In ancient times, alchemists used chemical methods to try to turn lead into gold. They were never successful. However, modern nuclear chemistry and physics have been able to achieve this goal. It’s true!
Using a particle accelerator that speeds up neutrons to give them more energy when they collide with a lead atom, the neutrons knock of protons to form gold atoms.The only problem is, that it costs more money to run this equipment than the value of the gold formed.
This is much like trying to make money online. Most people are never successful. It can be done, but it often costs more money than what you make in exchange. Approximately 80 to 90 percent of ecommerce businesses fail. Truth be told, I’ve seen reports that only 5 percent of websites make money. For everyone else, a website is an expense, not an income stream.
Ouch! Here I am, a known expert on ecommerce that has been helping people build online businesses for over 20 years telling you that making money online, while possible, is hard. Are there any ways that you can make this profitable?
There are actually multiple ways that you can make your website profitable. It turns out that 5+4 equals 9. But so does 6+3 or 7+2. The way you do things is not always the only way to do them. Even 1+1+1+1+1+1+1+1+1=9, but that is just making it hard (and expensive). Yes, it is possible to make money online, but it helps to know HOW. Otherwise, you will be just like the other 95 percent that put up a website and never see a return from it.
Running and maintaining a website can be expensive. I’ve run the reports based on lots of data, and an online business will cost you about $7,000 per month on the low end by the time you factor in the cost of the website, maintenance, digital marketing, social media, SEO, security, and labor. As you grow, those costs escalate. Want to know how you can save all that money?
Let’s start by taking a look at some popular online myths,
Myth: Making money online is easy
The internet is littered with stories of people making millions online and doing practically nothing. They make it sound so easy. The truth is, most people pushing these stories have never made any real money online. It is actually harder to sell online than in person. Why? Because the get people to part with their money, they must know, like, and trust you. Overcoming the know, like, and trust factor is much harder if you have never met someone or can touch and feel their products.
In many cases, making money online requires 24/7 attention. There are tools and resources that can help ease this burden, but no matter which way you spin it, it’s a lot more work than simply being someone else’s employee.
Anyone who tells you that you can get rich quick online is either inexperienced or trying to scam you in one way or another. You can definitely get rich online, but you’ll have to pour out a lot of blood, sweat, and tears to get there. You should expect to put in years of effort before you start making money online. Maybe it won’t take that long, but most likely it’ll take far longer than you predict. That’s just how it goes.
Myth: Its all passive income
Nothing could be further from the truth. If you are going to make money online, you are going to have to work at it just like any other type of job, and often harder (at least at first). You cannot simply put up a website and expect it to work magic. You have to show up and do the work if you want to get paid.
The top online entrepreneurs see their websites merely as a tool for generating business. In other words, their websites are a lead source. When you stop looking at the internet as a cash register and think of it more as a lead generator, you will find it is much easier to be successful.
Myth: My website should be making me money while I sleep
Similar to the myths above, having a website does not guarantee that any will find you and automatically start buying from you. Besides competing with heavyweights like Amazon and WalMart, there are as many as 24 million online stores. Often times it is better for a startup to set up shop where the people are already congregating. Yes, it is nice to have your own shop where you can keep all the income, but driving traffic to your site is likely to cost you more money than giving a percentage to a marketplace.
Putting up a website is only the starting point. Unless you are actively promoting it in everything you do, you will never get any orders. It is not your website’s fault – it is your fault for not marketing it.
The best way to succeed with an online store is to have a unique product. That’s either one you design yourself or have exclusive access to from an outside provider. But you’ll also need to have strong marketing skills. Similar to a blog, your online store will be successful only to the extent you’re able to promote it.