Have you tried to make money online before and failed? Guess what, you’re not alone. At least 95% of people who try to make money online fail. The question becomes: What are the reasons why people fail to make money online at such a high rate? Stick around and we’ll take a look at the 6 most common reasons.
Starting a business is hard work, and that goes for any business online or offline. Attempting to start a business where the failure rate is a full 95%, is not only hard but seems to call into question one’s sanity for even making the attempt. Yet, some of the “Make Money Online” gurus, make a fortune peddling their courses. Confused yet?
Ninety five percent, that’s a very high and very discouraging number. Yet “make money online” courses are being promoted and sold everywhere.
So, what is the problem? Where is the disconnect? Why aren’t more people successful at making money online?
Can you really make money online? And, if so, what can you do to increase your chances of being part of the 5% who make it?
We’ll attempt to answer those questions and more as we chase the ever Frustrating Make Money Online Mirage. Spoiler Alert, you actually can turn the Mirage into a real Oasis.
Why do people fail to make money online?
Most people fail to make money online, 95 percent in fact. The six most common reasons why people fail to make money online are 1. Unrealistic expectations, 2. Failing to plan, 3. Lacking in knowledge, 4. Giving in to the fear of failure, 5. Becoming victims of the paralysis of analysis and not taking action, and 6. The ultimate of all, Giving up. If, you avoid falling into these traps, you absolutely can make money online. Ultimately, however, it’s up to you.
The Frustrating Make Money Online Mirage
Why do I call it the “Make Money Online Mirage”? Because, just like a mirage in the desert, it’s a shiny object, a pool of refreshing water for someone dying of thirst. But, no matter how fast you run or how far you walk, you never get there.
According to dictionary.com a Mirage: 1. An optical phenomenon, especially in the desert or at sea, by which the image of some object appears displaced above, below, or to one side of its true position as a result of spatial variations of the index of refraction of air. 2.something illusory, without substance or reality.
Unfortunately, most “make money online” programs, platforms, books, and courses fit definition 2 above. They’re illusions, without substance, and most are not based on anything near reality. They sell people the illusion, the dream, the hype only to leave them broke, disappointed, discouraged or worse, chasing the next shiny mirage to come along.
Now, don’t get me wrong, I’m not knocking making money online. There are absolutely legitimate ways to make money online, The world of commerce goes more and more digital every day. I mean some of the richest companies in the world are online businesses. Companies like Amazon, Alibaba, WalMart, and many more in all areas of business are making money online.
However, the mirage that most “gurus” are trying to sell people, is not the reality of building a real, long-term, profitable online business.
You know why, because it takes a lot of work, time, patience and yes, money to build any successful business. They know if they told you that, they wouldn’t sell very many courses.
They sell the hype, the dream, the mirage but leave out the reality. There are some good programs out there, it’s a matter of sorting out the Mirage or BS from the legit opportunities by taking the time to do some due diligence.
But, even the legit programs have a low success rate. Statistics for business in general show that 50% of all businesses fail in the first year and half of the remaining 50% will fail within 5 years.
So, there must be some other factors, other reasons or problems to explain this high rate of failure. Much of it, can be found by simply looking in the mirror. Yes, I know, not what you wanted to hear but it’s the hard truth. Ultimately success or failure in any venture, business, relationship, you name it, is up to you. You have to take responsibility for your decisions, actions and reactions. The buck stops with you.
OK, let’s dig down on the 6 most common reasons most people fail to make money online. More importantly, let’s see how we can avoid them and become part of the 5% who become successful at making money online.
Why People Fail to Make Money Online
But wait you say, who am I and why should you even listen to me? My name is Rex and I’ve been there done that. I have a few miles on me and I’ve also chased the “mirage” many times myself. I know what I’m talking about because I learned the hard way. Numerous “gurus” are richer today because I chased after the mirage and hype.
I finally found a legit platform, and did my due diligence, and dedicated myself to learning, applying what I learn and building for the long term. With the proper tools, training and support any of us can, over time, move from the 95% to the 5% and really make money online.
In my years of doing it wrong and wasting time and money, I’ve identified the most common reasons why people fail to make money online. Full disclosure, I’ve experienced some, or a lot, of these firsthand, learn from my mistakes so you don’t have to repeat them. No worries, let’s go over them and discuss how you can avoid them and save yourself lots of time, money and frustration.
1.) Unrealistic Expectations
This is the big one. Starting here sets you up to make all the other mistakes. And, it’s not all your fault. After all, everything you see advertised seems to promise overnight success, easy money or get-rich-quick. Sounds great, but guess what, it’s a “mirage” or in more vulgar vernacular: BullSh*t.
If you’re not careful you’ll get caught up in “The Shiny Object Syndrome” where you chase each new “make money online” opportunity that comes along thinking that surely this one will be it.
But, it’s not, or maybe it is, but you’ve been sold on “easy money” and when you get inside the program you find out it’s not. It’s work, and it takes time so off you go after the next “mirage”.
And, unfortunately, if you chase the “mirage” enough, you will run into SCAMS. There are many out there and more seem to pop up every day. That’s where you have to do your due diligence. Don’t get caught up in the hype. If they have to press you, it’s probably not legit. If it’s real, it can wait for you to check it out first. Take you time and be thorough.
2.) Failing to Plan = Planning to Fail
Starting a business is work. There are a lot of moving parts and processes to consider. Making money online is no different. You have to run it as a business and treat it as such. Otherwise, you highly likely to end up in the 95% group. And it all starts with you.
You need to make an honest personal assessment of your skills, talents, experiences, interests and passions. Determine what you want or need from your online business. How much money do you need to make?
How much money can you afford to invest? How much time can you devote to a business? I have some free forms you can use, just click on the picture on the right.
These are questions only you can answer and you need to answer before you try to start a business. Then set yourself some goals. Both short term and long term.
Know where you are trying to go so you can make plans for how to get there. Think road map. You goals are the destination, your plan is your travel itinerary.
3.) Lack of Knowledge
Starting a business requires some knowledge. It’s different from being an employee. There are different tax rules, local and state rules and requirements, and more. You need to learn all the ins and outs of starting a business or be prepared to pay someone else who already knows.
One good way to gain the knowledge you need is to find a mentor. Someone who is already successful in the business you are looking to start. Typically, you will have to pay for this mentorship, but that is up to the mentor and the mentee. A good mentor will not only save you money, but make you much more money and in a much shorter time.
This will far outweigh any fee they might charge. NOTE: when choosing a mentor, do your due diligence, make sure that they are real and that they fit you and your needs. Another good place to gain knowledge is by networking with other successful entrepreneurs in the online business world. Learn from others who have been there and done it.
Never stop learning. Business, particularly online business, is changing rapidly. There are new rules, new strategies and new opportunities. Be committed to continuing your education and you will have a much better chance of being successful and staying that way over the long run.
4.) Fear of Failure
This affects many of us, I have been guilty of this myself on occasion. It’s natural really, I mean nobody likes to fail or lose money or get SCAMMED. Maybe your worried about what your friends and family will say. But, if you let the fear of failure hold you back, you will fail to ever get started. Which means, when it comes to making money online, you’ve already failed.
You may be skeptical, and that is not necessarily a bad thing. Use that skepticism to motivate you to do your due diligence, make your plans and to gain the knowledge you need. All too frequently, the fear of failure keeps us from making the necessary investments in ourselves and our business plans. Any business over the long term will take some investment of both time and money. Again, why it is so important to plan and research and learn.
A good mentor, or having built a good network of community can be a good place to turn when you feel the fear of failure creeping up on you and holding you back.
5.) Not Taking Action
This is a real killer. I mean you’ve done your due diligence and determined its a legit opportunity. You’ve done your personal assessment and make your goals and set up your plans. But, then, you don’t do anything. You don’t start, you don’t take action on your plans. And, there is one thing for sure, if you don’t start, you will never get there.
Maybe your stuck in your comfort zone. You’re doing OK, and you not sure you want to spend your spare time on building a business.
Or, your worried something could happen and disrupt your current lifestyle. Sometimes this is referred to “paralysis of analysis”.
You study the situation, then take another look, then from another angle or scenario. All your time is spent analyzing problems or potential outcomes and, as a result, you never start.
You have to plan, and then you have to execute your plan. It may not work like you planned. In fact, I can almost guarantee it won’t, but you adjust and move on. In the end, if you’ve taken care of all the reasons to fail that we’ve mentioned here, the only way you can fail is if you QUIT!
6.) Giving Up
The only surefire, 100% guaranteed, way to fail, is giving up. Starting a business, trying to make money online, or any worthwhile venture takes a long term commitment. You have to have patience to stick to you plans and goals and execute on them.
There will be rough spots and bad days. Welcome to real life. When it gets tough, that’s when you lean on your mentor or on your network.
They know exactly what you’re going through and how you feel because they’ve been there too.
They can encourage you, motivate you and perhaps give you some advice to help get you over the hump.
If you’ve done your assessment, laid out some realistic goals and expectations, made a good solid plan of action, built a network of like-minded entrepreneurs and then put it all into action, you have to see it through and trust the process. Because the only possible way you can fail, given all of that, is by giving up and quitting.
The Painful Truth of Making Money Online
Now, most “gurus” skip this part because it’s not good for their sales numbers, but there are some hard and proven truths about making money online that you need to consider before you commit. Some of these apply to any business venture and many of lifes’ other challenges and opportunities.
An online business is just that: a business. You have to treat it as such and take it seriously. If you don’t, not only will you not make money online, you will likely lose money.
Making Money Online is not easy. The guru or salesman or online ad may have told you it was easy, but it ain’t’ so. Any legitimate online business will take work and lots of it. Be prepared and willing to do the work, or don’t waste your time or your money.
There is no such thing as get-rich-quick. That is nothing more than a sales slogan and gimmick. And, if a program is hyping that in their offer, you should be very careful before proceeding. Better yet, look elsewhere. Making Money online will take months if not longer to build a significant and sustainable income.
You need to expect there to be difficulties. There will be bad days and rough spots. You need to be determined to put in the time and effort to see it through. Some of your weekends, holidays and most of your spare time could be spend building an online business. Make sure your committed to do that.
Sometimes businesses fail. There are no guarantees, just like any business, sometimes it just doesn’t work. That doesn’t mean you have to quit. But you will have to readjust, reassess, modify and start again with a different opportunity. You only lose if you quit.
If you choose an opportunity that you know something about. If you start an online business around something you have experience in, or have an interest or passion for, you will have a much greater chance for success. Because, if you have a passion for it, you are more likely to stick with it and not quit when it eventually gets tough.
Promotion and Exposure. You will need to market your venture. Any business has to get exposure either through advertising, word of mouth, social media, YouTube, tiktok, or blogging. You have to let people know about your business. If they don’t know about you or can’t find you, you won’t make money.
There is no such thing as a “Secret Formula”. Nobody is going to sell you the secret to becoming an online millionaire for $17 or $29 or even $999. If they had such a formula, they wouldn’t be wasting their time selling it to you. Remember, if it sounds too good to be true, it most likely is NOT TRUE.
Making money online and making money offline require value. Business is about people. At the end of the day, you are exchanging a product or service with people for money. That product or service needs to be good, and provide value to those people if you want to be successful in any kind of business. People buy from people they know and trust. Giving them a good product, great value and at a fair price will go a long way towards building that trust.
Can You Really Make Money Online?
OK, you may be totally discouraged by now, but that is not my intent here. I hope to help you avoid the mistakes that so many of us, me included, make when trying to make money online so you don’t end up making them as well.
You really can make money online, a lot of money in fact. Millions of people do it every day. But it won’t be easy and it will take time and dedication. And, of course, a real and legitimate make money online opportunity.
If, you are still interested in making money online, I have put together a free 10-day online home business training that you can access by clicking on the picture to the left.
This course will show you a proven business model for building a real online business. It’s not a get-rich-quick or overnight success opportunity. But, if you go through the entire 10-day course, you will have an understanding of what it takes to make money online and if it is something you want to pursue.
If it is, then you can continue the process of planning, networking and building your business. And, with consistent effort on your part and time you will have a much greater chance of success. It’s free, so you don’t need to fear failure or losing money. It is a great way to do some due diligence on the concept of making money online.
Bottom Line – You Can Become the 5 Percent IF……..
Please don’t be discouraged. If, you have an interest in making money online, it is a very real opportunity. It can become a full time income or even a passive income. But to do that, you need to temper your expectations. It’s not going to happen overnight.
You will have to work and sometimes things will go wrong. The easy money, get-rich-quick gurus are full of sh*t and will take your money and leave you discouraged and disappointed. If they claim it to be quick and easy, run away.
Take the time to do you due diligence to find a legitimate opportunity, set some realistic goals, make a solid plan of action and then….take action. Nothing will start until you do. Be committed to your plans and never quit. You may have to reevaluate and adjust, but never ever give up.
I hope this has helped you in exploring the opportunities for making money online. If, you think of anything I have left out, please leave it in the comment section below. Or, if you have any comments, questions, suggestions or concerns just leave them below as well. I will get back to you ASAP.
Wishing you Much Success and Happiness,
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- Twitter: @onlinebenjamin1
- Instagram: dotcomdinero
P.S. Again, the 10-day Online Home Business course is completely free to get started. No catch, no obligation, no bait and switch. I will personally be in touch with you upon joining to offer my support and guidance to help you get up and running online.
P.P.S. If, you have any questions or are unsure of anything, I am here and I promise I will get back to you on all of your questions and comments. Just leave them below in the comment section. Follow me on Twitter: @onlinebenjamin1, Instagram: dotcomdinero, and Facebook: Online Benjamins