How to not go broke as an Online Marketer

How to not go broke as an Online Marketer

When it comes to working online, there are a lot of people that go broke pretty quick and don't cut it in the dog eat dog world of online marketing.  When it comes to working online we all know that it's not an easy task, in fact it's probably one of the hardest jobs because we're always at the mercy of big fortune 500 companies and their decisions.  I've seen plenty of people go broke and the few select people who have made a good amount of money online, and I've noticed some things along the way.  The failures as well as the success stories have shown me a few trends that could affect any business owner out there, and I'm going to go over them in this discussion


Be yourself, but don't
If you're just starting off, you won't want to try and become a Guru overnight because it will quickly blow up in your face.  You will want to piggy back off of someone elses product or service and sell it as your own.  What you'll be looking for is something that you can re-brand.  You will basically stick your logos on the product or reports and send it out as your own.  The buyer will have no clue that you did not do the work to create the product or service and they will give you all the good praise when they get the final product.

I know I tell people that they should be themselves when they are online.  If you're a seasoned veteran when it comes to online marketing then you're likely being yourself and you don't mind what people think.  They hang on your every word because that's you being honest and real.  If you start off being someone else in your writing then you won't make it very far, you'll be seen as a copy of someone else and not gain any trust.  But if you're starting off online I would suggest you sell something that isn't yours but you can make it look so.  You can be yourself on your own blog, but not when it comes to your own product.

I say that you should work with someone elses product because you most likely don't have enough money in order to produce your own inventory from scratch.  Sure you may have $5,000 sitting in your account, but what if you get 10,000 orders on a product that cost you $10 each to create?  You don't want to be too successful when it comes to something like this because it can kill your business.  Sell someone elses service or product and have them worry about the inventory since they've likely been doing this for a while and can produce a lot more than you could on your own.


Be the Boss!
So many times I hear about people bringing on angel investors or having family come in as VP's.  This only dilutes your own shares of something that could be amazing, and in the end you could be cutting out a lot of money due to your diluted shares. 

Even if you have the perfect system that allows you to work from your couch for a few hours a day and make a killing, you don't need someone else coming in to take your shares.  I would hire a VA and have them do tasks for you so that you can keep the total amount of shares and not distribute them to people who may not do anything.  Remember, if you give away or sell shares, those people get a portion of your company and don't have to do anything to make money off of you.

Think of how twitter was an up and comer in the social media game and Facebook tried to buy them out early on.  They offered them a ridiculous amount of money and twitter turned them down.  Twitter owned their work and wanted to be their own boss, which was a great move on their part because now they're worth a hell of a lot more than what Facebook offered them


Diversifying your income streams
Most millionaires have a good amount of income streams, they usually don't have just a single big one they rely on and a few that trickle in.  They will set up corporations around their streams and turn them into rivers   It's never fun thinking that you may be a broke online marketer, but if you're not trying to diversify, you're going to go down sooner than later.  Always be doing R&D in order to build up income streams in order to have some passive streams as well as active streams. 

For myself, I have a few streams right now.

1. I have an Online Marketing company
2. I have some affiliate websites (Amazon/Clickbank)
3. I have my Amazon Merch account which I've been building slowly
4. I have some web design clients through a partnership with a designer/programmer
5. I have a few drop shipping websites and more being made
6. I have a physical product in the works

So for me that's 6.  A couple are my main streams which I'm turning into big rivers while most of them are still a babbling brook lol.  Every day I'm working to build them up bigger and bigger so that they will start generating more and more money every day. 

Think of it, if each of them increases by $50 profit each month and my sales increase by 50% each month as well, I'll be making the following...

Month 1:  $300
Month 2:  $450
Month 3:  $675
Month 4:  $1,012.50
Month 5:  $1,518.75
Month 6:  $2,278.12
Month 7:  $3,417.18
Month 8:  $5,125.77
Month 9:  $7,688.66
Month 10: $11,532.99
Month 11: $17,299.49
Month 12: $25,940.23

Now this is all speculative and by no means is a great calculation, but it's possible if you don't have any bills and can boostrap 100% of your earnings.  This also doesn't factor in any negative things that could happens such as accounts being frozen or suspended as well as income streams drying up.  I don't make $25,000+ a month and I've been working online since 2003 lol


You will want to set up income streams in order to diversify your income, and sometimes you will have income streams pop up that you didn't think of.  I have an SEO client that signed a 5 year partnership agreement with me that I didn't think was possible, but they trusted us a lot and wanted to give us 10% of all their profits over the next 5 years as long as we keep the traffic coming in   It was extremely unexpected, but that's going to be a great income stream when we build it bigger every month



In Conclusion:
You need to think smart when you're starting off.  You won't be an overnight millionaire even if you can code better than anyone in the world.  Sure you can get a good job in the field, but you'll have a boss and you won't be the one making the decisions.  Not going broke as an online marketer is a tough thing to do when you start off, so I'm hoping these tips above will help you out along your journey



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Thanks!

Razzy