Raring To Have Another Go At Internet Business- Advice Needed

6 replies
Hi everyone!

I started my first try at owning an internet business selling information products 3 years ago. Sadly, i had to call it quits 1.5 years into the making since i (a) ran out of money to spend, (b) earned negative despite investing at least $8,000 into the business.

I have learnt lots of lessons regarding my failure and at the same time brushed up on my knowledge of internet business models. Over the last 1.5 years, i have devoted myself to learning the ins and outs not only of internet business, but also marketing, sales in general.

I do not regret the money that i have spent since i have gained lots of knowledge that i plan to use in the future. I know that many people out there will say that it is useless to gain knowledge but again i have to reiterate that i WILL USE this knowledge in the future.

Top 5 Lessons I Learnt:

1) Do not start a business JUST to earn money. Your business needs a mission to survive. One of the reasons i failed was that my primary focus was to make money, lots of it.I had been sold the newbie's get rich quick dream of sipping pina coladas at the beach.

2) I needed a mentor to succeed, someone to guide me and encourage me along the way. I tried to go all the way all by myself and that was the fatal mistake.

3) I spent too much time learning the wrong, misleading things sold by the wrong people, and too little time spent listening to learning the things that would benefit me.

4) You only need to make it once, and you would already have beaten the 95% failure rate of internet entrepreneurs. In other words, i realised i should have taken my time and not taken too much action at a time when i had very little CORRECT knowledge on how to run an internet business

5) I needed to build ASSETS online, assets that give me traffic or earn money for me. I went down the road of paying for traffic, not google adwords or anything like that but media buying (cheap and expensive). I lacked the skills to convert, my product was not good and before i knew it i was out of cashflow=out of business


I am planning to start another internet business, this time focused on building an authority blog and an asset that i can capitalise on for social proof and credibility.

I am planning to use free traffic methods to promote the blog and possibly monetize it through my own product.

However, i do not know the potential pitfalls of the intended business venture i have.

Examples include:

1) Capital Needed before i start earning money ( even though i am relying on free traffic, i believe that to be on the safe side i need at least $100,000 to be safe, $200,000 to be comfortable even though i might only be investing 10-30% of it.
2) Amount of time i need to invest (should i do it part time with a job or full time and quit the job?)
3) Blind-spots that i might have missed out on

Thanks for any constructive inputs:-)
#advice #business #internet #needed #raring
  • Profile picture of the author webmonopoly
    Hey man, go for it. Doesnt matter how long it takes to make it.
    Want To Make Real Passive Income? InvestorChamp.com
    {{ DiscussionBoard.errors[6690453].message }}
  • Profile picture of the author Cpawhiz
    Do you know it took me three months to get an affiliate check from my first affiliate gig, I did hostgator, I saw the sales and did not see the money, I quit doing it after a month thinking I was being ripped off, then one day a 300.00 check hits the mail. I picked the gig right back up and just kept going.

    My first check in cpa was pretty much the same thing, I wasn't earning money or thought I was doing anything constructive, then after failed test and test it came together and I started earning money.

    Now all these people who hop on here and say I need money today, well sadly that is not how it truly works here. Yes there are ways to earn money today but not consistent ways, and most require black hat techniques.
    {{ DiscussionBoard.errors[6690488].message }}
  • Profile picture of the author trewith3
    I understand your frustration about starting something and then it not turning out exactly how you planned or the website has no return on your investment and the outcome is not as quickly as you thought it should be.
    However, some smart advisor gave me a suggestion when I first started out doing this internet business, he said, first thing is to let people know you are out there. Then he showed me how to implement a game plan to be a creditable source, (write articles or reviews about your product and submit it to Ezine articles) this is a very slow process, but in itself very rewarding. Join forums, like this and for example, I am meeting very interesting people, like you. Good luck in your venture and don't give up on your dream.
    {{ DiscussionBoard.errors[6690772].message }}
  • Profile picture of the author briantymes
    If you plan on building an authority blog, I would recommend you start off part time. Focus on creating high quality content that people will want to read, and make sure you let people know that they can subscribe to your RSS feed to stay updated.

    When it come to monetizing your blog in the beginning, I would suggest you just use Adsense until you are getting a lot of traffic everyday. Later on you could promote different affiliate products in order to start generating more of an income.

    Don't forget to learn everything you can about proper on-page SEO and make sure that every post is optimized to the best of your ability. You should also create social network accounts and make sure you are bookmarking every post you make. Of course you can use other backlink building techniques as well.

    If you take your time and do things right, the only money you will need is money to live off of. The only thing you should have to pay for in the beginning is your hosting account and domain name, and they are very cheap.

    You should also wait until you have a steady monthly income that can replace your current income before you decide to quit your job and do this full time.
    {{ DiscussionBoard.errors[6691679].message }}
  • Profile picture of the author netfisher
    I to have had some similar experience in the IM world. It can be very confusing, there are so many shiny things, as they say. It seems most is here today gone tomorrow. Whatever you choose look to the long term. I f there is such a thing in this business.
    {{ DiscussionBoard.errors[6711779].message }}

Trending Topics