Franklin said: that if you fail to plan, you're planning to fail.

If you are going to start an online business, then set a goal for it. The most accessible goal to set is a financial goal. Think about how much you want your online business to generate in the first 12 months, and then turn that into your financial goal.

You are probably starting an online business because you believe it can provide you with the freedom you crave and no more working a dead-end job and commuting for hours. It is fine, and a successful online business can provide you with freedom.  

Your online business has the potential to make you a lot of money. The only thing standing in the way is you. So use the SMART goal-setting process to set your goals. If you are not familiar with this process, here is what it means:

Specific – your goal must be specific, e.g., my online business will generate $100,000 in the next year.

Measurable – you must be able to measure how you are progressing with your goal. Fortunately, there are a lot of tools available to measure the success of your online business.

Achievable – forget the hype here. It is doubtful that you will make a million dollars in your first year. Not impossible though

Realistic – think about the time that you have available and other resources such as money

Timed – you must add a time to your goal, such as one year. Open-ended goals are useless.

After you have set your goal, you need to create a plan to achieve it. So think about the macro tasks of your plan and then break these down into daily microtasks. You want to end up with a daily set of tasks that you can work on to move you closer to your goal.

A simple plan would be:

  • Decide on the niche and online business model
  • Setup website
  • Add content
  • Find offers to promote
  • Promote

Of course, these are high-level activities, and there would be sub-tasks involved to achieve them. However, you can start today by deciding on the niche you want to enter. Then, write your goals and plans down and carry them with you.

Not Selecting the Appropriate Niche

You need to carefully consider the niche you choose for your online business. There are thousands of niches, but not all of them are a good fit for an online business. If you get this wrong, you can spend a lot of time, effort, and money and not get much in return.

Many guides about setting up an online business will tell you to follow your passions. There is good intention behind this. If you start an online business with a niche you are passionate about; you will be more motivated to make it work.

That is all very well if the niche you are passionate about has the potential to make you a lot of money. For example, you may be passionate about sheep shearing in the Outback, but how many other people will be? 

There are two things that you need to look for when choosing a niche:

Is there demand?

Is there money in the niche?

If the answer to either of these questions is "no," you need to find another niche. You can check the demand for a niche by using the free Google Keyword Planner. Just enter in some seed keywords related to your niche, e.g., "drone photography," and see how many searches this and similar terms receive each month. The higher the number of searches, the better.

To see if there is money in the niche, use a seed keyword and perform a search on Google. Are there a lot of ads on the first page of the search results? If there are, this is a good indicator of money to be made. 

Use OfferVault.com and search for available offers using your seed keyword. If there is a lot, then you are probably a winner. There are some niches where you just know there will be a ton of demand and many opportunities to make money. In our opinion, the top 3 are:

Health and fitness – weight loss, nutrients.

Wealth creation – make money online, investment.

Personal development – better relationships, meeting boys/girls, self-improvement.

If you are in any doubt about choosing the right niche - go where the money is. Don't worry if you are not an expert in the niche right now. You can learn and master it. It is better to do this than choose the wrong niche you are an expert in and passionate about.

Selecting the wrong online business model

There are several different online business models that you can choose from. Some examples of this are

  • Selling your products and services
  • Self-publishing
  • Freelance services
  • Dropshipping
  • Dropservicing
  • E-Commerce store
  • Affiliate marketing
  • CPA marketing
  • Amazon FBA

You must choose the right online business model that suits your circumstances. For example, to open your E-Commerce store or participate in Amazon FBA, you will need to invest some money to purchase stock to sell. Do you have this money available? If not, you could borrow it, but you are taking a risk here.

If you do not have a lot of time available, creating and selling your products and services will be tough. You can outsource the creation of products, but you will need to spend a fair bit of money doing this.

Do you have a particular skill that is in demand? Here are some freelance services that are always in demand:

  • Graphic design
  • Content writing
  • Web design and development
  • Programming
  • Copywriting  
  • Creating mobile applications
  • Social media marketing
  • Search engine optimization

If you have these skills, you can market them and make good money online. However, you will need discipline if you do this, as your customers will expect work of the highest quality delivered on time.

Probably the easiest online business to get started with is affiliate marketing. If you don't know what this is, the concept is simple. There are a lot of product vendors out there that will pay you a commission for promoting and recommending their products.

You have to sign up for their affiliate program and drive targeted traffic to the offer. Each time someone makes a purchase using your affiliate link, you will earn a commission from the product vendor.

You can promote physical products or digital products. Physical products are an easier sell, but the commissions tend to be below. It is harder to sell digital products, but the commissions are usually much higher. 

There are affiliate networks that you can use to find offers to promote. For example, if you are interested in physical products, you could join the Amazon Associates Program. You can find thousands of products to promote, but you will only make around 3% to 5% commissions.

If you go for digital products, you can join Clickbank.com, Digistore24.com, or Expertnaire and find products that offer 50% commission and higher. However, you need to bear in mind that because it is so easy to get involved with affiliate marketing, there are a lot of online business owners doing it, so you are going to have competition.

Do you have the latest bestselling novel swirling around in your head? If so, you can write your novel and then self-publish it on platforms such as Amazon Kindle and Barnes and Noble. There is also the opportunity to write nonfiction books and sell these on self-publishing platforms as well.

Dropshipping is where you sell physical products on your website, and a dropshipping company fulfills all of your orders to your customers. You do not need to purchase any stock as you promote the dropshipping company products. However, the commissions are not that high for this business, so you need to sell many products to make good money.

Dropservicing is a fairly new term, but the concept has been around for years. It is service arbitrage – you purchase a service from a freelancer at a low price and sell it at a higher price to the customer.

All of these online business models have the potential to make you money. However, you must choose the right one and stick with it. There is a lot to learn about all of these different models. Don't flit between different online business models, as this will never provide you with the results you want.

Not All That Glitters Are Gold

The grass is always greener over there. You have probably heard this term before. It means that there are better opportunities for your online business success elsewhere. We call this the "shiny object syndrome." 

When you choose an online business model, there will be people who tell you that you made the wrong choice and that you should switch to another program and purchase their training to show you how to make a fortune from it.  

Many people that choose the wealth creation niche (make money online) are constantly bombarded with new shiny objects to distract them. There are new courses and programs released every single day in this niche. All of them will tell you that you need to stop what you are doing now and follow their lead.

We strongly advise that you resist the shiny object syndrome no matter how tempting another offer sounds. Unfortunately, some people are serial purchases of these new "wonder methods" because they believe that the right solution for them is just around the corner.

They have hundreds of courses on their hard drives, gathering digital dust. Some people buy these products and then never open them! You do not want to get caught up in this negative spiral. Just focus on what you are doing and do it to the best of your ability.

I am not saying you shouldn't invest in more training for your chosen business model. On the contrary, you should learn everything that you can about it and be prepared to try new methods to make it work. But what you need to avoid is changing direction completely because it glitters over there.

Poor Traffic Generation

If you had to guess why most online businesses fail, what would be the main reason, in your opinion? Would it be a lack of interest? Lack of resources? or not having the best Internet connection? In our opinion, it would not be any of these things. The answer is:

Not enough traffic!

You will not make any money online if you do not get targeted visitors to your offers. You can be promoting a mediocre offer and still make good money from it if you drive enough visitor traffic to it.

On the other hand, you can have the best offer globally, but if you don't send enough targeted visitor traffic, you will not make many sales. Traffic is an essential aspect of any online business, no matter what business model you choose.

If you are a freelancer and nobody knows about your services, your online business will fail. If you don't drive enough traffic to the offers you promote, you will not make any commissions as an affiliate marketer. Without good traffic to your E-Commerce store, you won't sell anything – and so it goes on.

Once you have set up your online business, you need to spend most of your time promoting it. There are several ways that you can do this. If you do not want to spend money, you can do content marketing, video marketing, social media marketing, etc.

If you have a little money to invest, you can use paid advertising to promote your online business. You can purchase pay-per-click (PPC) traffic from search engines like Google and Bing. Or you can go for social media ads to get the word out about your business.

Email marketing is an excellent way to keep in touch with potential customers and encourage them to purchase. We suggest that you go for a mixture of free promotions and paid promotions. You will need to invest in an autoresponder service and build your email list, but this should pay you back handsomely if you do it right.

Nothing is more important than traffic generation. No traffic means no business. So commit to promoting your online business all of the time. The more visitors you get, the more money you will make.

Negligence to Test and Analyze Results

One of the major advantages of an online business over a conventional brick-and-mortar business is measuring everything in real-time. But many online business owners ignore this or don't use it enough.

If you want to know how many visitors you got to your website last week, you can use a program like Google Analytics to tell you this. You can also find out where your visitors came from and which pages of your website they visited. 

It is also useful to know how long they spent on your website. It is known as the "bounce rate," and if you want your visitors to stay as long as possible if they are leaving quickly, you need to investigate why and fix this.

It is possible to track everything, and you should do this. It is especially important if you are spending money on paid traffic. For example, you can use tracking codes to tell you how many times a page clicks a link.

Most social media platforms have comprehensive analytics features these days. You can use these to see which of your posts are performing well and which are not. So do more of what is working and less of what isn't.

You cannot manage what you cannot measure. However, you can measure most things with an online business, so take advantage of this. It will tell you which campaigns are working and highlight areas of your website where you need to improve. This information is golden, so be sure to use it.

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