If you’re one of those people who like shiny objects or get rich quick schemes, then you will be highly disappointed reading this post.
There is a lot of information out there on the internet on how to make money online. Needless to say, there are hundreds of ways to make living from the internet and thousands of people teaching you the same.
This post is not about how to make millions of dollars online, but an honest account of what it takes to achieve the million mark.
1. Don’t consider it a part-time hobby, Take it as a real business – Because you are making money using your laptop and internet connection, doesn’t mean you consider it as a hobby. Just like a brick and mortar business, an online business also needs the same amount of dedication and efforts, in fact even more! You can start it as a part-time gig while attending a full-time job, but approach it with equal seriousness. Be ready to stay awake for nights and working on weekends. Prepare yourself to cut down on your family time and social life. If you want something bad, you will have to burn the midnight oil. There is no escape from it.
2. Focus on one thing at a time, until you succeed – One of the biggest problems people face while making money online is that of “information overload”. It is very difficult to get distracted by shiny objects. If you really want to excel online, choose a method which you like and keep working until you make that very first dollar. Once you know it works, you can always optimise your processes and move ahead from there. Stop jumping from one method to another just because someone is making a ton of money from them. Stick to one until it works. There are no shortcuts to hard work.
3. It is not a one-man show. Don’t burn yourself – When you are just starting out, you might be required to carry out a number of tasks on your own. This is when you will have to put in the maximum efforts to learn and execute. However, once you are able to make a method work, start outsourcing the jobs which you are not very good at or those which you feel can be better carried out by other professionals out there, for e.g. graphics designing. Eventually, after managing a lot of things simultaneously, you will realise what you’re good at and that is where you should put all your focus on. For rest of the tasks, you can hire people. This will not only increase your productivity and prevent you from “ burning out”, but it will also improve the overall quality of the work.
4. Learning never stops. Don’t get comfortable – Just like any other field out there, the online industry is always changing. Methods change, traffic sources change, search engine rankings change, and of course, the technology change. That’s why it is extremely important that you keep learning and updating yourself with the latest information. The best investment you would make for any type of online business would be the investment in yourself. Take new courses, attend seminars, read books, talk to experts and network with people from your industry. Never get comfortable with what you know. Stay hungry and foolish.
5. Help others. Spread the knowledge and grow – This might go against the popular mindset of most of the online entrepreneurs who believe in not sharing their business secrets. On the contrary, we believe the more you share your knowledge, the more you learn. The more questions you take, the more you get to know about the things you don’t know. By helping others, you will not only polish your knowledge but would also make new connections, an asset you would find extremely important in the long run. It’s ok if you don’t want to reveal your secrets, but you can always point people in the right directions and guide them whenever needed.
6. Adapt and keep moving – The method you are using today might not work tomorrow. The traffic source you are using today might disappear tomorrow. In online industry, change is the only constant. The quicker to adapt to changes, the faster you will succeed. Don’t stay stuck if you are not able to solve a particular problem in a certain way. Look for other angles to tackle the problem. For e.g, if one of your traffic sources is not working, look for some other way to get traffic. Believe me, there are plenty out there. Don’t get left behind in adapting to changes. The swifter you move, the sooner you will see results.
7. Ask. It won’t make you look dumb – If you are stuck at a problem, don’t sit and stare at it. Ask others, it won’t make you look small or dumb. There are many people I know who are too shy to ask and therefore not able to move ahead. The good thing about the online world is that there are several forums and communities out there for almost every topic under the sun. Join these forums and get your query resolved. Take action and keep moving. The more you ask, the more you will see yourself making progress. Whether it is asking for help or seeking an answer to a seemingly stupid question; just don’t hesitate.
8. Reinvest in the business – Once you start making good money, it is important that you reinvest a part of the money back into the business. We know this goes without saying, but we have seen a lot of online entrepreneurs, spending all their profits without reinvesting back into the business. By no means I am saying that you shouldn’t enjoy your success, however, if you want to grow and scale your business to greater heights, it is imperative to reinvest some part of your profits back into the business every month.
9. Don’t just make and forget. Learn marketing – Whether you sell services online or have your own products, you will have to market your business. The competition online is fierce (Thanks to the ease of entry), and therefore it is more important to not only produce new things but also take your product/services to the people who would be in need of them. Online marketing is a vast field with several methods to achieve the end goal. Depending on your industry and expertise, choose the marketing method which will get you the best returns. Sometimes you will have to put the same amount of time and resources in marketing that is required in creating a product. Be prepared to make considerable investments in promoting your business.
10. Don’t ignore your health and personal life – As you start working harder and make a good amount of money, you will always find yourself pushing for better profits. Gradually everything else will start taking a backseat as you spend hours each day in front of your laptop. Though it’s the right attitude to achieve your goals, do realise that there is more to life than your business. Having a strong support system comprising of friends and family is extremely important. A fit body achieved through regular exercising and healthy food will not only improve your overall health but would also increase your productivity and performance in the long run.
Over to you..
Do you think any of the above points make sense to you?
Let’s know in the comments below.