How to fail at making money online
by Jenny Holt
Shopify lists 7 low-investment ways to make money online, and Forbes has a list of 21, but arguably there are many more. Think about it; everyone is on the Internet. Over 2 billion people log into the world wide web, all with needs which require solutions. A good chunk of these people will pay money in exchange for goods, services, and solutions. It is only logical that there is money to be made online. So why are far too many people failing to make any substantial money in their digital ventures?
Poor Research
Before choosing a niche or market, do some research; it pays to have knowledge and an understanding of your sector. Failure to run your numbers will result in, well, failure. Some of the best markets are underserved, yet most of the poor markets are stuffed with competition. A person selling online courses, for example, would realize that it is easier to sell a $1000 course to 10 people and make $10,000 than it is to sell a $10 course to 1000 people. The trick in this instance would be finding out what content 10 people would be willing to pay $1000 for, and creating that product for them.
Lack of Discipline
Working from home on the Internet does liberate you from some daily annoyances like the commute to and from work, and coworkers you can’t stand, but there are other realities to recognize, regardless of where you work from. Discipline is one of those certain truths. In fact, working online requires more discipline because you are the boss. You set your own schedule and projects, but failure to execute them on time can mean the end of the gig. As such, if you want to money online, make sure that you’re disciplined. Never miss deadlines or get distracted by conversations. If you sit at home watching cat videos all day on YouTube, you’ll soon find yourself looking for a “real” job.
Not Knowing Your Value
How do you price your services or goods? A study by pricing scholars found that people do not know what goods and services cost. People decide whether the price is fair or not by comparison. Setting your price in niches with no relative cost comparisons can be tricky, and most people who fail to make money under-price their goods and services. The trick is to provide value, then charge for that. Determine how much the good or service is worth to the ideal buyer, then set prices.
