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More Reasons Why People Fail At Making Money Online

More Reasons Why People Fail At Making Money Online

At the beginning of the week there was a guest post published here talking about why people fail at making money online [1]. The author felt that most people fail with their online ventures due to: lack of focus, not enough action, laziness, and giving up too quickly.

All of these are great points that are spot on. After reading the article I decided that I wanted to share some more reasons with you guys on why people fail at making money online. I wanted to share a few mistakes I’ve made over the years when it comes to making money online that many of you can likely relate to…

Goals are not clear.

What are your goals? How do you plan on making money on the internet? I always thought that setting goals was just a general plan for your future. Now I realize that setting goals is about figuring out your direction and how you want to get to your next destination.

My goals were not clear because I was never sure if I wanted to monetize my blog first or focus on attracting readers. Instead I tried to do both at the same time. Most rookie internet entrepreneurs will jump into random ventures without any clear goals. What are your goals?

Chasing the money.

Are you chasing the money too much? I often found myself chasing the money when I should have focused my energy on pumping out epic content. Chasing the bucks is too time consuming and distracting when you first get started. Worrying about making money right off the bat can also lead to burnout. If you don’t enjoy working on your new projects for free, you’re definitely going to be disappointed when you find out that it takes a long time to start making some real money.

Working online you’ll have many slow months and points where you feel like giving up. If you’re only in it for the money you’ll easily find yourself giving up during these down times. Don’t let this happen to you.

Working on stuff that doesn’t matter.

Are you working on random things? Do you check your stats far too often? We’re all guilty at one point or another of working on things that that just don’t matter. Many of us have wasted time at work or in real life with activities that do much besides kill time. Working online is not any different. We all start off by working on the things that don’t make much of an impact at all.

Checking stats, looking over Adsense, responding to spam emails, or going through Twitter for hours  is a waste of time. If we have more “busy” time than productive time we won’t see our online ventures take off past a certain level.

Doing too much at once.

While trying to write this post I did like 17 other tasks by the time I was complete. Yes I still try to do too much at once. It’s cool to do maybe two things max at the same time but anything more than that and your focus is diluted.

My only humble suggestion is that you try to spend an hour a day of totally-focused and distraction-free time where you work on doing work that really matters. After that you can get back to multi-tasking.

Those are mistakes that I’ve made. Some of the items mentioned are mistakes that I’m still making. Hopefully you guys will learn from them or at least notice that you’re making certain mistakes. The good news is that these are very minor mistakes that can be improved on easily.

“A wise man should have money in his head, but not in his heart.” – Jonathan Swift

Ask the readers– what are some of the mistakes that you made when it comes to making money online? What changes did you implement when you realized you were making these mistakes?

(photo credit: inhisgrace [2] )

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14 Comments To "More Reasons Why People Fail At Making Money Online"

#1 Comment By Emily On September 1, 2011 @ 11:36 am

“Giving up quickly.” Big one. Not long b4 reading this post, I checked my Analytics and realized it is going to take a lot more time to get a decent amount of traffic.

At least, plodding along the way I am…

#2 Comment By Nanci Murdock On September 1, 2011 @ 3:39 pm

Thanks for this – I definitely spend too much time on things that do not matter. I have learned (the hard way) that *refreshing my g-mail account* is not actually a career. Happy you are doing well and growing M-35.

Best,

Nanci Murdock

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#5 Comment By 20 and Engaged On September 2, 2011 @ 5:19 pm

I’m definitely guilty of doing too many things at once. I’ve been working on outlining my goals, and trying to prioritize which project I should work on first. It definitely takes time though.

#6 Comment By Bret @ Hope to Prosper On September 5, 2011 @ 4:21 pm

I believe setting the goals is huge. I wasted a lot of time working on my blog without a sound plan for making money. So naturally, I didn’t make any.

#7 Comment By Wilson On September 5, 2011 @ 9:00 pm

Hey MD, some great points here. My favorite “they follow the money”, I’ve learned that a lot of the most successful online marketers/bloggers/ecommerce people actually succeeded because they were trying to solve people’s problems in some way also trying to solve their own.

I would add another reason is: ‘They aren’t solving a problem or filling a need’

Great blog by the way!

#8 Comment By Mama Zen On September 5, 2011 @ 10:53 pm

I am guilty of doing too many things at once too 😉 I think when you “over do multi task”, it’s because your goals are not clear. When the goals are clear, you can prioritize and avoid starting too many task at once. Every day you should have some specific goals. If not, you may start lots of task… and finish none of them!

#9 Comment By MD On September 5, 2011 @ 10:58 pm

@Emily Screw analytics. Write shit that will attract readers!

@20 and engaged What are you doing to outline goals?

@Bret What’s the plan now?

@Wilson True that. You need to solve problems. Complex problems and simple ones.

@Mama Zen You’re right. Clear goals allow you to define your schedule more clearly.

#10 Comment By Bret @ Hope to Prosper On September 5, 2011 @ 11:21 pm

I am using a couple of new affiliates, instead of just using AdWords. So far, I’m not making a killing, but I’m making something. I am also working on a couple of E-books that I hope to sell on Clickbank.

#11 Comment By Mike Collins On September 6, 2011 @ 12:57 pm

Great points. I struggled for a long time thinking I was working hard but much of it was just wasting time on things that didn’t really matter. It really comes down to identifying the most productive uses of your time and focusing on them. The rest can usually either be outsourced or dropped all together.

#12 Comment By The College Investor On September 9, 2011 @ 9:01 pm

Working online is analogous to managing a business. It takes time for your investment to return, months for most cases. There are also lean months so better be prepared for it.

#13 Comment By Chris | Sminso On February 27, 2012 @ 3:57 pm

Great advice. If only I had found this a long time ago. The biggest problem for me was doing too much at once. I would always have 10 different projects in the works. I not make it a point to only have 3. This keeps me on task, but does not make me stop working if i hit a roadblock on one of them or are waiting on someone else!

#14 Comment By The Financial Blogger On February 27, 2012 @ 8:08 pm

@Chris,

the most important part is that you have to focus. We work with quarterly objectives in order to not spread our energy across 10 different projects at the same time. Do one at a time.

cheers,

Mike