August 29, 2011, 5:00 am

Why People Fail At Making Money Online

by: The Financial Blogger    Category: Make Money Online
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broken computerThis is a guest post by Mike Collins.  Mike writes about all things money at SavingMoneyToday.net and MoneyMattersGuy.com

As the economy continues to go up and down like some never-ending rollercoaster, more and more people are looking to the internet as a way to earn a living.  They hear tales of bloggers who earn enough to quit their day jobs and work from home in their pajamas and figure they can do the same.  But most of them will fall flat on their face and never even make a penny on the internet.

I built my first website way back in 2004, so I’ve been around long enough to see many would-be entrepreneurs call it quits.  In my experience there are 4 major factors that keep them from being a success.

They’re lazy.  Most people think making online is easy.  They assume they can just write a couple of articles, click a few links, and the money will come pouring in.  But if that was true, don’t you think everyone would be doing it?

Sorry to break it to you but an online business is like any other business.  It takes a lot of work to get off the ground and build a steady flow of income.  If you think you can get rich overnight…you will fail.

They never take action.  I can’t tell you how many people I’ve met online who suffer from “analysis paralysis.”  They spend countless hours in forums looking for the perfect money-making formula.  They download every how-to ebook they can find and obsess over the smallest of details.  They spend all their time analyzing and in the end they never actually do a thing.

Now I’m not saying you should just run off without a plan.  That won’t get you very far either.  But at some point you’ve got to actually get started.  You’ll never get anywhere if you don’t take that first step.

They lack focus.  I fell under this category for a very long time…several years in fact.  You see, there are so many different ways to make money online, and I always had a million different ideas running through my head.  I’d start working on one project and then before I even finished I’d be getting sidetracked and start working on something else.  What I ended up with was about a dozen or so unfinished sites.  Some were earning a few bucks here and there but none were anywhere near their potential.

It wasn’t until I started to focus on one thing at a time that my income began to grow consistently.  If that sounds familiar to you try scaling back a little.  Identify which direction you really want to go in and start focusing all of your energy there.  You can always branch out in other directions later.

They give up too soon.  This is the one that really drives me nuts because I’ve seen it happen so many times.  When they first launch their site they are full of enthusiasm, but it quickly fades away when the traffic and revenue isn’t there right out of the gate.  Within a few months they are gone.

But what they don’t realize is that success may have been just around the corner.  It takes time for a new site to be found and get ranked by the search engines.   If they had just stuck with it a little longer they might have gotten a boost in traffic and income, and that would have encouraged them to keep building and growing their business.

 

Comments From TFB:

After reading

this post from the “other” Mike I can only highlight that it takes a lot of time to make some serious money online. To be honest, several bloggers will be able to make a few hundreds per month through selling links within a few months of existence. Then, they think they have become some sort of dot com mogul. However, this business model can’t scale and it is very limited in term of income potential (unless you have tons of sites!).

Therefore, if you really want to success with your online business, you need to be patient and to hustle for several years. Money comes with traffic and traffic comes with hard work, quality content and time! as I’ve mentioned in my 7 things people don’t tell you before writing a ebook, succeeding in the blogging world is not that easy. This is why lazy people, people won’t don’t focus on the right things or even worst, don’t take any action will eventually quit their great project that was not executed the right way.

 

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Comments

The first three are problems for me but since I’ve stuck with my online income ventures I have started to make decent money. If I didn’t have those problems I’d probably be making great money by now.

good reminder – thank you. it is because of the masses who are affected by these “issues”, the few good men are able to capitalize

Nice post man, I’ve been guilty of all these points (except the last one) and I believe that’s how you learn 🙂 While I have a few projects on the go, I’ve been realizing I really need to stick to the Dividend Ninja and continue to build it up 🙂

Cheers!

Although there are exceptions, success on line and off requires time, planning, effort and patience. Get rich quick is unrealistic!

I think you have to be ready to learn from your initial mistakes. My biggest mistake was thinking that I had it all down right from day one because I read a few “how to blog” lists. As with most things, experience is the best teacher.

Awesome article. I’ve been guilty of all three. Finally have them under control and stepping in the right direction. Thanks for the tips!

Anyone that I talk to about my small small online presence and income immediately wants in…however when we talk about the work and dedication behind it they quit way before they start LOL

Great post!

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Yes, most people think making money online is easy. They think that you will just sit in front of your ocmputer and money will come in. They never thought that one needs to put in a lot f effort to earn, just like any other business.

@Andy, the fact that you’re making any money online at all puts you ahead of like 99% of people.
@Sunil, you’re right…the riches will go to the few who have the drive and focus to succeed.
@Dividend Ninja, I’ve been guilty of them myself and still am time to time. Recognizing your flaws is the first step in overcoming them.
@Barb, those who are successful got there by working hard and being focused. No such thing as ‘get rich quick’.
@Teacher Man, we never stop learning. Failure is nothing to be ashamed of as long as long as you learn something from it.
@Buck, thanks! Glad to hear you are on the right path.
@Evan, I couldn’t agree more. Everyone wants to jump on the bandwagon and start receiving checks, but no one wants to put in the work to earn them.

[…] also did a guest post at The Financial Blogger where I discuss why people fail at making money online.  Check it out and leave a comment with your […]

I am hoping I can avoid these. I enjoy it right now even though there is no money so I think I can stick it out until the money is there.