When I first started my journey to make money online, very few people were doing it compared to today.
There was little knowledge about what worked and what didn’t. Because of this, I was forced to come up with ways to make money on my own. Some of these strategies works very well. Some of them didn’t work at all.
Interestingly enough, the greatest lessons that I learned weren’t from my successes. They were from my failures.
Here are three of my biggest failures and valuable lessons that I learned from them.
1. Don’t Rely On One Traffic Source
In February 2012, I felt like I struck gold. I had finally built a simple WordPress blog that was generating $1500 per month on complete autopilot.
The blog made money by promoting ClickBank products in a review style format. I received all of my traffic from my organic rankings in Google. Seems like a great business right?
Wrong. Two months later, in April 2012, Google unleashed the Penguin Ipdate. Overnight I went from ranking number one in Google to not even ranking in the top 100 pages.
I later learned that this was all my fault because I over optimized my pages for SEO.
Regardless, it taught me a valuable lesson: Don’t rely on one traffic source for your income stream, especially if it is SEO.
Instead, build an email list. Buy banner ads.
And diversify your traffic and income so you keep making money no matter what Google decides to do.
2. Build An Asset, Not An Income
I always thought that if I just made money everything would be grand. Later, I realized that money was not nearly as important as building something of lasting value.
I had plenty of little tactics to make money. And the money they made me was great. The problem was, I couldn’t wrap up these tactics and sell them as a business, because it wasn’t a business at all.
In other words, I was spending all my time making income instead of building a long-term asset that I could sell at a huge profit. This is what serious entrepreneurs do. They focus on the long-term and build businesses that will be more valuable than the income stream they produce.
I wish I had learned this when I first started. If you are just starting out, make sure you internalize this mindset and focus on the long-term, because when I lost my rankings in Google, my income completely vanished.
I had no long-term asset, like an email list, or a brand, that I could sell. And I had to start over from scratch.
3. Money Comes From Filling Others Needs, Not Following Your Passion
This was probably the hardest lesson of all.
You see, I became interested in making money online because I wanted to have freedom in my life. Everyone said that in order to make money you have to pursue your passion.
So I thought, okay I’ll just pursue my passion and then the money will come. Right?
Well, unfortunately my passions involve surfing and enjoying life. Therefore, no one really cares enough about my passions to pay for me to sustain my lifestyle.
The only things that people care about are solving their problems in their own life. I didn’t actually start making money until I put my passions aside and focused on adding value to other people’s lives by fulfilling their needs first.
Pursuing your dreams and passions can come after you provide value to other people by solving their problems.
Don’t buy into the hype that says you can just live the life of your dreams by pursuing your passions and all the money will start pouring into your life.
Mostly, it’s BS propagated by self-help gurus who are living the same lie themselves.
In the real world, people spend their money on solutions. If you want to have money come to you, you need to be one of those people who provides the solution. Any other way is living in fantasy land.
Making Money Online Advice For Newbies
If you are just starting to try to make money online, don’t just read this article and think “oh yeah but that doesn’t apply to me.”
It does apply to you. 99% of people fail to make any money online at all. It’s the 1% who learn these valuable lessons and actual apply them in their life that get the results.
So in conclusion, my advice to you is this: Don’t be naive and believe the hype. Instead, be one of the 1% and take intelligent action.
Yeah, it might seem more difficult in the short term, but believe me, it’s more than worth it in the long term.