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The Money-making Lessons I Learned

May 17th, 2009 by shawn · 9 Comments

The following article was written by Ed Stas and was posted on the Warrior Forum. It is reposted here with Ed’s permission. Enjoy!

I see posts every now and again on the forum regarding either the fundamental mistakes or the fundamental steps that people need to avoid or to take (respectively) when seeking success in the crazy world of Internet Marketing. There are usually a few things that are consistent in these posts, but there are usually a few unique things as well. Either way it is all good. So, I thought I’d throw my 2 cents into the ring too. A few years ago i was a zero in the Internet realm (zero money, zero credibility, zero strategy, etc) and I struggled hard for a breakthrough. It finally came, but it would have been sooooo much easier if i had just realized a few things earlier:

1. Stick with one thing (at least for awhile). This was a huge, difficult lesson for me. It is so easy to get distracted by all the new ideas, voices and products out there. It is easy to get excited about the next big thing and the next “can’t loose system.” I know tons of people who went from new project, concept or system almost weekly. I was one of them. Nothing will kill your chances for success faster than losing focus and/or putting your hands in too many baskets too quickly. Pick a strategy or a system that you know works and stick with it for 3 to 6 months MINIMUM. Don’t do anything else, don’t buy any other WSOs or start a new business plan. Keep a laser focus on that one thing until it finally burns a hole through the Internet. Please don’t confuse this advice with sticking with something you hate or throwing good money after bad for the sake of saying you tried for 6 months. Which leads me to the next point…

2. Learn to adjust. Odds are you will make mistakes and you will fail. Dont take that as a personal failure though… it is really a learning success! You’re now just one more step closer to what will work!. Make sure you view your learning as progress. Make adjustments and avoid throwing in the towel at the first obstacle. No one gets it perfect the first time out and you shouldnt expect to. You should expect to succeed and expect that you are on a journey. But believe me that the journey to success will be much shorter if you learn to make adjustments quickly and creatively and move forward.

3. Hire a coach. Avoid the big gurus like a plague. Sure, they have some good products out there, but they can’t really coach you the way that I guarantee you want and need to be coached. There is a difference between a coaching program and a coach. The former may have a figurehead, but most often the content is boiler plate, pre-prepared and never customized for you. Here is a better idea: hire a coach that doesn’t coach. That is, find someone who has a business like the one you are attempting (but not the same subject/product) to establish and see how much it would be to have them take you on as a mentoree. It will be well worth the cost and speed you on the way to success. You may just be surprised at how eager someone is to do this.

4. Outsource everything you can. I spent a lot of time trying to do everything…. Designing, programming, writing,etc. That is a huge waste of time (and, ultimately, money). You can outsource any or all of that for super cheap, letting you foucus on ideas, partnerships, traffic or whatever. Once i got over the desire (or falsely percieved need) to do everything myself, things really started to move forward. Dont ever be afraid to outsource.

5. Find the money. The great thing about this biz is that you can start on a shoestring. I hear too many people complain about a lack of funds. A website can be up and running in a couple of hours for less than 20 bucks. Sure, twenty dollar bills dont grow on trees and youd really like to have a few of those handy to start out, but it is just not that hard to get you seed money. Seriously, have a garage sale, skip that dinner or lunch out, sell your books, house-sit for someone, ask for money for your birthday, sell your ipod and your tv, take out a small loan from a family memeber. The possibilities are endless when you really want to succeed (yes, i know there are always circumstances and issues that make getting some investment funds difficult). But…

6. There are always excuses. And very few of them are any good. So, get over it (I know I had to). There never is enough time. Wrong. There isnt enough money. Wrong. I will start fresh on monday. No you wont. This new system i just bought will change everything. Nope, it wont. My dog died. Sad, but has zero to do with making money. The season finale of my favorite show is on. You are the master of your own choices.

Just stop. Stop. Stop. Stop.

In fact, just stop reading this thread right now and go answer these questions:

1. How much seed money do i have right now?
2. What can i do or sell to get more money by this weekend?
3 What single system or business model will I implement over the next 6 months?
4. Who could help me learn the ins and outs of that model/system better and faster?
5. What are my first ten actual, specific steps that i need to take to move forward. I will complete 2 per day until thay are done and then write my next 10 and repeat.

Now, go. Go make some money.

And don’t forget to have fun!

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    Comment by Kenneth Sena
    2009-05-20 22:57:51

    thanks for this post. this is very helpful for me. hope you can post more about how to earn online. thanks (kika.ca)

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    Comment by fiona
    2009-05-28 00:09:10

    Very interesting post!
    Almost every point you made resonated with me as I am still making all these mistakes. ie not spending any money and trying to do everything myself.
    Will now have to reconsider my strategy – now that I know I didn’t really have one anyway!!

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    Comment by Karl Christen
    2009-05-29 01:46:37

    Sounds like you should be a coach, loved this blog post. Just getting in the business myself.

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    Comment by Steve
    2009-06-04 16:27:02

    Fantastically motivating post! I haven’t worked on my site of lawn mower reviews in a while and you have made me think I should get back at it.

    Love the blog!

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    Comment by Wales Mortgage
    2009-06-08 09:17:02

    I do agree with Sticking to just one thing. This actually is the tip I missed when I was just starting, cause everytime O learn something, I wanted to try it out. And the results were close to nothing, so better focus on one are for a certain time.

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    Comment by Franck Silvestre
    2009-06-12 17:36:41

    I think whether we succeed or fail, we owe it to ourselves. It depends on how hard you want to succeed. If you are determined enough you’ll find a way to getting it done, if you don’t you’ll find an excuse not to do it.

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    Comment by Jeet
    2009-06-17 14:54:28

    Practical and great advice from someone who knows what they are talking. Thanks to you and Ed for this post.

    I think one should also define the amount of money that one is ready to invest even after one or two methods fail. It’s not good to leave a day job for online business unless the later one is already established and is making money.

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    Comment by helpfuture
    2009-06-17 15:44:22

    I am on the way to be an internet marketer..so your post is very useful for me as beginner and also being the inspiration for everyone who are going to be..

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    Comment by mlgreen8753
    2009-06-25 22:24:50

    Those are very good guidelines. I’ve been marketing online for 10 years and I always say my biggest mistake was not building a mailing list. Another one is to utilize all the free advertising resources available to you such as article directories, forum posting, blog commenting, and video marketing on commercial friendly sites like Adwido.

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