Apr 23

Don’t Go Broke Trying to Build an Online Business

Forty Thousand Dollars Later

How much are you spending to learn the tricks of the Internet marketing trade? Are you spending cash hand over fist in pursuit of an ideal approach to implement your business idea? Do you find yourself hitting the BUY NOW button day after day, believing that you’re about to find the missing link in your moneymaking chain?

If you’re spending a fortune on your business, you’re not the only one. Many IMers are on the buy-buy-buy-and-buy-some-more treadmill.

Those spending habits have a logical appeal. It’s entirely reasonable to invest in new strategies and tools to fine-tune your profitable IM enterprises. Investing in new materials to stay on top of a quickly developing industry is reasonable. However, there is a problem with running on the BUY NOW treadmill if you’re not making any money.

Buying new tools to stay ahead of the games is very different from desperately making purchases in hopes of finding base-level success.

You want to be the smart investor. You want to avoid being the serial buyer whose efforts only add to his or her debt.

Buying the Right Way

So, how do you avoid becoming the wrong kind of serial buyer? It starts by building a rock-solid foundation. If you ignore the bells and whistles, you’ll see the IM is really based on a few simple premises.

You must have a product you can sell. You need a way to sell it. You need to secure traffic to the website you’ll be using to generate sales.

That’s it. All of what you do needs to relate directly to one or more of those core basics.

So, you must work to create a strong presence on all three of those fronts. Everything you buy should support your efforts to work on one of those three factors.

Before you start reaching for details, tweaks, adjustments and tricks, you need to develop your core means of making online money. When you have a foundation in place, you will make money. Then you can start experimenting with new ideas and products.

How to Build Your Foundation

You don’t need to spend big money to build a profitable foundation. This is what you need to do.

  • Develop a holistic understanding of Internet marketing. You need to hear, straight from the proverbial horse’s mouth, how things fit together and what really works.
  • Focus on ways to boost traffic. Traffic is, as noted, one of the core elements to a successful online business. It’s probably the most important of those three elements. Without traffic, you can’t determine if your product is interesting or if you’re sales strategy is working.| Absent traffic, you can’t determine if you have the right product or a workable sales strategy. You need to get people to your site as soon as possible.
  • Secure ongoing support. An ebook can be great. A video can be invaluable. However, there’s nothing like developing an ongoing connection with a coach or mentor who has a history of success and a willingness to show you the ropes. Quality ongoing coaching makes the learning curve less steep and prevents you from wasting time, energy and resources on things you don’t need.
  • Don’t overexpose yourself. You want to meet your objectives without risking significant losses. Avoid overspending on the tools and information you need to build your business. Find a small business coaching opportunity that doesn’t require a fat up-front commitment and that doesn’t lock you into a multi-month contract.

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