Are You Spending Too Much or Not Enough Money on Your Online Business?
One of the biggest mistakes most beginners to online marketing make is they assume that they can start an online business for FREE and rake in the profits without much investment.
The truth of the matter is that the opposite holds true. While setting up an online business requires a much lower investment as compared to a brick and mortar store, you’ll still need to spend money to get your business off the ground.
Notice the word ‘business’ in the term ‘online business?’ – That’s exactly what it is. It’s a business and you will need to spend money on it. It’s called capital.
You’ll need to buy a domain. You’ll need to pay for hosting monthly and for an autoresponder to build your list of prospects. These are the basic but crucial fundamentals to setting up an online business.
If you try to skimp on costs here and build your web pages on someone else’s web property, you’ll be subject to their whims and fancies. One good example would be Squidoo, where thousands of marketers built Squidoo lenses for a while and one day woke up to see that their hard work had gone to waste once Squidoo changed its terms of service.
So, you absolutely want to invest in your own business and retain control over it. If you’re new to online marketing and funds are short, you may wish to provide services online and generate an income first before you start off on your online business.
There are freelance websites like Upwork.com and Fiverr.com that will give any newbie a chance to make some money online. Yes, you will be trading hours for dollars but you’ll be saving up capital for your own business.
On the flip side, there are beginner marketers who buy and invest in products and services that are way too costly for them. If you’re just starting off online, you do NOT need to pay for an entire year of hosting all at once. You can choose the monthly option and it will be less of a burden on you.
Another mistake is to assume that you need the most expensive tools to ensure your online success. One good example would be paying a hefty sum for services like ClickFunnels and Infusionsoft. Despite the fact that these are excellent services, you don’t need them to build a profitable online business when you’re just getting started.
You can choose much more affordable options like Thrive Themes to build your sales pages, etc. and Aweber or GetResponse which provide similar services as Infusionsoft, just without the bells and whistles… and the hefty price tag. Wait till you’re generating a substantial income online and it reaches a point where you need better tools to scale up. Then, you can go with the better and costlier options to take your business to the next level.
Another tip for newbies is to watch their expenses very closely and only spend on products that will take your business to greater heights. Do not keep splurging on the next ‘Make Money Online’ guide and software that makes bold and unsubstantiated promises. That’s also what we call the Shiny Object Syndrome! :p
Thousands of people have spent a ton of money on rehashed and untested products that were nothing more than hype and empty promises. This online marketing industry, unfortunately, is awash with such products and they’re the norm rather than the exception. Caveat emptor is the rule here. Buyer beware.
Track your online expenses like a hawk… and spend what you need to in order for your business to flourish. Wise spending is part of wise investing… and it is of paramount importance that you not be penny-wise and pound-foolish. Like Warren Buffet said, “Price is what you pay. Value is what you get.” Watch both closely.
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