Don’t Go Broke Trying to Build an Online Business

Forty Thousand Dollars Later

How often are you purchasing ebooks, strategy guides and software to build you IM business? Are you spending cash hand over fist in pursuit of an ideal approach to implement your business idea? Are you becoming an IM product addict, investing your cash in anything and everything that might improve you bottom line?

You’re not the only one convinced that the only way to make money involves spending it in copious quantities. Far too many Internet marketers are doing the exact same thing.

And that’s totally understandable. It’s entirely reasonable to invest in new strategies and tools to fine-tune your profitable IM enterprises. Investing in new materials to stay on top of a quickly developing industry is reasonable. However, there is a problem with running on the BUY NOW treadmill if you’re not making any money.

There’s a significant difference between trying to stay on the cutting edge and gambling on every possible tool in hopes of making a business work.

You want to spend your money the smart way. You don’t want to be the person who’s spent $40,000 on IM products and still isn’t making regular sales.

Buying the Right Way

How can you avoid dumping too much cash into things you don’t really need? You need to build a solid foundation for your business. If you ignore the bells and whistles, you’ll see the IM is really based on a few simple premises.

You must have a product you can sell. You need to have a strategy to sell that product. You need a way to generate traffic to the site from which you’re making that sales pitch.

That’s IM in a nutshell. All of your efforts should relate to one of those basic needs.

That means that you should start by building a solid foundation on all three fronts. Everything you buy should support your efforts to work on one of those three factors.

You must have a foundation that let’s you make money from home before you invest in extras, details, tricks or adjustments. When you have a foundation in place, you will make money. Then, you can pay for those new products with house money instead of digging a hole for yourself.

How to Build Your Foundation

You can start building that money making foundation without going broke in the process. Here’s what you need to do.

  • Get a smart, big picture understanding of Internet marketing. You need to hear, straight from the proverbial horse’s mouth, how things fit together and what really works.
  • Focus on ways to boost traffic. As noted, traffic is one of the three keys to a solid foundation. It’s arguably the most important component. Until you have adequate traffic, ¬†you won’t be able to find out if your products are attractive or if your copy is converting. You need as much traffic as you can get–and you need it quickly.
  • Discover a continuing source of support and guidance. A good ebook can be helpful. Instructional videos can really help. However, there’s nothing like developing an ongoing connection with a coach or mentor who has a history of success and a willingness to show you the ropes. You can become more efficient and successful when you’re on the receiving end of expert advice.
  • Manage your risk. You want to meet your objectives without risking significant losses. Avoid overspending on the tools and information you need to build your business. Find a small business coaching opportunity that doesn’t require a fat up-front commitment and that doesn’t lock you into a multi-month contract.