Everyone goes on and on about how to make money online so I’m changing it up and will be going over the 5 top ways to lose money online!
1) Pay Per Click Advertising and Google Adwords – If you don’t know what your doing, this thing will bring you and your house down. You can effectively blow $50 in 5 minutes with absolutely no result. Most newbies don’t enable their tracking, group their keywords or optimize their site or ads and climb a blind and uphill battle the whole time. When a sale comes in they get excited but have no idea what actually resulted in conversions so they just pump more money into it until they run out.
2) Niche sites – Many marketers like to try a whole bunch of niche sites to test which ones work. Factor in the cost of domains, hosting, programming and design and you got yourself a nice little intravenous drip hanging from your wallet. Drip. Drip. Nice.
3) Not understanding your business systems – Most relevant to entrepreneurs selling physical products. You’ll see this when you sell at a small(ish) mark-up yet forget to factor in taxes, various fees (Paypal) and advertising. I got stung with this when I didn’t correctly factor in GST while I was selling a range of products. For example if I bought a $100 product and sold for $130, I still had to pay my Paypal fees as well as tax (10% for Australian sales) which meant I made about $6 for selling a $130 item! A simple mistake anyone can do when you start smelling profit, no matter how small it is. Next time, make sure its really profit!
4) Information overload – Many a new marketer signs up to multiple training courses in different micro-niches (PPC, Affiliate, Launch, Membership Sites, Copy Writing etc) and ends up being confused out of recognition. Too much information is never a good thing. Stick to a couple of basic systems, test, measure, rinse and repeat the good. Don’t do everything at once. Alternatively get a completely comprehensive course which you can follow step by step covering all the factors. The best complete course going around is the Bootstrapedia course… you like that? A little self serving I know! But get your Free report, you may find it useful.
5) Giving up – If you fall you get up. Don’t crawl a little further then play dead, you’ll get no where. Expect to fail. Know you will. Once you embrace this and understand that there is a real possibility of failure, you won’t fear it and you’ll be more equipped to get up and get back into it. Everyone fails at some point, your no different so just take it in your stride and try again. Why is this expensive? Well you’ve wasted money and time putting things into action but decided to drop it when the going got tough. Little do you know that this effort could possibly turn into a success just around the corner, but you gave up didn’t you?
These are my top 5 tips for losing money online. If you want to try them out feel free, they really work! Guaranteed!