What’s The Secret To A Work From Home Online Business?
The concept of trying to make money online sounds relatively straightforward. Find a good product or service that a particular target market wants or needs, let that audience know that they can buy it from you at a price that offers good value and have a simple way in which they can buy it quickly and easily from you.
This may sound a simple formula, but many people do struggle to make money online. Often people set up a work from home online business thinking that they will make millions in a matter of weeks but often end up losing money even quicker. Here are the 5 most common mistakes everyone makes when they first start a work from home online business.
5 Most Common Mistakes Everyone Makes When Trying To Make Money Online
1. Not Having A Solid Business Model
If you start a work from home online business without any real idea of what you are going to sell, who you are going to sell it to and how you will sell it to them, then you are not going to be very successful. A solid business model will have a clearly defined target audience who are looking to buy the products or services that you are selling. Ideally, you need a good mix of income streams that provide recurring income, affiliate income and high ticket income all in one model.
2. No List Building Strategy
If you have been looking at how to make money online for any length of time you will have heard the saying “the money is in the list”. But that is not strictly true. If that was, you could simply go to the phone book and there is your list! To earn money from the people on your list it’s important that over time you engage with your list and get them to know, like and trust you. Send emails with useful information. Give the people on your list solutions to their problems, answer their questions and aim to improve an aspect of their lives. They’ll soon start to look forward to your emails and to trust your opinions and recommendations.
3. Having A Poor Marketing Funnel
A marketing funnel is the process that starts from the time when a prospective customer clicks on your link to them becoming a customer who regularly buys from you. The traditional marketing funnel starts where you offer your prospects something of value to them for free (like a free report or ebook) in exchange for their email address. If they like the free report, they may consider purchasing a low priced product from you, like an audio course or video series, normally priced below $100. They then may decide to join your membership website for anything between $25 to $100 per month. Next, if they found the membership site provided value they may attend a live workshop which could be anything from $500 to $1000. From there, they may opt for a higher level of training or coaching that could be from $5000 upwards.
4. Not Generating Traffic
The most common issue that people have when they try to make money online is generating traffic. If you have no website traffic going to your website or sales pages you won’t get any customers and you won’t make any money. When it comes to website traffic there are two main routes to take. You can generate free traffic or invest in paid traffic. Free traffic can take a while to gain momentum, but when it starts it can generate a constant flow or years. When you buy traffic it delivers the results instantly but the traffic stops as soon as you stop paying. The best strategy for generating traffic for your work form home online business is to use a combination of both free and paid methods.
5. Not Willing To Learn From Others
It is surprising how many people try to start a work from home online business thinking that they know everything there is to know. They jump in head first, get confused, waste time and money and then give up, thinking that the whole concept of trying to make money online from home is impossible. If you started a new job working for someone else, you would expect somebody to show you how the business operates and how to do your job properly. It’s no different when you want to make money online from home.
Learn How To Make Money Online
There is no ‘secret short cut push button solution’ if you want to make money online fast. Online business success does not happen overnight. Sustainable success comes from having the five elements above – a solid business model, a list building strategy, a proven marketing funnel, targeted traffic and step-by-step training. To learn more on the proven steps to make money online, check out this FREE Online Business Tutorial.