We are living in a world where the Internet has a far bigger role to play than just connecting people beyond geographical boundaries or enabling VoIP. Internet drives most businesses today, whether we talk about internet mail, online presentations, business meetings through video conferencing or generating revenue through PPC campaigns and other internet marketing strategies. But there are many people out there who want to be successful entrepreneurs over the internet but there is some myth or the other that is stopping them from being successful.
Let us look at the 10 myths that have kept many people away from being successful entrepreneurs or from generating revenue on the internet:
Myth I: Not good enough
There are many people who feel that they are not smart enough or good enough to do online business and the truth is that although business over the internet might not be for everyone but it is not impossible.
Myth II: Not enough time
Most of you are probably doing 80hrs a week and to add to it is the commuting time and the time you spend with your family. Most people would ask how can there be time left for an online business after all this. If you are working 10 hrs a day and if you are commuting by train then you can always think and jot down your ideas while traveling. Spend about an hour every night before you hit the bed to browse through the internet and find the required information and the right sources that will help your business.
Myth III: Not enough money
Although it may seem like a costly proposition on the outside but the truth is that the internet is really cheap. Most website hosting companies are also offering cheap hosting services ranging from as less as a $1 a month. A simple website design using basic HTML will not cost you more than $100 and broadband is also available at low costs. So you can set up an online business within a budget of $150 with ease and start reaping the benefits from the first month itself.
Myth IV: Not an expert
You don’t have to be an expert to start an online business. You may need to be a construction engineer to build bridges, but you don’t require any kind of educational qualification or work experience to be successful on the internet. All you need is an understanding of how the internet works and how you can take advantage of the internet to generate revenue.
Myth V: What should I sell?
There are many who believe that they have nothing to sell at all on the internet but they are wrong. You don’t have to really start by selling a product or a service of your own. You can choose to sell some other companies product or service on a commission basis and then slowly grow from there.
Myth VI: Competition
One of the worst excuses is that there are already a lot of players in this field and hence it is difficult to survive. The truth is that competition is everywhere but as long as you have the desire to succeed, you can overthrow any competition. Another important thing is that your loss will be someone else’s gain.
Myth VII: Making money
Some people believe that the only people really making any money are the ones who tell others how to make money. This is not true because although there are many people who advice people on how to make money but such people comprise of only 1% of the internet business.
Myth VIII: No Success
There are some people who have met with failure but that is no reason for believing that they are not cut out for internet business. Sometimes, the reasons for failure are because of our own faults like not being able to capitalize on an opportunity or failing to recognize one or bad decision making.
Myth IX: Search Engine Ranking
There are many who believe that there business can’t reach places without a search engine ranking. This is untrue. Not everyone is on the number 1 page of Google but that doesn’t mean that they are not successful businesses.
Myth IX: Advertising Budget
You don’t necessarily require an advertising budget to increase the visibility of your business. There are many different ways of doing it without even spending a dime like back linking, article submissions etc.
At the end, it is all about making a start!
The lifeline of most businesses rely heavily on the amount of marketing support can be supplied. There is no doubt that marketing collateral in the form of establishing identity and brand existence are key factors in helping make businesses known. These marketing collaterals can be likened to arming the key personnel in a business such as business cards, flyers, brochures and multimedia material to be able to provide the necessary information and image that a company wants to project.
Marketing collateral does not have to be high cost in nature. Resourcefulness and innovation of the company through its current roster of personnel can help ignite and produce the necessary collaterals a business can lean on. Understandably, cost and expenses are two of the things that business owners are not too keen on hearing. But the supplement of expected outcomes from the investment of marketing collaterals through advertising and promotions will provide a better overview of what to results to expect from such programmed marketing efforts by assigned people of the company.
The hardest part of establishing a business is to spread the word that such a company and its products or services are indeed available. The success of a business lies heavily in providing the necessary information of the existence of such, the purpose of which is to try and penetrate a market properly.
To start things off, the need for proper product or service orientation should be established. Consumers will not immediately rely on mere image and word of mouth. This is the job that is tasked for most marketing executives, to build on the product and make the consumers understand the benefits and fruits that the product brings. This is best done through the use of supporting promotional materials in the form of flyers, posters, and TV commercials if costs are permitted. Making such mediums available to consumers in the easiest way possible for them to get acquainted with the product being pushed is the best way to kick off a product’s existence in the market.
After a successful product orientation towards the target market that a company has focused on, the next thing to handle is the places where the product will be available. Supermarkets, department stores, convenience stores, and specialty shops, the mode of availability will be the critical aspect since this will largely depend if the product is readily available. For sure, people will not go out of their way to exert much effort in finding where the product may be. Thus it is the task of the business personnel to make sure that all possible distribution channels are covered, with the target market class under consideration as well. While flyers and posters may be spread all throughout affiliated stores and outlets, it is still the best practice to make sure that the product itself is available in target modes of distribution.
The set price for most consumer goods and commodities today play an important role in enticing consumer demand. While this is more psychological in nature, it cannot be discounted that business executives must determine an acceptable price to jack up their sales and consumer patronization. Pricing has its share of conflicts. Low prices may carry with it low quality product tags, while higher priced goods may push customers to look for alternative products. This is why it is essential that research and development teams must prepare a good comparison of product availability before finally deciding on a set price. The price should also consider the usual costs such as the administrative and operations cost, mark-ups and other related costs for manufacturing the product. The marketing collaterals will also fall under the administrative and operations cost, usually under the advertising and promotions part.
Defining the target market area as well as the consumer class will help determine the degree of saturation in the market a business should aim for. Identifying where the target market class resides or stays in is a good way to help in trimming down the area needed for saturation. Focusing the marketing collaterals in the area where the identified consumer class is situated is a good way to establish identity in the area. This should be a good way to start in effectively covering key areas for segregation prior to aiming for a larger market share.
The attention, complaints and distribution of the product or service still lied in the hands of the people hired to do the life blood of the company. Similar to a soldier going off to war, providing the sales force with business cards, marketing portfolios and other marketing paraphernalia is the best way to make an impact. Other than motivating the sales people to bring in the sales, making sure that they have the necessary materials to show are mirror-like images of the company. They represent the company and whatever they project speaks entirely for the business venture.
Affiliate Marketing has been touted as a way to make money fast – without the bother of needing your own product. It’s indeed possible to make money with affiliate marketing, and there are a few rare affiliate programs where the money, IF earned, appears quickly. However, they are the exception rather than the rule. More often than not, the money appears after a significant time lag.
At Clickbank, for example, the number one affiliate program, the money is sent out two weeks after the end of each accounting period (of which they are two per month). Most of the others have similar rules, with some taking even longer, up to “the beginning of the month after the month after the month during which the purchase was made.”
In addition, most programs also have minimums that have to be reached before you get anything at all. Of course if you have earned just pennies, the delay won’t make much of a difference.
Even MyHelpHub.com, which somebody had touted as a much faster-paying program, doesn’t pay more quickly. Maybe they used to, but by the time I got to them, they had clearly adjusted to market conventions.
A few affiliate programs do pay more quickly, but those have turned out to be extremely competitive. I had been counting on my one quick-pay affiliate program to deliver the goods and pay my bills, and so far I have made absolutely NOTHING from it in spite of making it the main focus of all my advertising campaigns. It may pay fast in theory, but nothing, even if it appears really fast, is still nothing at all.
My guess: there are so many people trying to sell this particular guy’s stuff that the market is basically saturated.
So affiliate programs may be legit and worthy, but the money from your affiliate marketing efforts won’t be showing up in your bank account nearly as fast as your funds will get depleted if you buy all their products to make sure they’re worthy of your investment in time and elbow grease, or if you advertise your affiliate links by way of Pay Per Click.
If money is tight, don’t count on the affiliate money to bail you out when your Amex bill is due. It probably won’t be there in time, if it will even arrive at all. Being a good affiliate marketer can be costly, and if you don’t watch out, it can land you in a financial jam.
Not that this lag-time in pay-out is necessarily a problem for everybody. If you have deep pockets, you probably won’t care. And if you’re generally the thrifty type, you may actually welcome the fact that you weren’t able to spend the money. Still, it’s good to know how long these things take, and to plan for the wait. And people shouldn’t have to search for the fine print to find out just how long that wait may turn out to be.
The other part they don’t tell you about affiliate income is how darn hard it is to make any of it at all. I’ve been advertising in ezine articles, on my webpage (not the most-trafficked site, admittedly, but still), in ads, and to my budding list. Earnings so far: Zilch (not counting the ebook I bought myself at MyHelpHub.com on which I received commission – about 6 weeks after my purchase).
What to do? Plan for the lag in time until the money starts rolling in. Once it does, and you’re getting regular sales, it will work as advertised, with money coming in every other week or so (for each affiliate network). At that point you won’t really care how long it’s been since you’ve actually earned the money. Until then, mind the old saying – don’t count your chickens till they’re hatched.
In fact, if you’d like to hedge your bets, don’t put all your eggs in one basket, to stay with the poultry metaphor. For starters, go with several different affiliate programs. And then, do something else entirely:
Why not create your own product? Either from private label products, or from scratch. You can sell your products directly through PayPal or your shopping cart system, and if you have PayPal’s ATM card, you can get the money just as soon as it hits your PayPal account, which is the minute you’ve made the sale. Pretty cool!
So if you want fast, sell your own product. If you want a no-fuss stream of income, albeit not a rapid-fire one, pick a few great products and tell everybody and their friends about them. The best approach: combine the two. That way, you’ll have the best of both worlds..
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