Brace yourself! This is not an article. It’s a wake up call for every senior reading it.
If you’re thinking of starting an online business, half the battle will involve you steering clear of the pitfalls… and the other half will be you doing what actually matters in your business, instead of running around in circles.
The brutal truth is that thousands of people come online in droves every single day with hopes of starting an online business. Unfortunately, most will fail.
The road to success in this business is paved with the virtual corpses of the many who have tried and failed. A grim thought… BUT don’t let that discourage you.
There are many who do thrive and reach the pinnacles of success beyond their wildest dreams. It can be done…
And it all starts with you adhering to the tips below!
- Choose a proven business model
The first and MOST IMPORTANT tip you should be aware of is that you need to start a business based on a business model that works. Here are a few examples:
- Affiliate marketing
- Creating and selling infoproducts
- Running a membership website
- Kindle publishing
- Flipping websites
These are just some of the online business models that work.
How do you know they work?
Simple! Others are making money from them. That is the litmus test of profitability.
It’s always easier to do what works than to conjure up an untested strategy of your own and test it out. Also note, it’s imperative that you choose a business model which gels with your innate talents and/or passion.
For example, if you love to write, publishing books on the Kindle platform could prove to be very profitable for you… and a rewarding undertaking too.
However, if you’re inclined towards graphics and art, you could become a freelancer and offer your graphic design services on sites like Fiverr or Upwork.
If you worked in a brick and mortar store before, the idea of running your own online ecommerce store might excite you, since you have tons of retail experience.
Well, go for it then!
What matters is that you choose a business model that suits you.
But what if you have no skills?
No worries. You can always learn.
- Focus is everything
Once you choose your business model, you’ll need to be 100% focused on it.
The BIGGEST mistake many seniors make is that they look at tons of different offers and make money online schemes – and they want to be a part of it all.
There’s even a term for this in the industry. They call it ‘shiny object syndrome’. It’s what happens when people keep buying every offer that looks profitable.
Today, they’re buying a course on affiliate marketing. Tomorrow, they’re into ecommerce. The next day, they’re creating a product on a topic they know nothing about.
They’re lured by the pitch and the promise of painless profits from a plethora of putrid products. That’s a lot of p’s in one sentence. Perfect!
This ‘get rich quick’ siren song leads them to their virtual watery graves in the tumultuous seas of online marketing.
In a matter of time, they’re broke, overwhelmed and cynical of the entire industry. It happens to the young and old alike… and it happens ALL the time!
You can avoid their dismal fates by being focused on your chosen business model – like a horse with blinders.
Once you pick your niche, you’ll stick with it no matter what – UNTIL you succeed. Nothing else distracts you. If you can do that, success will be inevitable.
There’s even an acronym for F.O.C.U.S – Follow One Course Until Success.
So simple and yet, so difficult to practice… but your longevity in this business hinges upon it.
- Know your budget
Generally, seniors tend to be on a limited income. Since they’re no longer working, they’ve to rely on their savings, pension, etc.
You absolutely MUST know your budget and allocate a percentage of it to your marketing. No more, no less.
NEVER EVER spend more than you can afford.
It’s extremely easy to rack up debt in this business. Thousands of people buy unnecessary products, courses, etc. and put it all on their credit cards hoping for quick profits to cover their costs.
In reality, the bills always come before the profits, and they come like clockwork.
Usually, the profits never materialize because the courses were unreliable and unnecessary in the first place.
You must avoid this pitfall! Be a cynic par excellence. Treat every product you come across as an opportunity to lighten your wallet. In most cases, you’ll be right.
These are the 3 basics you’ll need for most online businesses;
- A domain
- Web hosting
- An autoresponder
For most online businesses, you’ll need these 3 components. Later on, you may get a page builder, keyword research tools, etc. to further your business.
But in the beginning, stick to the basics and just choose one brand of each to go with… which brings us to the next point…
- Start small
Since you’ll probably be on a limited budget, you’ll want to bite off what you can chew. When buying a domain, it should be under $10. There’s absolutely no need to add on any extras.
When choosing hosting, opt to pay monthly or quarterly. Do not pay for an entire year at once. Or worse, for 3 years. Choose shared hosting rather than dedicated hosting.
Keep your costs low… but don’t buy cheap, unreliable products/services. (Always do your research before buying.)
Start small, and once the profits are rolling in, you can scale up and improve. That’s how you do it.
Avoid the error of thinking you need to start off on a grand scale. You don’t need to. Simplicity is the ultimate sophistication.
- There’s no button to push
Here’s something you should know – there are NO overnight profits in this business and there are definitely no ‘push-button profits’. Don’t let them tell you otherwise.
This industry is replete with snake oil salesmen who will talk a big talk and deliver nothing. In fact, they’re the norm. The reputable vendors are in the minority.
Most seniors who get into this industry can’t fathom how some people will say anything or lie about everything just to make a sale. Such dishonesty is anathema to the seniors and alien to them.
So, they tend to believe all the hype and part with their money thinking that the vendors are trustworthy – only to discover that the products are regurgitated, rehashed, and the vendor’s actions are reprehensible.
But it’s too late. The money is gone, and all that’s left is a bitter taste in their mouths.
This unpleasant experience can be avoided by getting acquainted with the brutal truth that to make money online WILL require time and massive effort.
Both of which YOU will need to pay. There’s no other way.
- AVOID high ticket courses
Here’s another point to note – when you’re starting out, there is NO need to pay anyone a few thousand dollars for a course or mentorship.
You’re still new and there’s much to learn. Once you’ve gotten started with your business model, you’ll understand the lay of the land. After that, if you wish to get a high ticket course, that’s up to you.
Just remember to exercise due diligence before purchase. Check on the vendor’s reputation and make sure they’re legitimate.
- Keep learning
This is a business where there’s no end to the learning process. What’s amazing is that you can learn just about anything by Googling it or looking for tutorials on YouTube.
In fact, there are many successful marketers who have built thriving online businesses just by learning as they go along. They didn’t buy high ticket courses or rely on mentors.
Anytime they had a problem, they’d search online or on YouTube for answers, and test them out. This is all part of the learning process and it’s a crucial skill you must have.
Knowing how to find answers to the problems that crop up in your business will help you overcome any obstacle which rears its ugly head.
- Networking helps
One of the best ways to get help and support will be to join forums and/or Facebook groups in your niche. You can build profitable JV partnerships and even find customers in these groups in future.
Do join these groups early on and contribute value without selling anything. Just by being helpful, you’ll develop a positive relationship with the people there and they’ll want to support you later on when you do start selling.
Another benefit that you’ll accrue is that when you teach others, you’ll end up learning more yourself.
- You’ll fail your way to success
Sooner or later, you WILL encounter failure. This is to be expected. Failure is not the opposite of success. It’s a part of it.
There’s an important strategy you must adopt here – when you overcome failure (or if you hit a roadblock), you must always find a way to overcome it.
While this seems simple on the surface, so many people get it wrong.
Here’s an example…
Bill is building a niche website. He fills it up with content and everything looks great. This endeavor took him about 3 months.
But there’s just one problem…
Nobody is visiting Bill’s awesome website!
This here is a traffic generation issue. It’s an obstacle.
On the surface, Bill may think he has failed and his site is a flop. In reality, this is just a new challenge and a learning opportunity.
However, what Bill does is abandon the site thinking he failed… and he begins working on a new site from scratch. Guess what happens?
It takes him another 3 months to build an awesome site, and AGAIN he hits the same roadblock.
Because he hasn’t learned how to overcome the obstacle. That’s why!
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