So you want to make money online. That’s the dream, and it’s a doable dream, so why do so many people fail? Well, there are 3 reasons you fail to make it when building an on-line business:
- Unrealistic expectations,
- Chasing BSOs, and
- Hobby mentality.
Each one of these reasons can be a business killer, but taken together they are lethal to making it as an entrepreneur online.
1. Do You Have Unrealistic Expectations?
It’s nice to have money just fall into our lap. Who doesn’t like to get a check in the mail or money in their bank account? The idea of free money is enticing, which is no doubt while the lotteries are so popular! Put in a little bit of money, and dream about winning millions!
We’d all like money to just rain down from the sky, as much as we wanted available on demand!
But there is no free lunch when it comes to making money online. Those gurus who promise you that you will make big bucks from very little work are selling you a dream that will turn into a nightmare.
The truth is there are no push button riches, and you can’t expect to make mega amounts of cash overnight.
So if that’s what you are expecting, to make loads of money without doing any work to get it, that my friend is an unrealistic expectation. Making money online can be a great lifestyle, but it takes work. You wouldn’t expect to build an offline business without doing any work, and you shouldn’t expect to be able to do it online either.
Unfortunately, when a get rich quick scheme doesn’t pan out, that’s the time many people quit and the business fails before it really even had a chance to get started.
2. Bright Shiny Object Syndrome
If you’ve been around very long in the Make Money Online or Internet Marketing arena, you’ve heard about BSOs…. those bright shiny objects that entice you to buy just that one more thing! And when it doesn’t work out, you find another BSO and try again!
The scenario usually goes something like this:
You hear about a great way to make money on the internet. It sounds like the very thing that will enable you to make your fortune online.
You buy it.
What happens next? Either it sits unused on your hard drive, or maybe you piddle around with it a bit, but when it doesn’t produce immediate results you figure it doesn’t really work.
After a while you hear about another great way to make money online. THIS IS THE ONE! You just know it will work. The gurus say so! Look at all the testimonies they have!
So figuring it is bound to be better than the last product you bought, you buy this one.
And when it doesn’t live up to your expectations, you buy the next one, and on and on and on.
When you are indiscriminately buying one course or tool or whatever one right after the other, you are definitely infected with the BSO Syndrome. You don’t really give anything time to work.
Falling into the Bright Shiny Object Trap
Chasing BSOs is often a result of those unrealistic expectations. When your latest buy isn’t making you money overnight, you figure there is something wrong with it. That makes you susceptible to buying the next thing that sounds good, thinking it’s going to be your magic solution.
Why? Because while in all fairness, some of the things you buy might actually be junk, more often than not YOU are the problem. While you are trying to find that one thing that is going to make you rich, you don’t give any one program enough time to really work.
Instead you are chasing one BSO after another, still looking for that holy grail of a push button to riches. Jumping from one business model to another, you aren’t really building any business, and so you fail.
Now when you are just starting out it’s okay to try out different things. This is the time you’re looking for a fit, to see what kind of business model you’d really like to focus on.
But just be aware, the longer you skip from one thing to another looking for that perfect fit, the longer it is going to be until you actually start building a business and making money instead of spending it.
Now that’s not to say at some point you might want to have more than one kind of online business. But you still need to chose ONE, learn how to do it, see it through… get that business up and running before adding another type of income stream.
- Have realistic expectations, and
- Quit chasing those BSOs!!!
Otherwise time will continue to slip by while you buy one product after another in search of elusive perfection, and you will be no closer to having a business or making money. Instead money will keep flowing OUT of your bank account, and months or even years from now you won’t be any closer to your dream.
3. Are You Guilty of The Hobby Mentality?
This ties in with unrealistic expectations and chasing BSOs.
Instead of building a business, you’re busy buying BSOs.
Instead of choosing a business model and making a plan to meet your goals, you just dabble with first one thing then another.
You may not even realize what you’re doing, but the sad fact is
you are treating your MMO endeavor as a hobby, not a business.
And that’s a recipe for failure.
It’s like having all those unfinished craft projects scattered around your house. The partially finished painting, a barely started crewel work kit, the afghan half done, the woodworking project abandoned… you get the idea.
It’s one thing when all those unfinished projects are a hobby. And it’s even okay if you want to turn making money online into a hobby.
But be honest with yourself.
Do you want a hobby or a business?
If it’s a hobby it doesn’t matter so much if you chase after the bright shiny objects and make a habit of not finishing what you start.
But if you want a business, that’s just not going to cut it.
You need to be a finisher, not just a starter.
Think about it. If you were starting some kind of brick and mortar business out there in the offline world, would you start with a shoe shop, then change your mind and decide you’d rather have a travel agency? But then again, maybe you’d like to be a hairstylist and turn your business into a beauty salon.
Perhaps you’d rather have a pet shop instead?
Maybe a laundromat?
A computer store?
Do you think an offline business that changed it’s business model every few weeks would be successful?
Of course not.
So why would you think it’s any different with an online business?
It takes time and dedication to one particular business model before you can become successful.
You are building a business, not messing around with a hobby. Yes, I know some people become quite passionate about their hobbies, spend a lot of time on them, and are driven on the subject. But in the end they are pursuing that hobby for their enjoyment only.
Unless that’s what you purposely want to do with your money making efforts online, then you need to quit treating your work like a hobby. To achieve your dream of “living the internet lifestyle”, you need to choose a business model, set goals, make a plan to achieve them, and put in the time and work.
Get in the real world and expect to work just as hard to build an online business as you would to build an offline business.
Will These 3 Reasons Make You Fail?
The longed-for internet lifestyle of working when you want to and making money even when you aren’t actively working is a great dream.
And it can become your reality IF:
1. You set realistic expectations and understand you won’t get where you want to go overnight. You’re going to have to put in the work BEFORE you have a successful business that allows you to take time off and the money still keeps rolling into your bank account.
2. You quit chasing those Bright Shiny Objects! Get rid of the mindset that the next thing is the best thing and you’ve just gotta have it! Choose your business model. Only buy things that will help you with that ONE business model. Stick to it until you make it work!
3. You remember it’s a business, not a hobby. If you want to make money, and build an enduring income, don’t treat your online work like an on again, off again hobby. This means you don’t give up at the first speed bump. If you don’t know how to do something, or don’t like what you need to do… power through anyway! Don’t quit! Hang on to the mindset you are building a business, not playing around.
So there you have it.
The choice is yours.
Are you going to allow these 3 reasons you fail online to be your downfall, or are you going to avoid these traps and make your make money online venture a success?
Only you can decide.