The Top 10 Truths to Making Money Online - Truth #10

I have to be honest here...brutally honest. The truth about the home-based business industry is scary...deathly scary. 97% of new home businesses fail miserably because of a lack of information...NOT due to a lack of effort. In this article series, I'm going to share the top 10 truths about making money online.  These truths are absolutely critical when growing your business, online and offline. This is the 10th of 10 truths internet marketers and entrepreneurs must be aware of before jumping in feet first. So let's get started.

TRUTH # 10 Recognize The Top Reasons Businesses Succeed And Fail.

Failure to recognize these 10 items will cost you your business success. There are 10 primary reasons why people fail to make money online. The #1 reason causes 97% of online marketers to FAIL.  If you like lists and countdowns you'll love this...So let's get started.  

#10. Perseverance - This goes without saying. However, it's still a factor.  If you give up...you loose. NO MATTER WHAT YOU DO...NEVER GIVE UP.

#9.  See The Big Picture -  When you first start your business venture it's important to see the big picture. The big picture is like a road map. Here's the oversimplified version for any business.

 OBJECTIVE => PRODUCT => MARKET => TRAFFIC => CONVERSION => BACKEND.

Realize this is very simplified. Seeing the big picture will take many miles off the path to your success.

#8.  Use Well Defined Objectives. What is it you want to accomplish with your business?  Is it "make a ton of money?"  Is it "help the poor?" Or "fire my blasted arrogant boss?"  This step could be the hardest to complete. Simply because you really have to take a close look at your motivations to define your objective. After you pin down your objective use clearly defined goals to accomplish the objective(s).  

#7.  Have A DYNAMIC Game Plan.

When the market changes, be able to change your strategy. When a marketing campaign isn't working don't hesitate to abandon it and change to an approach that will.

#6.  Allocate Budgeted Amounts Of Time And Money.

Tally the cost to SET-UP, ADVERTISE, MAINTAIN a business before you start.  Whether you build a business or a house you must make sure your budgeted funds will cover the day-to-day, and month-to-month operations until you can use the business profits to carry the load. You'll need funds for PRODUCT/PROGRAM PURCHASE... WEB HOSTING... LEAD GENERATION... PHONE... INTERNET CONNECTION (High-Speed Recommended).  

#5.  Utilize The Proper Tools. 

When you build a house you need the right tools, when you work in the yard you need the right tools, when you build a business you need the right tools.  If you plan on running an online business, here's a list of the tools you'll need to be effective.

1. A WEBSITE that gives the "TARGETED MARKET" what they want.

2. An AUTO-RESPONDER that filters, sorts and educates your "TARGETED MARKET".

3. A STATISTICAL way to measure your progress.

All of these elements must fit within your budget guidelines.

#4.  Find A Starting Point For Your Business. 

Define your objective, allocate your budget...then START...JUST START IT. Start building a list of interested prospects.

#3.  IMPORTANT - Positively Identify Your Target Market.

Placing an ad in the newspaper JOBS section when your trying to sell a TV probably will not get much response. Just like a regular target,  aim for the group in the "BULLSEYE" area.

#2.  CRITICAL - Follow-Up Plan For The Target Market. 

It's a well established fact that people will not purchase your product the first time they see your advertisement. It could take up to 7, possibly more events of product exposures before a sale is made. "The Profit Is In The List" is a simple way to summarize the importance of a list.  As you develop your marketing skills you'll build different target lists.

#1.  CRUCIAL - Drive Targeted Traffic To Your Website. 97% FAILURE RATE

This is the NO.1 reason online marketers succeed or fail.  However, all traffic is not equal. You really don't have time for prospects NOT interested in what you have to offer. Here are some ON-LINE techniques to drive traffic and build a list of interested prospects.

Co-registered leads, PPC, paid classifieds, bulletin boards, message boards, article submissions, joint ventures, ebook marketing, press releases, etc.

Here are some OFF-LINE marketing techniques. Post cards, direct mail, ad co-ops, magazine ads, newspaper ads, card decks, billboards, advertising wraps for automobiles, bumper stickers, etc.

Soon, I'll reveal truth No. 9 as we work our way to the No.1 truth about making money online.