7 Make Money Online Myths
Sadly, many people fall into the “make money online now” trap. They buy some product or service that promises great wealth…or they participate in one product launch after another racking up thousands of dollars in debt.
Think I’m kidding? Definitely Not. I’ve had coaching clients who’ve spent as much as $30,000 on internet marketing products before they came to me. Thirty thousand dollars and they hadn’t made a dime online yet!
Most people who’ve wasted this much money don’t ever turn the corner and get a good mentor. Instead, they get frustrated, throw their hands up in the air and give up.
It doesn’t have to be this way… there are many ways to make your Internet business a success. You have to know what to look out for while leaning proven methods.
Today I’m going to cover 7 make money online now myths to help you get started the right way.
Myth #1:You can start making 6 or even 7 figures overnight.
This myth is pushed by some of the more unscrupulous people out there, but it’s a lie. These people are preying on a sense of hope, or desperation.
It is possible to make 6 figure and million dollar incomes online, but it takes time, a good plan and work (oh my I said that evil 4 letter word). It isn’t going to happen overnight.
When it looks like someone achieved overnight success, you’re just not seeing all the preparation and time that went before their success.
Myth #2: This is the only way to make money online.
This is often the pitch when someone is trying to sell you their high ticket product launch. They have the only real system that works. All the other methods of making money online are frauds.
The truth is that there are quite a few ways to make money online.
My favorite method is selling information products.
If you’re just looking for work, you could train and become a virtual assistant.
eBay has worked for hundreds of thousands of people.
Some people build large audiences and just sell advertising.
You can have products dropshipped or even private labeled for you.
You can promote other people’s products as an affiliate.
I could continue on and on with methods to make money online. The problem is if you try to do all of them at once…or if you jump from one to another. I’ve seen people do that too often. They didn’t do it correctly and then they walk away crying, “_______ doesn’t work for me.”
Myth #3: This $19.95 product reveals everything you need to know.
This is a pretty popular pitch. Just pay $7, or $10, or $19.95 and I’ll teach you everything you need to know to succeed online.
Let’s face facts. There isn’t currently one single product at any price that reveals EVERYTHING about an internet business. It would be such a huge encyclopedia and include so many videos that you would have to spend the next couple of years studying it to get any value out of it.
I learn new things every week (that’s what testing does for you). So by the time that EVERYTHING product is finished, it’s already outdated.
To succeed in this business means becoming a continual student, but it doesn’t mean you have to buy everything that comes down the pike. With my coaching clients, I’m constantly telling them NOT to buy specific new products they ask me about UNLESS they’re about a subject they’re currently working on. I always have a stack of books on my shelf that will be read, but I’m also often putting the stops on any new information purchases until I get through the ones I have.
Here’s the rule. Any and all information products must result in at least one new action in my business. That’s what I’m looking for in them….some new profit boosting change or action.
Myth #4: All I have to do is set up a website/blog & traffic will stampede to my site.
Believe it or not, just because someone builds a website does not mean that traffic will magically arrive at this new masterpiece. You need to apply the correct strategies, tactics and methods to get traffic.
“Build It and They will Come” was a great theme for a movie, but it’s not how things work in real life. You’re going to have to set to work doing the marketing. You either going to spend time or money. Both methods can generate traffic, but something is being spent for that traffic.
Products are easy. Marketing day after day is where the work of the business is.
Myth #5: It’s all a scam, nobody’s making money online.
This myth is usually repeated by people who have tried one or several make money online systems and failed. They may have purchased system that was simply too difficult for them apply or that left out some of the essential steps. Or more often, they bought a program and never did anything with the information.
Many across the Internet are proof positive that this myth simply isn’t true. I worked for Little Caesar’s 12 years ago. Don’t get me started on working door-to-door selling satellite dishes or delivering newspapers. Once I discovered the Internet, I haven’t had a job since.
There are hundreds of thousands of others who have turned the Internet into a successful business.
Look at the two variations of this myth.
It’s impossible.
It’s stupid easy (myth #1).
Guess what? The truth is in the middle. It can be done. You can do it. But it’s going to take time to learn effective systems and DO them.
Myth #6: All I need is to create is one homerun product.
You strain. You struggle. You work your butt off trying to create the perfect product that will take the world by storm. You’re betting the farm on one shot. That’s very risky and is also often an excuse for not really getting started. And no product is ever perfect.
And all the time you’re spending in developing this masterpiece, you would have been better off creating a dozen “smaller” projects.
Let’s look at it this way. Let’s say you want to net $10,000 a month…not a bad income goal. This could come from one product. If a competitor comes out with a better version, now you’re screwed. What if that $10,000 came from 10 different products, your income is much more solid. It’s much reliable and unshakable.
Guess which method is actually easier to make $10,000 with. It’s the multiple product method. You put multiple products out there with good marketing. Some might be losers meaning they only earn some money, but aren’t worth putting heavy marketing into. Others do pretty good. And then others are big winners for you where you put the bulk of your marketing.
But ALL of them are making you money…just at different levels.
Myth #7: You have to work a lot of hours to build an internet business.
You have to work, yes. You don’t have to work a lot of hours. It’s quality, not quantity that counts.
3 focused hours on your business is worth a whole lot more than wasting 10 hours every day browsing the web and waiting anxiously by your email box for that next email to come in.
And remember you can also hire out and outsource the work. Anyone who tells you it doesn’t take any work to build an internet business is lying. And anyone who tells you that you have to give up your life to build a business needs to learn more about about focused effort and leverage.
I almost burst out laughing recently when I told someone I mostly work 4 day weeks (as I love 3 day weekends). They told me that’s OK as long as you’re doing 10 and 12 hour days. You’ve got to be kidding! I’m sure I’ve done a 12 hour day sometime when I was engrossed in finishing up a project, but that would never be the norm. That’s too much work and I’d be totally useless the next day.
Test this sometime. Give yourself 3 hours today to work on a product. No email. No web. No reading. Turn off your Internet connection if you have to. You work on your product. Take a couple of short 5 minute breaks in there. You will be surprised on how much you accomplish if you REQUIRE yourself to be working during the period.
If it’s writing, you’re not allowed to stop writing during your working period (only on the breaks). You keep working…not editing…not trying to be perfect…just doing. Watch how much you can accomplish when you’re not trying to waste your brainpower by multitasking.
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Excellent article! I have fallen prey to several of these myths.
Great post Terry! As always you hit the nail on the head. I believe the old adage of not necessarily working harder, but working smarter. Please keep that great advice comming.
Thanks!
This is the best post I have read this week. I can’t believe how many people are saying stupid things about making money online–people who should know better.
Good job Terry.
Terry,
As always, you have handed us a wealth of information gleaned from solid experience. Thanks for your insightful (and free) tips.
- Brendan.
You know Terry, the #1 reason why so many people never make money online is not because they can’t figure out what they need to do on a consistent basis, but really don’t want to do anything. When actual “work” is invloved, people tend to either say to do it later which they never do. Or they thought that they will make money online for doing no work. I see lots of good and honest programs that really teach someone how to make money online but again, it too much work for them.
Hi,
very nice article – that I found via google on a longtail-keyword I´m working on
Anyhow – good stuff here!
Thank you for these tips. I would LOVE to be able to make a steady living online. I’ve bought ebook after ebook, participated in a lot of GRQ schemes and have spent a ton of money. I am broke, at times discouraged but I’m still here. My plan is look over your myths tips BEFORE I purchase another online kit.
The thing is, I can’t really focus as much as I want to. I’d like to concentrate on one or two projects but I’m not making enough income/profit from a single project. I need to be able to pay for advertising and traffic to the websites I’m setting up. I’m currently doing eBay and domaining. I’ve got a ton of domains that I’m trying to sell. So eBaying and domaining are paying for my AdWords accounts for the different websites I have.
Hi Terry
I just wanted to say thanks for an excellent article.
Like you teach, making money online is a real business like any other, and if there were less people out there telling people they can get rich overnight, the world would be a better place!
Thanks for an excellent post!
Lee McIntyre
Great Post. You should break each out for a stand alone post.
[...] Dean presents 7 Make Money Online Myths posted at Integrity Business Blog by Terry [...]
Terry,
Useful article. Myth 3 is my bugbear! I faithfully download articles and free books galore – they stack higher and higher until I am drowning in undigested “must have” info which completely paralyses me and soaks up any time for ‘new project’ action. Blogs too are another time drain..but, it’s like finding the gold nugget amongst the rocks – if you are not looking you don’t strike gold.
When I cull the blogs I’ll keep yours!
Annette
[...] Dean presents 7 Make Money Online Myths posted at Integrity Business Blog by Terry [...]
>>The truth is that there are quite a few ways to make money online.
Ha, that’s an understatement!
I’m in my eleventh year online now and I haven’t even tried 10% of the ways that I know of to make money online.
I guess it would take a life time to try them all, which isn’t a good thing to do as you have to enjoy the rewards of the few good ways that make you money.
[...] 7 Make Money Online Myths [...]
Hello!
What a great site. I am a newbie and need as much
education I can get.
I signed up for the free “10 Free Strategies To Earn More, Work Less, And Enjoy Life.”
I received a note that I have already asked for this product already, which is not true. I hope I receive these reports.
I am fortunate that already today, I learned what RSS Feed, and I subscribed to your. Your great mentor program, your down-to-ground level of just what it is like to work on the Internet.
I get so much spam everyday and it is hard to tell who is telling the truth from those who are not telling the truth.
Thanks again.
Thank you all for your comments.
Cynthia: You should receive an email from my office on the downloadable report.
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These myths is an excellent way to look at the whole “making money online” phenomenon, there are definitely certain things that are not true. I especially like myth #7, online success depends on focus and quality work, often people get distracted and surf the web “doing research” for hours. ive done this myself and learned my lesson.
Terry this is an excellent post. I know it was written last year but it is still very relevant. The interesting thing is that these myths are just the tip of the iceberg. There are many of them. Another myth is that you can buy someone’s proven system without applying common business sense and it will work. This is just not true. No matter which system an individual purchases the individual has to do some thinking on his or her own.
Thanks again for your post.
[...] Internet Business Coaching by Terry Dean – 7 Make Money Online Myths [...]
With myth no. 1 i go to 100 percent agree. You must make one step after another. A good preparation and knowledge about the things you have to do is the best way to start with your business.
I still firmly beleive that this is a Myth. Unless it happens to me
Unless you have a very unique and wonderful product or service, which you distribute via an affiliate program, you cannot reach such incomes as mentioned in myth number 1. I totally agree.
In my opinion there a no borders to make money online if you have the right skills. An USP is very important but you can also earn a lot of money with usualy things because of the target group is big and you have no regional borders.