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Don’t Go Broke Trying to Build an Online Business

Dec 2nd 2011 at 8:36 PM

Spending the Big Bucks

Are you a serial Internet Marketing product buyer? Are you spending cash hand over fist in pursuit of an ideal approach to implement your business idea? Do you find yourself hitting the BUY NOW button day after day, believing that you're about to find the missing link in your moneymaking chain?

If you're making investment after investment in IM direction and information, you're not alone. Many IMers are on the buy-buy-buy-and-buy-some-more treadmill.

Not that there's anything wrong with that. Frankly, it makes perfect sense to purchase new information and products to keep your business rolling right along. It's sane and sensible to invest in new strategy guides to stay abreast of changes in the industry and to get your hands on innovative ideas. However, spending that money when you're struggling is a different story.

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 handle this the right way. You don't want to be the person who spent $40,000 on IM products only to see sporadic sales.

The Right Kind of Purchase

So, how do you avoid becoming the wrong kind of serial buyer? It starts by building a rock-solid foundation. If you strip away all of the details, tricks, options and creative new ideas from Internet marketing, it's a simple three-step proposition.

  1. You need a product to sell.
  2. You must have a way to sell the product.
  3. You have to bring traffic to your the site.

Do those three things and you'll make sales and enjoy good success in IM. That's it. All of your efforts should relate to one of those three basic steps.

As such, you need to focus on building strength in all three areas. When you buy something, it must directly address one of those three foundational needs.

Before you start reaching for details, tweaks, adjustments and tricks, you need to develop your core means of making online money. Once you have the basics in place, you're going to start making money. Then, you can pay for those new products with house money instead of digging a hole for yourself.

Building a Smart Foundation

You don't need to spend big money to build a profitable foundation. This is what you need to do.

  • Get a smart, big picture understanding of Internet marketing. You can get that kind of perspective from someone with successful IM experience.
  • Focus a great deal of effort on traffic generation. As noted, traffic is one of the three keys to a solid foundation. It's also the most important one you'll address. 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 to get people to your site as soon as possible.
  • Find a source of ongoing assistance. An ebook can be great. Instructional videos can really help. However, developing a real relationship with a successful mentor is much more valuable than any ebook or video series. Good mentoring increases efficiency, makes it easier for you to build a foundation, and allows you to avoid common mistakes.
  • Manage your risk. You want to meet your objectives without risking significant losses. Look for opportunities to secure the right information at a reasonable price. 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.

Building your IM foundation with those proceeding points in mind will place you in the driver's seat to victory!

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