The money-making lessons I learned

14 replies
I see posts every now and again on the forum regarding either the fundamental mistakes or the fundamental steps that people need to avoid or to take (respectively) when seeking success in the crazy world of Internet Marketing. There are usually a few things that are consistent in these posts, but there are usually a few unique things as well. Either way it is all good. So, I thought I'd throw my 2 cents into the ring too. A few years ago i was a zero in the Internet realm (zero money, zero credibility, zero strategy, etc) and I struggled hard for a breakthrough. It finally came, but it would have been sooooo much easier if i had just realized a few things earlier:

1. Stick with one thing (at least for awhile). This was a huge, difficult lesson for me. It is so easy to get distracted by all the new ideas, voices and products out there. It is easy to get excited about the next big thing and the next "can't loose system." I know tons of people who went from new project, concept or system almost weekly. I was one of them. Nothing will kill your chances for success faster than losing focus and/or putting your hands in too many baskets too quickly. Pick a strategy or a system that you know works and stick with it for 3 to 6 months MINIMUM. Don't do anything else, don't buy any other WSOs or start a new business plan. Keep a laser focus on that one thing until it finally burns a hole through the Internet. Please don't confuse this advice with sticking with something you hate or throwing good money after bad for the sake of saying you tried for 6 months. Which leads me to the next point...

2. Learn to adjust. Odds are you will make mistakes and you will fail. Dont take that as a personal failure though... it is really a learning success! You're now just one more step closer to what will work!. Make sure you view your learning as progress. Make adjustments and avoid throwing in the towel at the first obstacle. No one gets it perfect the first time out and you shouldnt expect to. You should expect to succeed and expect that you are on a journey. But believe me that the journey to success will be much shorter if you learn to make adjustments quickly and creatively and move forward.

3. Hire a coach. Avoid the big gurus like a plague. Sure, they have some good products out there, but they can't really coach you the way that I guarantee you want and need to be coached. There is a difference between a coaching program and a coach. The former may have a figurehead, but most often the content is boiler plate, pre-prepared and never customized for you. Here is a better idea: hire a coach that doesn't coach. That is, find someone who has a business like the one you are attempting (but not the same subject/product) to establish and see how much it would be to have them take you on as a mentoree. It will be well worth the cost and speed you on the way to success. You may just be surprised at how eager someone is to do this.

4. Outsource everything you can. I spent a lot of time trying to do everything.... Designing, programming, writing,etc. That is a huge waste of time (and, ultimately, money). You can outsource any or all of that for super cheap, letting you foucus on ideas, partnerships, traffic or whatever. Once i got over the desire (or falsely percieved need) to do everything myself, things really started to move forward. Dont ever be afraid to outsource.

5. Find the money. The great thing about this biz is that you can start on a shoestring. I hear too many people complain about a lack of funds. A website can be up and running in a couple of hours for less than 20 bucks. Sure, twenty dollar bills dont grow on trees and youd really like to have a few of those handy to start out, but it is just not that hard to get you seed money. Seriously, have a garage sale, skip that dinner or lunch out, sell your books, house-sit for someone, ask for money for your birthday, sell your ipod and your tv, take out a small loan from a family memeber. The possibilities are endless when you really want to succeed (yes, i know there are always circumstances and issues that make getting some investment funds difficult). But...

6. There are always excuses. And very few of them are any good. So, get over it (I know I had to). There never is enough time. Wrong. There isnt enough money. Wrong. I will start fresh on monday. No you wont. This new system i just bought will change everything. Nope, it wont. My dog died. Sad, but has zero to do with making money. The season finale of my favorite show is on. You are the master of your own choices.

Just stop. Stop. Stop. Stop.

In fact, just stop reading this thread right now and go answer these questions:

1. How much seed money do i have right now?
2. What can i do or sell to get more money by this weekend?
3 What single system or business model will I implement over the next 6 months?
4. Who could help me learn the ins and outs of that model/system better and faster?
5. What are my first ten actual, specific steps that i need to take to move forward. I will complete 2 per day until thay are done and then write my next 10 and repeat.

Now, go. Go make some money.

And don't forget to have fun!
#learned #lessons #moneymaking
  • Profile picture of the author Tyrus Antas
    It's funny how people end up passing through the same experiences... The first one is spot on. Good post.

    Tyrus
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    yes -no
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  • Profile picture of the author coreygeer
    When I first started making money I had nothing.. and I do mean nothing, I was about ready to jump in traffic. I learned that it's harder to make money when you have none.

    You end up running around in circles and you think to yourself "Should I really try that method, because if it doesn't work then I can't afford to waste my time on it."

    So what happens is I ultimately ended up doing nothing for a while and lost every thing and lost some more.

    If I could give someone words of advice or a lesson.. I would simply say.. no matter what you do.. do something.
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  • Profile picture of the author runfast
    Thanks for the post. There's lot to learn in IM.
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    If Life gives you Lemons...make Lemonade!

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  • Profile picture of the author Amenda Jessera
    I do agree with you.
    Most of the cases we are linked with at least one of your point here, but not always. It is not possible to as same always, you know.

    Stick with one thing - It is not possible in the modern world, When the world changes and move to new era of earning more money, better to follow it

    Learn to adjust - Ya ok for 90% cases, but not for all. Say, we cannot adjust to a 10 hrs job in 5 hrs..

    So, there are postives + negatives on each points here. Am I right?
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  • Profile picture of the author kckaz
    Learn what traffic getting methods fit your personality instead of chasing the hottest method of the month. If you like data and numbers, consider using PPC. If you like talking, use video/audio. If you like writing, use articles/press releases. As you gain skill with one method, move on to the next. But only after you've developed a good level of skill.
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    Follow me on Twitter: twitter.com/KennyKurtz and I'll follow you back.

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  • Profile picture of the author Quang Van
    Love your post Ed,

    Yeah it's a fine balance between "stick with one thing" and "learning to adjust"... when it's time to move onto the next/new project you will know...

    It's all about learning from websites/businesses that didn't work out... once you get that key lesson, it's time to move on. In fact every new website/business you start should be the 'best one yet', because it's the accumulation of all your past learning and experiences.

    The average successful business person failed 7 times... your job is to keep failing till you succeed.
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    Got Rich Online Click to GET FREE 27 page report "Top 7 Secrets of Making Money Online"
    Website dedicated to How To GET RICH

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  • Profile picture of the author Oscar D
    Great post, thank you
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    -> FindNewDomains - Domain Finding Service WSO - BONUS: Free Domain Name Included!
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  • Profile picture of the author Fernando Veloso
    From a true experience: the same month i decided to move away from forums/new stuff/gurus/ and focus solely on my IM business (3 adsensed sites) i realized how simply it was: content + links.

    A few months later i hit the 100$ day mark.

    So, totally agree:

    Stick with one thing
    Fernando
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    People make good money selling to the rich. But the rich got rich selling to the masses.
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    • Profile picture of the author John Sullivan
      Couldn't agree more with some of your points, especially sticking with one thing for a few months. Most people jump from the latest fad every week that promises the latest quick result.

      John
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  • Profile picture of the author wealthydon
    Your money making lessons are right on track.

    In Mathematics I learnt that the shortest distance
    between "2 Points" is a "Straight Line."

    To make money online fast, the best advice is to
    hire a coach or find a mentor. You cut out trial
    and error. Your learning curve is shortened.

    Your earning ability is facilitated as well.

    We should all learn to emulate the successful.
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    • Profile picture of the author fishman9444
      Great info. I wish I read that 4 1/2 months ago.

      My approach to internet marketing was completely backwards. I started out in direct sales trying to sell some expensive "BS" product/business and trying to make people believe I was successful at it. No one bought. People don't want to join a business, they want to join leaders.

      My next tangent was listening to several of those "big blog gurus" talk about how easy it was to make a blog, put up a couple youtube videos and expect the money to flow in. Again hard to do if you have no experience and haven't made any money in it. Again people want to follow leaders.

      So one day i finally found one business model and stopped downloading all those different ebooks. That is the key. Stay away from the WSO section!

      I found an internet marketer who I can email questions to and actually get responses back in a day. Made a business plan, set goals and now have a clear direction.
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  • Profile picture of the author plepco
    You are right on. In my experience and my observations of others, the problem of distraction and not sticking to one thing is HUGE. It's great in one way, because it eliminates the competition. But seriously...everyone needs to take that lesson to heart.

    It's not an old idea, either: in the book Good to Great this concept (of sticking to one thing, and doing it well) is referred to as the "Hedgehog Principle".

    Also (I saw this almost tongue-in-cheek) spending too much time reading forums is another killer. Yes, learning and getting inspired IS important...but GET OUT THERE and "do" instead of just taking in. A sponge only can absorb so much.
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