Over the weekend I posed a question on Twitter.com that started an interesting discussion about making money online. It was a simple question but it really opened my eyes about how people feel about time and money, and online business in general...
Granted, most people can't live on $1,000/month so the question was taken seriously by some, and laughed at by others. But the point was brought up that "97% of online marketers are making less than $500/month".
I'm not sure how accurate that statistic is, but I would be willing to bet that the majority are not bringing in anywhere near what they would like to be earning online. That point was made obvious by the replies to my simple $1k question.
To add to the discussion, I asked:
Now it's starting to make more sense, right?
As I said earlier, most people cant live on $1,000/month. But its a great starting point or initial goal, and a great increment to use in continued growth.
It surprised me how many people were skeptical of the concept, or thought I was trying to sell them something by bringing up the topic. It also surprised me how few people were even making as little as $1,000/month.
Next, I asked:
I had a point in asking these questions, of course. And no I wasnt trying to build anticipation or lead into a sale of any kind. I was genuinely curious where people stood on the topic of making money online. What they were willing to invest in their online business. And just how much they believed in it.
Obviously it is possible to make money online. Its even possible to make really good money online. I am living proof of that. This is my 12th year in business and I work from home (online) full-time. I am a single mother to two children, and my online business is our sole source of income. You can click here: How I Make Money Online to see just some of the ways that I earn my living.
Thinking back on that discussion over the weekend, I have another question...
How long have you been working online, or trying to start an online business? How many hours a week do you research or work or manage your websites? Has it been 6 months... 6 years? And finally, how much money are you earning every month as a result of the time you've invested so far?
Take a moment to get that figure in your head. Now if you go back to that question I asked about investing 40 hours a week for an entire year, it doesnt sound so crazy, does it?
I know a lot of people that put in 4-6 hours a day, day after day, week after week (for years) that still arent earning $1,000/month consistently.
Why is that?
In our conversation on Twitter.com, we determined that the main culprits are lack of focus and lack of follow-through. Not a single person involved in that discussion blamed the industry or "the gurus". Everyone took personal responsibility for their lack of success in achieving even $1,000/month.
If you have spent at least 4 hours a day trying to start or grow your online business - for at least 90 days now - and you are not yet earning a consistent $1k per month, I am curious: what is it you are doing when you are online?
Whatever it is you are doing will fall into one of two categories: time waster or money-maker. Its so easy to get caught up in a "time suck" when you get online. Believe me, I know that one firsthand. But if you are really serious about getting over the hump, and making good money online, then it pays to analyze what it is you are doing to make that happen.
One thing that I found really helped me was to keep a Time Log. I did this 5 or 6 years ago because I was frustrated with the amount of hours I was working online vs the amount of money I was making at the time. I had set a goal to double my income that year, yet I couldnt find a single extra hour in the day to "work more".
For an entire week I kept a legal pad on my desk beside my mouse pad, and simply jotted down the things I was working on throughout the day - and how long I spent on each task. It only took me a couple of days to identify my major Time Wasters.
That old 80/20 rule stands true even here. 80% of what you do is a complete waste of time. 20% of what you do actually gets you closer to your goal.
Try it out for yourself. Keep a Time Log for a few days, and then take a close look at it. Take a piece of paper and draw a line straight down the middle of it. At the top of the left column, write "Time Wasters". At the top of the right column, write "Money Makers".
Watch that list on the left grow 😉
Then do something about it.
It really is that simple. If you are one of those people that is struggling to make a consistent thousand per month with your online business, then its time to make some changes. And it really doesnt matter if its $1k or $10k. Figure out exactly what it would take to achieve your goal, and then make every day count.
I'd love to hear your thoughts, of course...
p.s. You can follow me on Twitter and join in on my discussions there by signing up at Twitter.com and then "following" me: http://www.twitter.com/lynnterry