Making Money Online – How Much Is Needed To Get Started?
[svpVideo v=1]In the past 2 posts I have talked about some of the essentials for making money online and today I want to cover 2 things more….
Failure and Finance
Failure is seldom discussed unless it is quoted as a statistic such as “over 90% of online marketers fail to make any money!” Whilst true this is only a small part of failure because in fact 100% of online marketers fail most of the time!
You will fail too and should be prepared for this and know that failure does NOT mean that you can’t make money.
Let me explain….
Even the most experienced marketers have more campaigns that lose money than make money; what you need to understand is that you need to scale up the winners and get rid of the losers so that overall you make a BIG PROFIT!
As an simple example you my run 10 campaigns and 9 lose money but 1 makes money. Initially you spend $100 on each campaign so you lose $900 on the 9 that fail, but 1 campaign makes you $200 for a net loss of $700. But the winning campaign is doubling your money.
So you scale that up by spending $500 and that makes you $1,000 which you reinvest to make $2,000 and now you have an overall profit.
The more you scale the more you make and you constantly tweak the campaign so that it makes you 3 or 4 times your investment each time, This is how the top marketers win even though most of their campaigns lose money!
The problem is that every campaign has a life span and will eventually stop making money and that is why there is a constant testing process required so that new winning campaigns can be found.
It may or may not be the same product but a new fresh approach is needed to keep the cash flowing in!
This may not be what you want to hear and most so called “Gurus” will never tell you this, but it is something you need to know and understand, because unless you are extremely lucky you WILL fail before you succeed.
And even if you are that lucky person failure is just around the corner!
If you grasp this concept and accept it then talking about how much you need for a business will make more sense!
There are certain essentials that you need to have a successful online business and 2 are a good autoresponderanda good tracking system. You WILL NOT BE SUCCESSFUL WITHOUT THEM. I have links there to my favorites but there are many options available and which you use does not matter as long as they do a good job!
If you don’t have an autoresponder you have no business, because it will not only store your leads but allow you to build a relationship with them. And if you don’t have the ability to track your marketing you will be shooting at a target blindfolded with little or no chance of hitting the mark!
These 2 items are essential and when starting will cost you between $35 and $50 a month!
You also need paid traffic if you are serious about being successful and I would suggest a minimum budget of $200 a month, but the more you have the better, So we are looking at around $250 a month in ongoing costs that you will need to finance until you find your first winning formula.
There are ways to finance the ongoing costs with a single once only investment and guarantee a profit at the same time. Once only payments would start at about $2,500 and if you want more information on this leave a comment below.
In addition you may have affiliate fees, memberships and such to cover, but there are many products you can promote with no fees involved. So a minimum budget in my opinion is $250 a month but if you have less and massive ambition then work with what you have.