There are no official statistics, but it’s fair to say that a majority of people who attempt to get into making money online end up failing. When I say fail, I don’t mean that they never make $1. I mean fail as in they give up and quit. You can browse your favorite internet marketing forum and just look at all the people that started out and just disappeared (all of those “my journey to $100/day” threads).
Upon launching my last WSO, The eBay Product Sourcing Guide, some of the questions I received were clear signs of people who will fail at making money online. That compelled me to make a list of common reasons I see people fail at making money online.
1: They are lazy
Making money online requires work. That scares off a lot of people immediately. The problem is that there are thousands of WSO’s and so called “experts” telling you how to make $xxx,xxx in a week with no effort. The people who are foolish enough to believe this are the ones that end up giving up because they have a false belief about what making money online is all about. Affiliate marketing, selling on eBay, etc. are not get rich quick schemes.
The low barrier to entry for making money online also attracts lazy people. I can’t even tell you how many times I’ve seen the following formula listed for making money online:
- Pick a niche
- Get hosting and a domain
- Start a blog and include affiliate links and ads to make money
- Get rich
This process is what makes up over 50% of the products that claim to show you how to make money online. What they skip is the amount of work it takes to get enough traffic to your blog to make money. They don’t talk about how you actually have to study marketing, copywriting, and even some web design. I don’t remember the last time I saw a mention of split testing in one of these books. My point here is that making money online is not for lazy people. It takes hard work and dedication just like any other career.
2: They don’t get immediate results
Piggybacking off the first reason, people tend to quit when they don’t start making money immediately. Many people go years without making any type of decent money online. If your goal is to get money quickly, get a job. You should be approaching making money online like you’re starting a business. That’s one of the biggest mistakes people make. They think on such a small scale. If you think small, you’ll get small results.
Be prepared to work for weeks or months before you start seeing any type of profit. We live in a world where we need immediate satisfaction. The lack of patience in the IM world is ridiculous. Because there are so many variables that can be tweaked to completely alter your results, it can take a lot of time to start profiting. If you’re an inpatient person, making money online might not be for you.
3: They need their hands held
I hate to be the one to break it to you, but nobody is going to hold your hand step by step in your journey to make money online. Even though we have access to SOOOOOO much free information online about making money online, it’s still not enough for some people. Everything you ever need to know about making money online is available for you at any time with a quick Google search.
Asking for help, and expecting someone to tell you to do A,B,C to get $XXX,XXX are two totally different things. For example, asking for recommendations for a good affiliate network is perfectly acceptable. Expecting someone to tell you what offers to promote, how to promote it, and a link to the landing page they use for the offer is completely unacceptable. The sad part is, I am not exaggerating at all. I have seen this happen several times, as well as had people do similar things to me.
People who are truly successful at making money online put in a lot of hard work to get there. Do not expect them to just freely give you all the information they’ve learned. Put in your own time, research, and gain some experience instead of trying just copy someone’s blueprint.
4: They read but never take action
Have you seen the people who do nothing all day but browse Warrior Forum, Wicked Fire, and IM blogs? Maybe you are or were that person at some point. There is nothing wrong with doing some research. In fact, I highly recommend learning as much as you can about making money online. The problem arises when all you’re doing is reading concepts and tips, but never putting what you’ve learned into action.
Instead of throwing all of your money away on the latest WSO of the Day, start practicing what you’re reading. There’s no better way to learn about internet marketing and making money online than experimenting and taking action. A majority of your time should be spent actually taking action, and then you can do some research and reading in between. I still read and research all the time, but I spend a majority of my time actually doing things. You should too.
Don’t fall victim to these excuses for failure. Making money online isn’t the easiest thing in the world but if you stick with it, the results are great.