What's Wrong With Slow Money?

22 replies
Reading through the Warrior Forum earlier today and there is so much emphasis on "Quick Money".

As someone who has written most of his own copy, I certainly understand the appeal of "quick and easy" when it comes to marketing, but I have to say that when it comes to creating your own business, slow and steady can be pretty nice too.

Here's what I mean...

Our primary businesses have always been information publishing - our own products, and that business has been built slow and steady over nearly 8-years now. Sure, there were some nice results right off the bat, but largely the more you build, the more involved you get with your market and the more time you spend, the better results you get. I know several other "guru's" that fall into this category as well, most are at least 2-3 years into their business before they make it big.

We also have dozens of e-commerce sites, primarily selling real stuff as an affiliate (Amazon, Commission Junction, and some direct licensing deals) - again, many of these sites have taken 6-12 months or more to really become solid money makers. But they have...and that makes it totally worth it.

Finally, our third main income stream (coaching and consulting) only came about years into participation in the various markets in which we operate...again this wasn't a "get rich quick" profit stream, but rather came naturally out of participating (aka Working HARD) in a given market.

So, am I the only one that builds businesses this way? I don't think so, but I would sure like to hear from others...and in any case, thought is was worth sharing that there is another approach for those of you getting started. An approach where you invest your time, sweat and energy today for something much sweeter 6-months + from now.

Jeff
#ebook #infoproduct #money #slow #wrong
  • Profile picture of the author Hamish Jones
    Originally Posted by jbsmith View Post

    So, am I the only one that builds businesses this way? I don't think so, but I would sure like to hear from others...and in any case, thought is was worth sharing that there is another approach for those of you getting started. An approach where you invest your time, sweat and energy today for something much sweeter 6-months + from now.

    Jeff
    I think a large part of the reason is that those selling the Quick Money approach have identified a very real problem in their target market - people often come to the internet because they do need quick money. They may be in some significant debt.

    Realistically though you are right. The 'overnight successes' are generally all informed business people using proper business processes who are constantly testing and measuring their results so that they can be optimised for further success.
    Signature
    Best Business Deals - The World's Most Customer Focused Telecommunications Company. Servicing Customers in Australia, Canada and the USA.
    {{ DiscussionBoard.errors[6700896].message }}
  • Profile picture of the author intergen
    Hamish is right - I guess a lot of folks who hit this forum are the "get-rich-quick" types. I was initially put off and I even created a solid WSO based on the principles you are asking about - long term sustainable businesses and growth.

    A funny thing happened when I went to the other WF members to review my WSO. Almost 90% of them said this is too much and too high level for most of the people on the forum. Basically the WSO I wrote contained completely proven methods that dropped 100,000 users on a product, earned 220 press mentions (natural backlinks) and garnered 3 industry awards all in under a year.

    But I guess it didn't happen in 48 hours and make 6 million dollars

    PM me if you would like to see it before it goes live next week. You may really enjoy it!
    {{ DiscussionBoard.errors[6700916].message }}
    • Profile picture of the author jbsmith
      Perhaps what is needed (instead of always marketing the quick buck) is more emphasis around ramp up being the KEY to future success and a new focus on leveraged income.

      Most of the quick -buck businesses I've been involved with don't offer leverage on the back end (ex. exchanging a service for fee, mass advertising, etc...) - so if what people really want is the get started with a base business that then feeds you requirements (meaning your market tells you where to go next) and that you build based on systems where you take full advantage of leverage (your own products, affiliate sales force, partners, list, etc...) then starting slow can make all the sense in the world.

      Jeff
      {{ DiscussionBoard.errors[6704126].message }}
      • Profile picture of the author cashp0wer
        Many people come to Internet marketing because they are broke and need money fast. I agree with you and I don't think there is anything wrong with slow money but most people won't see it like this.
        Signature
        My Internet Marketing Blog - Warts And All!
        {{ DiscussionBoard.errors[6704268].message }}
  • Profile picture of the author toasttoast
    The only problem with slow money is that it doesn't sell as well. Pitching a product that will pay for itself in half an hour makes more sales than one that will slowly build an income over several months.
    {{ DiscussionBoard.errors[6700918].message }}
    • Profile picture of the author joyer10
      this is very bad.
      {{ DiscussionBoard.errors[6745462].message }}
      • Profile picture of the author marciayudkin
        So, am I the only one that builds businesses this way? I don't think so, but I would sure like to hear from others
        Hi Jeff,

        I don't know that I would call my business building slow, but it certainly has a long-range aspect to it.

        People tend to stay on my list for a long, long time - more than a decade is not unusual - and they may not spend a dime with me for years. But then they are ready to spend $800 or $1000 at one pop.

        Last month, for example, a guy said he had been on my list for 11 years and finally sprang for one of my courses.

        The other people I know who are willing to have a business like this are all over 40 and have an established area of expertise. Most of them find the Warrior Forum rather frightening.

        Marcia Yudkin
        Signature
        Check out Marcia Yudkin's No-Hype Marketing Academy for courses on copywriting, publicity, infomarketing, marketing plans, naming, and branding - not to mention the popular "Marketing for Introverts" course.
        {{ DiscussionBoard.errors[6745507].message }}
  • Profile picture of the author HeySal
    Get rich quick minds don't want work - they just want the paycheck. They don't care about a business doing something they love. They just want cash. Period.
    Signature

    Sal
    When the Roads and Paths end, learn to guide yourself through the wilderness
    Beyond the Path

    {{ DiscussionBoard.errors[6700974].message }}
    • Profile picture of the author abbe77
      I guess many marketers fool the users by fancy advertisements. Although sometimes it may be true that some one earning quick money but he/she did not mention about how long it took to reach this target. They only mention like "Earn $100 in 1 hour" without mentioning that after how many months or year will take you to reach this target

      Another reason may be as internet is very dynamic and today HOT is next year NOT so people want to earn as quick as possible. But its fact that whatever you start , same rule apply everywhere "Hard work and Persistence rewarded"
      {{ DiscussionBoard.errors[6701037].message }}
    • Profile picture of the author Joseph Robinson
      Banned
      Originally Posted by HeySal View Post

      Get rich quick minds don't want work - they just want the paycheck. They don't care about a business doing something they love. They just want cash. Period.
      I didn't make money reading this. Therefore it is a scam. Give me back my money Sal!

      It's a joke obviously, but you can bet your bottom dollar that out there, somewhere, there actually are people that think like that. People don't want slow money because it means hard work, and the idea that said money might not come while you wait. Immediate results bring comfort, even if it is in much smaller margins.

      People just don't like to take the risk of a real long term business, and chase dreams instead.
      {{ DiscussionBoard.errors[6704983].message }}
  • Profile picture of the author lollobrigida
    There's nothing wrong with slow money...the opposite is the case...
    but I think it takes some experience (either in business or in life or in both)
    to realize that.
    {{ DiscussionBoard.errors[6701013].message }}
  • Profile picture of the author hagendazz07
    In my opinion the vast majority of warriors now are under 25 years old and they are the generation that wants everything right now. They only thing they want is to make money quickly, so they won't have to go to school or learn anything and they'll be able to retire when they're 35.

    Bottom line, the wf is not the place to sell long term business model(idea,concepts, let alone principles) anymore. IMO

    @intergen I'm interested, I will Pm you
    {{ DiscussionBoard.errors[6705106].message }}
  • Profile picture of the author Michael Oksa
    MONEY

    Fast vs. Slow

    Easy vs. Difficult

    More vs. Less

    IF all other things were equal, who would choose to have it later, work harder for it, and end up with less? Let's be honest about what we want. Of course you want more, sooner, and easier.

    The reason some people prey on these desires is because they are so deep-seated.

    Now, does that mean slow money is bad? Not at all. It's my belief that everybody needs a combination of fast and slow money sources. There are times when emergencies come up, and it's good to be able to get money fast. At the same time, slow money as a way of increasing one's net worth, so that's good too.

    Let's not pretend that all "fast" money is bad, or that we don't want it. But let's not mislead people by negating the value of "slow" money.

    All the best,
    Michael
    Signature

    "Ich bin en fuego!"
    {{ DiscussionBoard.errors[6705334].message }}
    • Profile picture of the author fin
      I'm giving myself 2 years before my blog becomes a hit and can earn me enough money to live on the beach.

      I'm still gonna live on the beach, but I just have to work for it lol
      {{ DiscussionBoard.errors[6705393].message }}
  • Profile picture of the author jbsmith
    Good points Michael - it's when the quick money comes at the expense of longer-term business building that things get ugly.

    I've been in IM since 1999 and can pretty much say that 90%+ of the people I knew back then are no longer in their own business today...those that are haven't followed the quick buck.

    Go get em Fin...you may just surprise yourself and beat your 2-year estimate...the good news is with that outlook you will be planning and executing in the right direction.

    Jeff
    {{ DiscussionBoard.errors[6711718].message }}
    • Profile picture of the author Michael Oksa
      Originally Posted by jbsmith View Post

      Good points Michael - it's when the quick money comes at the expense of longer-term business building that things get ugly.

      I've been in IM since 1999 and can pretty much say that 90%+ of the people I knew back then are no longer in their own business today...those that are haven't followed the quick buck.

      Go get em Fin...you may just surprise yourself and beat your 2-year estimate...the good news is with that outlook you will be planning and executing in the right direction.

      Jeff
      Jeff, you're absolutely right about the need for long-term business building.

      Fast money, in and of itself, is not good or bad. The real problem isn't how quickly somebody can earn money, it's thinking that they don't have to do anything to get it.

      To put it another way: fast money and lazy money are not the same thing.

      All the best,
      Michael
      Signature

      "Ich bin en fuego!"
      {{ DiscussionBoard.errors[6711800].message }}
  • Making some quick money is not inherently bad. Trying to bypass the necessary previous steps (hard work, planning, common sense, etc) is the bad thing, not the quick money in itself.
    {{ DiscussionBoard.errors[6711924].message }}
    • If I had to choose the most important thing I've learned from my experiences with entrepreneurship, it would be this: NOBODY has a magic formula to attract hordes of new customers overnight. Even huge amounts of money spent on ad blitzes can't accomplish this.

      No matter how big or small your business is, most of your clients decide to pay you because of what they hear on the grapevine - and word of mouth takes time, even with the Internet.
      Signature

      Bros find strictly platonic dudes on seekBromance.com
      _______________________________________________
      "It's pretty simple. You work hard, you believe anything is possible, and you try to make the world better."

      {{ DiscussionBoard.errors[6712128].message }}
  • Profile picture of the author Jesse White
    I think that quick and easy money is fine, as well as 'slow' money.

    Money is money.
    {{ DiscussionBoard.errors[6712123].message }}
  • Profile picture of the author abbe77
    And I also think those who claim that you can earn money without spending any penny. They are totally wrong. In addition to patience and hardwork, investment needed as well.
    {{ DiscussionBoard.errors[6745427].message }}
  • Profile picture of the author Josh Monroe
    I think in the beginning a lot of people want quick money as they are either in debt or have a bill to pay. A lot of people with little to no money will see all these hyped up income claims and fancy sales pages and think, hey this might just work only to be disappointed.

    I get questions all the time about people needing to make X amount in X days (usually it's something ridiculous like $300 in 4 days) as they desperately need to pay a bill. I simply explain to them, that for someone in the position that they are in (total newbie) this isn't realistic and they need to be taking things a lot slower. Sometimes I can tell they are so desperate I advise them to stay away from the IM industry until they get back up on their feet completely.

    I hate seeing someone who is already struggling/in-debt have their hopes shattered again (and possibly go into even more debt).
    {{ DiscussionBoard.errors[6746127].message }}
  • Profile picture of the author Bill Hugall
    Flash and dash all the way. At least in IM. I have yet to see a successful MMO product that used the slow and steady approach. I think we all get to that understanding at some point down the road.
    {{ DiscussionBoard.errors[6746165].message }}

Trending Topics