Why Most People Fail To Make Money Online
Did you know that over 91% of those who go online to make money fail? That's right. That means your odds are not very good... if you are trying to make money online.
As a former venture capitalist and long time student of business, I found that figure shocking and decided to find out why.
After a year of research it became very apparent what causes this very high failure rate.
To understand the problem, it's important to first understand what's required to be successful online.
There are four major functions that you need to understand and manage in order to make money online. (1) The product or service you're offering. (2) The technology infrastructure that will allow you be and operate online. (3) Getting traffic and prospects to your site(s). And, (4) converting those prospects into customers and collecting their money.
Our research discovered a very important factor.
You can not BEGIN to offer a product, get any traffic or convert any prospects until you get online with all the business functions operating.
This means you have to have all the technology in place BEFORE you can begin doing any business.
What's the technology you need to have in place? Here are the basic functions required to make money.
* A hosting account
* A URL and website with sales copy
* An opt-in page to collect email addresses of prospects
* An email autoresponder to manage your list of prospects
* A headline generator to brainstorm headlines
* Traffic tracking to determine the most effective traffic sources
* Audio and/or video on the sales page to improve conversions
* Split-testing to measure and improve conversions
* Credit card processing
* Business metrics and dashboards
However, selecting, purchasing, setting up and managing all this technology is extremely complex and time consuming.
As a result, you have two choices.
One - Hire a professional and experienced webmaster to do it for you (so you can focus on the more important issues of getting traffic and prospects to your site(s)...
OR
Two - Do it yourself. However, our research found that over 91% of those who attempt to do it themselves, actually crash and burn without ever making a dime.
Why is this the case?
Because the technologies are so complex and time consuming that takes a least 12 to 18 months just to get the basics down. We call this the TECHNOLOGY TRAP trap. You know it. You think you can: learn a little HTML, figure out hosting accounts, understand FTP, buy and learn lots of software applications, etc. We call this the "technology trap."
And during that time you're trying to learn the basics of the technology, you're not making any money and your spouse is getting really ticked off. This is when most people throw in the towel and give up.
However, there's now a third option that eliminates this technology trap.
Get one of the new online services that offer a ready to use, package of moneymaking technologies that are designed for non-technical people. These services combine and integrate all the business functions and software applications into one easy-to-use, hosted application.
These services eliminate the need to hire an expensive webmaster and eliminate the need to learn the technologies yourself. Best of all, the reduce the cost of getting all the technologies you need by over 90%.
So if you want to increase the probability of making money online with your home business, check out some of these new money website services.
Please visit www.YourFirst50K.com for more information & to receive your FREE copy of my ebook titled "How to Make Your First $50,000 Online"
Wayne Van Dyck is the founder and principal of Six Degrees Media in Sausalito, CA. He is also the creator and developer of Smart Money Websites, the first complete, Internet Business-In-A-Box. If you would like a copy of Wayne's e-book, "How to Make Your First $50,000 Online" please CLICK HERE
