Are you tired of wasting money on your business without any success?
I was too.
I’ve spent long days and nights contemplating on if being an entrepreneur is the right choice for me; I was constantly thinking did I waste my time and money with this idea? I wasn’t making money fast enough. It started feeling like a hobby and I couldn’t understand why. I fault society, for making successful businesses look like a microwavable project, success in minutes. I wasn’t ready to give up, so I started to do more research. I learned that I wasn’t alone. You’re not alone. This phase I went through is common for many entrepreneurs starting out. I come to tell you, there is light at the end of the tunnel, keep pushing.
Once I started making money online, my perspective changed, my habits changed, and my hunger changed. It was clearer to me the reasons why I failed to make money online; why people fail.
Good News! It has nothing to do with your business not being a good idea, or there isn’t a market for you. What I am about to tell you will help you change your life. Your business will be booming in the next 3-6 months. I believe, to change you must acknowledge the problem first. Promise you won’t hate me when I tell you the main problem, why you have not made money online... Ok Good... So ... The problem is you. The problem was me. If you’re a newbie entrepreneur, I want to do something for you that wasn't done for me. Here are 5 reasons, why people fail to make money online.
1. Unrealistic Expectations:
I made this mistake so many times. I had the idea, the plan, and the action, so I thought. I was on my way to millions. In my Rick James voice, “I’m RICH B*@#*$!” I noticed that most new entrepreneurs come into business thinking their lives will change in minutes. Without counting the time, commitment, effort it will take to pull this million-dollar life change off. The feeling I had was like going back to college all over again. Only this time, I was without a professor, a major, and a sponsor(loan). Basically, the time I spent building and grooming my business was like having a baby for the first time and trying to teach him/her how to potty. Spending hours on YouTube watching how to train your dog in one day. It was all impossible to do, in the time I expected to do it. It took a long time, and nothing was quick about.
Actually, I spent so much money buying courses on how to do this and that in less than an hour, from people who were doing it or claimed to be doing it. I failed to focus on one thing, taking the time to educate myself on the skills I needed and actually putting what I learned into action, getting the results, and repeating the process. It took consistency, continuous learning, setting realistic goals for shorter and longer time periods, checking off what worked and what didn’t, taking risk, and repeating the process. Not watching YouTube for hours, just to get 3 free tips, super motivated, and no quick results.
2. Giving Up
After investing so much time into watching videos on how to do this and that, I thought I should have the results the other entrepreneurs were boasting about. It didn’t happen for me in the timing I expected. Many times I gave up. I stopped being consistent, stopped thinking about the business, stopped learning, and took no action. That may be you’re story, or someone you know story. If having a business is what you really want, being your own boss is what you dream of, then don’t stop. Keep in mind that growing a successful, profitable business will be a slow process but will have a greater outcome if you keep going. You will make mistakes, but with the right mindset you will recover. You may lose money, but you learn and move on to make better decisions.
I wasted a lot of money in the beginning . I thought I needed every software, subscription, and products that popped on my computer screen. I was focusing on the wrong things, which frustrated me to see more money going out then coming in. I should have focused on building up my customer base first with what I had and then invested over time. At that time, my best solution was to quit the business. Don’t give up so early. If you fail, take your failure as a win. You can only go up from there.
I love learning . But what I and many other new business owners fail to do is educate ourselves on the right skills needed to better our businesses . I would buy every book I thought would be beneficial for starting a business. That helped reiterate what I already knew basic steps, but I should have been focusing on skills like targeting. How to find my target audience, learning how to bring traffic to my site, the principles of marketing. Invest in learning skills that will prepare your business for growth, master the skill, and put the skills into action.
This was the hardest step in growing my business. Often times, I would start something and then stop. Procrastinate on tasks that I needed to do. I would spend so much time reading about what to do but slow to put any action behind it. I started noticing how much time I was wasting learning the same things over again and seeing the results would go up and down like a seesaw, when I put into action what I learned. Watching the analytics for my website, had me feeling the way I feel when I eat salt and vinegar chips. How could I be excited to see 1 new person visit my site for the month. I was fooling myself. That was what I deserved, because I barely put any effort into doing better. I could do better.
Start with SMART goals. Educate yourself on the skills you need to reach the goals you set. Plan it out. Execute your plan. Make it happen. Check off what you have done and do it again. I emphasize do it again because I failed so many times because of the lack of consistency.
There will be times you have to spend some money to make money. Just spend it wisely. When I started Go-Teks, I had signed up for every subscription I could. Many of them, I didn’t even use. Like printing my own stamps. I wasn’t mailing out more than 3 packages starting out. I could have purchased a book of stamps and used that until I started making more money . Instead, I purchased a subscription. I didn’t know how to use it and the site was over complicated. I had to pay a monthly subscription, plus stamps, labels, and any packaging needed. It stayed in the box for a whole year before I finally canceled. I guess the thought of having it made me feel more official. Don’t make the mistakes I made. Write down what you need to start your business, what you already have, if you need it now or could it wait,and how much it cost to get what you need. Shop around for best prices but don’t cheat yourself. If you need a class, find an affordable course you can take that will give you what you need to push your business forward. I’m not talking about a free seminar, like Robert Kiyosaki’s Rich dad poor dad real estate BS. His program offers a free workshop to get you all juiced up on how much money you can make, while feeding you pieces of how to make money for $300 dollars.
However, that’s for the workbooks, if you need a mentor it’s $10,000 and if you want to call anytime it’s $20,000. Don’t get me wrong there's some bomb people out there like King Ashley Ann that will give you valuable information for a decent price. Don’t skip the freebies, but don’t rely on them to become enough to grow your business. Keep in mind, Quality over Quantity. Make wise choices.
Overall, to make money online you have to first choose to become successful, plan realistically, don’t give up if it gets tough, learn, grow,and implement what you learned. Reach out for help when needed, don’t be stingy when trying to grow your business, everything isn’t free and everything that's free isn’t beneficial. Keep pushing and be great.