I think it is safe to assume that most of you have read an article or two on the subject of making money online. That being the case, you’ve probably read stories of people earning truckloads of money with their internet businesses. But, you probably also know that there are many more failures that you’ll never read about.
In this article, I’d like to discuss some of the most common challenges and why people fail to make money online.
I will also provide solutions to these problems so that you can conquer them once and for all and start moving toward the ranks of the 5%’ers!
If I had to wager, I would bet that 5% of the marketers earn about 95% of the money being made online. What separates the super successful marketers from those who fall by the wayside?
Are they just smarter than everyone else?
Are they super talented?
Are they privy to some sort of secret that is being hidden from the rest of us?
It almost always comes down to how you spend the 24 hours you have in your day.
Top 10 Reasons Why People Fail To Make Money Online
- Improper Mindset
- Lack Of Focus
- Lack Of Priorities
- Lack Of Training
- No Support
- Lack Of Accountability
1. How An Improper Mindset Breeds Failure
I am a member of an amazing community of online business owners and I get to see the questions asked by many new comers. One common question I see goes something like this:
How much money are you all making?
Don’t get me wrong, I don’t mean to insult those who ask such questions. It is a legitimate question. But it does tell me that this person is stuck in the old “wage mentality”. It’s not their fault. So many of us have been trained to think in terms of trading hours for dollars. This is demonstrated in another popular question:
How much money can I make and when do I get paid?
People want to be guaranteed that if they put in a certain amount of effort, they will receive compensation in a timely manner. I hate to rain on your parade but, that ain’t how it works in business! You might make money in a month or two. It may take a year or, you may have to scrap your project all together and start something new from scratch!
If the idea of that is enough to scare you away, all I can say is, start learning to love your day job 🙂
Another common statement I see is along the lines of:
I don’t want to spend any money until I’m making money.
To me, that is like telling your fireplace to give you heat first, then you will put logs in!
Adopting the proper mindset
The entrepreneur mindset is almost opposite of the employee mindset. An employee looks for work after the business has been built. The entrepreneur knows that the work begins before there even is a business. Entrepreneurs are thinking about next year, 5 years from now and even further into the future in many cases.
If you want a secure financial future for yourself and your family, start a business. If you need a paycheck next week, get a job.
Learn to embrace failure
The most successful people you meet are usually also the biggest failures. That is to say, they have failed many more times than the average person. Successful people see failure as a learning opportunity. Some don’t even see it as a failure. They see it as successfully producing an undesired result.
How’s that for winning mindset?!!!!
2. Lack Of Focus
Lack of focus can often stem from a lack of goals. If you have not written out your monthly goals, how do you what to stay focused on? When I neglect to set monthly goals for myself, I find myself wandering in my work. One day I do a little this, the next day a little of that. I know that doing something is better than nothing at all. But without focusing on a goal, it’s hard to measure progress.
How To Remain Focused
I find that the best way to stay focused is to commit my monthly goals to paper (figuratively speaking). I will then figure out what needs to be done every week and every day to keep me moving in the right direction.
Your goals must be written down so you can look at them every day!
Bear in mind that I am talking about goals to achieve a certain amount of work, not monetary goals. You cannot control how much money you will make, but you can control how much work you get done. Remember, as an entrepreneur the work comes first and the money comes later.
And if it’s done right, we are talking about a LOT of money!
We are more prone to distractions than ever. Think about it. How many people do you know where you can have a face to face conversation for 10 minutes without one of you looking at your phone? I can’t fault anyone, I have spent entire days surfing and clicking on things hat have nothing to do with my business!
Why does this happen? We have access to so much information that it seems as though we are more concerned with what we may be missing out on than what is going on in the “here and now”. Not all distraction can be avoided, but we allow ourselves to be distracted by matters of little to no importance constantly.
Shinny Object Syndrome
Wait…….what?…….is that even a thing?
Well, it’s actually more of a colloquialism but we all have that friend (maybe you are that friend) that can barely finish a thought without veering off in a completely different direction. Shinny object syndrome doesn’t just rear its ugly head in social situations though.
I’m sure you’ve noticed that the internet has a spooky way of knowing what our interests are and serves up ads that apply to those interests. Affiliate marketers are not immune. We are constantly being bombarded with offers to buy the latest shinny object that will fill our bank accounts while we sleep.
For the internet marketers who are new or just frustrated by their lack of progress, these offers can seem too good to pass up. Some people spend years and thousands of dollars jumping from one course to another hoping to accelerate their success only to find that it continues to elude them.
Don’t spread yourself too thin
Many times shortly after someone believes they have found the proper affiliate marketing training, they are gung-ho to hurry up and build multiple websites. Sadly, that can often end in people quitting without seeing any results.
Am I suggesting that you can only have 1 successful website? Of course not!
Website maintenance is much less time-consuming then the initial building of the site. When your website has gained some authority in the SERP’s, then you can consider starting the next 1.
The best way to avoid distractions is to set aside an allotted time frame where you will do nothing but work on your business. Even if that means 20 minute blocks broken up with other activities. E-mails, Facebook, Instagram and all the others will still be there when you’re done.
If you are making good progress with your internet business, keep doing what you’re doing and don’t fall for the latest “super duper stuff your pockets full of cash” program. Almost all of them are lies designed to make money for the course creators, not you.
4. Lack Of Priorities
Successful people know how to prioritize their time. They have the same 24 hours as everyone else and have learned to make the most of them. Failures often make excuses and lack of time seems to be one of the big ones.
I understand that there are people out there who are so busy, they barely find time to sleep every night! I am not referring to that group. I’m talking about people who volunteer for a number of social activities that are not absolutely required of them.
The bottom line is, if cannot make time to focus on a business, your situation will probably never change. Are you Okay with that?
“I can’t afford it” is another one. Again, there are those for whom this may be true, but many people are simply not willing to prioritize their spending.
When I was getting started, I was a little strapped for cash and the last thing I needed was another monthly expense. So, I looked for any unnecessary spending that I could eliminate. I ended up canceling my cell phone plan and got a cheap, pay as you go flip phone. It turns out, I didn’t miss my old phone at all and I certainly didn’t miss the monthly bill!
I still use that phone to this day and my friends tease me about it but you know what? For me, the idea of letting a cell phone get in the way of my success was insane!
5. Lack Of Training
Lack of proper training or flat out bad training are a big reason why many online businesses fail. Separating legitimate training from scams can be a tricky proposition. It’s almost impossible unless you’ve already had some training. The classic “catch 22”
Before you decide to invest in training, you should have a pretty good idea of what you’re getting involved in. The best services will allow you sign up for free and get a feel for how they work.
Want to come hang out with me and some of my internet marketing friends?
6. No Support
Many would be online entrepreneurs quit because they can’t find the help they need when they need it. I know firsthand how frustrating that can be! I have quit several times because I had reached a point where I couldn’t move forward no mater what I did. The best thing you can do is find someone who has done what you’re trying to do and ask them how they did it.
There are plenty of websites out there (the site you’re on now for example) run by webmasters who are more than happy to share our experiences. I used to be afraid to ask webmasters questions before I became one. Believe me, we want your questions!
Fear can be a huge success killer if you let it get the best of you. The idea of publishing content for the whole world to see is extremely scary for some people! But why? What is there to be afraid of? If someone doesn’t like what you have to say, they will simply move on to another site.
Fear of failure
I could understand being afraid of failure if I was committing my life savings or taking out a huge loan to start a bricks and mortar business. But if an internet business fail, you’re only out about $13.
The best cure for fear is action!
Doubt is another big success killer. It’s only natural to have doubts though. We have all been told over and over again that if something sounds too good to be true, it probably is. Earning a six figure income by posting articles on a website certainly seems to fit that criteria.
Yet many people have done it. I have read stories from bloggers who never dreamed their websites would be as successful as they are. They had doubts but took action anyways and they live amazing lifestyles working part-time!
In the video below Tony Robbins brilliantly explains the physiology behind those who succeed vs those who fail. It’s a bit lengthy but it’s worth a watch. I can’t recommend it highly enough!
9. Lack Of Accountability
Do you know any of those people who blame every problem in their life on someone else? Nothing is ever their fault! People do the same thing when their businesses fail. The problem with looking for someone else to blame is that you never learn anything.
We all make mistakes. It’s not the end of the world. So, if you make a mistake, own it, ask for help when you can and move on!
Rome wasn’t built in a day. Neither was amazon. The fact is, the people who own the most successful online businesses worked their asses off with little or no results for months and months. You really need to take a long term perspective when building this kind of business.
Putting in that kind of work into a project that doesn’t guarantee success can be a tough pill for some to swallow. Persist. Be patient. You have to be willing to give yourself time to succeed. It won’t always be easy and it won’t always be fun. But it will very likely be worth it!
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