I have asked many online business owners about how they make money online and probably I have heard that there are at least 30-40 ways of doing it. For a newbie (if that describes you) that can be daunting.
The natural question is “What should I be doing?”
Let me put it another way for you….if I bring you to a shopping center today, you can see that there are many ways that people are doing to make money. There are restaurants, supermarket, money changers, electronic shops, toy shops, beauty saloons etc.
Each of them makes money, right? But each one of them makes money in their own “unique” way. A money changer makes money his own way….he could not care less about how a restaurant runs and makes money. He is focused on what he should be doing to develop and improve his money changing business and that is what he is thinking about all day long.
Now apply the same thinking process for online business…ie…if you are still trying to figure out all this make money online thing.
I have been there before when I was first exposed to the “MMO thingy”…..you start by going online looking at how people make money online. You end up signing up to get a free e-book (or something similar) from various “gurus”. And before you know it your email in-box will start to get filled up with loads of promotions, tips and tricks, secrets on anything online….in relation to social media, YouTube, Video marketing etc etc. The list is too long !!
But hang on…STOP RIGHT THERE. Have you even completed the 1st step? Have you decided which “shop” you want to open? Because if you HAVE NOT decided on the business model, you have not started anything…you are still on “research” mode.
You see….what I am getting at is that some of you may have jumped the gun. Before putting enormous time, energy and investments into this Make Money Online idea, decide on this first …..which is “What Business Am I Going Into?”.
It is the same question as one would ask in the offline business ….. “what shop do I want to open?”
As long as you have not decided how you want to make your money online, STOP BUYING any stuff sold on the internet. Don’t waste your money!!
A money changer will not buy the most advanced cooking wok because that will not help advance his business. A restaurant owner would.
So stop buying “cooking woks”. First decide what you want to do.
>> Do you want to promote physical products or digital products?
>> Affiliate Marketing?
>> Create and sell your own products?
>> Traffic Methods?
>> Email Marketing?
Whatever information that you have gathered so far, you must be able to come up with a “business plan” as to what you want to do to make your online business work. Scribble it on a piece of paper. Draw simple diagrams…see my picture above as an example. It does not need to be nice….it is for you to have a clear BLUEPRINT as to what you are going to achieve.
You may have a couple of ideas at first ….that is okay….then you move to the elimination round….what I call ….my “80:20 RULE”……Ask yourself “If I choose this business model, what will I be doing 80% of the time?” In other words what would be your daily routine?
The daily routine of a money changer is somewhat very different from a restaurant owner. An email marketer selling a digital product has a very different daily routine from someone who sell physical products using Facebook.
I use to operate a veterinary clinic…so my daily routine involves cleaning out the kennels, handling dogs/cats and building a good relationship with the pet owners. It is tough/dirty/smelly and not pleasant but hey, that is the business I chose to get into.
Likewise, if you are into selling physical products, be prepared to spend time with suppliers (good and bad ones), be somewhat good in negotiations and so on.
If this is something you are not good at or you think that it is something that you do not want to do, drop that business model. Find another one. There are plenty to choose from….but remember the 80:20 RULE each time.
Example….if you have never stepped into a kitchen before, then don’t open a restaurant. Go do something else…even if you hear that someone is making tons of money in his restaurant business.
By doing this exercise BEFORE you start any business, you would have prepared yourself for the long haul.
Do you know that the “success rate” of any internet marketer is only 5%?? I believe one of the main reasons this happens is that many don’t do this part of the homework…..
Only when you have put these things together, then you start going deeper into the business model you choose.
ONLY THEN you start investing in the programs/tools/coaching that will help you develop the business model that you have decided in the 1st place.
IGNORE THE REST….
Apply the same principal when you “follow” a guru. There are gurus offline and online ….. now if you think this way you would now notice that EACH GURU HAS A DIFFERENT BUSINESS MODEL. Some do Amazon business. Others do blogging. Others Email Marketing…and many other ways.
Understand that your business model has to be aligned with the guru that you are following. It just make common sense, right? Unfortunately, common sense is no more common when you are constantly bombarded by some many “guru” who tells you that their “business model” makes them tons of money. Every guru says that. So you have to choose wisely. You can only do that YOU have decided for yourself what you REALLY want to do.
I hope this article will set a light bulb in your head….and PLEASE TAKE ACTION if you have done it yet.
P/S I have posted another writing in relation to this. CLICK HERE to that entry….
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