To those in IM who always seem to be broke...

The original PO could be some of the best advice for newbies ever given.


I'm making a living from IM and I still occasionally get sucked in with the proverbial "shiny new objects". Distracted from the path.


Just to put the advice in it's simplest terms

1. Your running a business so have to have a proper plan, do not wing it or play.
2. Don't get distracted, stick with your plan, focus on what you are doing now.
3. There are no instant riches. It takes work, time and effort.
4. You only need to work out how to make $5 and you have a business. Replicate, scale & Improve

If someone had drummed that into me when I started I could have saves 2 years of grief and I would be considerably richer now. (Still 2 years from now!!


The big problem, and I guess it's the same for most people, is that this job is generally one you do on your own. Most certainly if you are a newbie. No boss to look over your shoulder and check your meeting your targets, No colleagues moaning at you because you output is late and holding them up. No weekend to look forward to to help you want to get your work completed. So self discipline is all you've got and that can be a challenge.


As a human being you will naturally find it easier to do things you like doing - I find myself picking out the nice tasks to do first!.. Unfortunately that is often inversely proportional to the value of the task. In other words if you don't like doing it, it probably ought be what you should be doing as it will give you the most value.


Like, boring backlinking, keeping meticulous tracking records of PPC campaigns, keyword research, keeping your accountants papers in check etc.


Most people work better with some guidance or criticisms of some kind.


So my final advice is - get a mentor.


Tony

To the "GUY" above?? How do you know I am a guy? Or you're just assuming...

Thank-you for your kindness Richard.

Also, something else for nlef327. I'm not being rude or anything, but not all Clickbank photoshots are faked. In fact I believe the FTC would shut them down pretty quick these days if any mainstream marketer dared to do that.

I guess some of them could be wrong in the fact that not all the income shown is because of the technique they are advertising, but I wouldn't know.

And yep, they do make money selling you information. Nothing wrong with that.

I didn't want anyone to think this thread is about bashing IM products, or gurus. It really isn't. It's more about the individual attitude. And I'm no exception.

"Max", what a deceptively simple post. #2 is likely the biggest cause of failure in IM and any other pursuit. #3 complicates that with unrealistic expectations, and #1 delivers the coup de grace.

Several years back, I served as economic development director for a county in Kentucky. We had our own revolving loan fund for business startup and expansion--and one of the first things I did when opening the office was to create a small business development center. Literally hundreds of people came in the door seeking startup loans or help for their existing businesses. Virtually none came away with anything except technical assistance.

Why? They had no idea how to run a business, did not have the mindset required, and refused to accept the fact that goals and dreams are not the engine that commerce runs on... Many balked at the idea of developing a real business plan. The ones that wanted to enter the food and beverage industry were the worst. Hell, they liked to eat out, and understood what good food and service was--why should they not open their own restaurant...

A solid plan with measurable outcomes is the foundation. Too many people start out thinking through what they are going to do and then try to delve out how much money they will make. This is backwards from the IM perspective. First, one needs to set a reasonable benchmark for the first year--AND THEN determine what is going to be necessary to meet that outcome. Research will reveal every time whether components of a business plan (and it's associated costs) have the POTENTIAL and CAPACITY to deliver.

Making money does not imply you have made a "profit". Profit is not what is left over after you pay the bills--profit is the remainder after you have met all of your obligations, set aside a reasonable regular amount as an operational account, and paid yourself for your time--including taxes and benefits.

A lot of people have the inclination in startup businesses to buy a lot of things. Your #1 example causes many new businesses to start on the path to bankruptcy right out of the gate. Do you really need it--and what lower cost options are available? How many "experts & consultants" do you need to find a single, workable and profitable strategy? There ain't no secret sauce--find a strategy and niche and play it out. Expand as appropriate. And recognize that the majority of what is being offered as "analysis" software and strategic advice is readily available for FREE by doing a little research and investing your time.

I have developed client and personal websites for many years. From that, I have a good idea of what constitutes something that benefits the client and produces results, and bells and whistles that albeit seemingly nice additions--do little in the final analysis. Jumping into IM several months ago, I too was led by the promises of certain research and marketing software packages. Tempted by numerous "strategy" training offerings. The temptation to hit the "buy now" button was tremendous.

The real truth? The things that I bought for convenience sake were bad investments. I really did not need them at the stage I was operating at--and they certainly will not lend any value to my end user. How many hackneyed approaches to thin affiliate sites or disseminating tired and overpublished PLR rubbish do I need? :p

Spending money on a business has to be thought of as an INVESTMENT--an expense that will return cash flow. Instead of buying the geegaws, I invested in a professional server solution. Front end user components that give them value--while facilitating easier and better integrated advertising content. Rather than "gurus" investing in professional market research, target demographic and usability monitoring, and proper systems to monitor activity.

Yup. Spending a lot of money of every thing that pops up (not doing so is kind of an antithesis to what we are about, no?), failing to have a cogent business plan and proper operational logic, and expecting immediate results is certainly a surefire recipe for failure...

This is true, so many newbies think they can 'invest' their way to success in IM, thinking that all they need to do is drop some money on tools, outsourcing and advertising, and then everything else will take care of itself and money will magically come gushing out of the internet. This is why you see so many threads in here asking about how to invest a certain amount of money effectively in IM.

I wish this were the case, but this simply isn't true. Simple logic would tell you this couldn't possibly be true - otherwise you'd see many more people succeeding in IM, especially the ones who have money to invest in tools and resources.

The failure rate in IM couldn't possibly be so high if all that's needed to be a success is sufficient money.

Paul