How to Overcome the Four Biggest Hurdles of Making Money Online
The concept of making money online is nothing new; however, the sheer amount of those trying to get into the space these days is akin to a modern gold-rush.
That being said, many newbies find themselves sorely disappointed when they realize that making a steady income online wasn’t as easy as they initially thought.
Paving your way online is certainly possible, but unexpected challenges and setbacks come with the territory. Whether you’re looking to start a web-based business or get your feet wet with freelance marketing, consider how to overcome the following four hurdles which hold most newbies back.
Protecting Yourself from a Legal Perspective
Those new to doing business need online need to understand the legal requirements and potential pitfalls that come with starting a web-based company. There are state-by-state requirements for forming an LLC to provide legal protection for your business if something goes wrong. Likewise, it’s crucial that you understand online ethics and avoid making false claims or selling potentially faulty products that could land you in hot water.
For example, affiliate marketers need to read disclaimers carefully and tread lightly with the products that they push. Similarly, freelance writers need to understand the in’s and out’s of their ownership of content and what goes into a non-disclosure agreements. Having legal protection on deck ultimately helps you avoid these headaches and allows to focus on getting down to business.
From an income perspective, you should expect some inconsistency no matter how long you’ve been in business. In other words, rarely do web-based businesses bring in the same amount of cash week after week. Just as some brick-and-mortar businesses are primarily seasonal, there are slow periods of freelancers and web-based solopreneurs, too.
So, how do you combat having slow weeks and months which may hold you back from paying the bills? It helps to have a nest egg, as putting money away every month will keep you from going into the red during your downtime. Likewise, focus on work and clients that you know will pay on time first and foremost.
You should also expect some inconsistency in terms of working with others. Unfortunately, many people in the online marketing space tend to be a bit flaky in terms of communication, payment and delivery of work. Always give yourself some breathing room when dealing with others and likewise try to be as consistent as you can in your own work.
Always Be Willing to Evolve
If you have a client that’s paying you big returns or a product that’s selling like crazy, great! However, don’t expect such clients and products to pay your bills forever. Web-based businesses should constantly look to evolve and diversify their revenue streams.
For ecommerce brands, this means selling new products and services instead of relying on a single item. In the case of freelance writers and marketers, this means constantly searching for new clients versus relying on one or two. Affiliate marketers should likewise keep on the lookout for new programs as their space tends to change relatively rapidly as well.
Don’t Expect Overnight Success
In short, don’t rely on dreams of overnight success as the primary driver of your business. For many web-based entrepreneurs, making money online represents a snowball effect. Once you find something that works, keep building upon it and don’t let up. Such an approach to do business is much more prudent than hoping that money falls into your lap.
Making money online is certainly possible if you have realistic expectations and are willing to put in the blood, sweat and tears. By knowing what hurdles to look out for and how to overcome them, you ultimately set yourself up for success.