The internet is full of people claiming to make you rich with six figure incomes from working 2 hours a day. It is something that is certainly possible. It is true that you do not need great technical abilities. It is true a number of people do only work 2 hours a day and make six figure income. Once it reaches that stage, it is easy. What they rarely mention, is that it takes a great deal of work to get to that stage. No one ever mentions the months and years of unrewarded work that went in to get to that stage. An internet business is like any other business, it needs constant attention and vast amounts of promotion. This doesn’t necessarily mean paid advertising for your website, but you need to drive traffic somehow.
A popular way of making money online is through affiliate sales. This involves performing internet marketing in order to achieve sales for someone else’s products in return for a commission. It can be very lucrative, but requires some knowledge and often a high spend on paid advertising. Scott Weaver has written an interesting article about Why People Fail At Affiliate Marketing. His article outlines some of the realities of this kind of business.
Most of the big online money makers have very established brand names. Although you may not have heard of many of them, within their niche they are well known and their peers will constantly refer to them. Building a brand is a long process. It requires you to have a name and image that is recognisable and easy to associate to your niche. Promotion and constant reinforcement is required to cement the association of your name to your industry. True success occurs when your name is synonymous with your product for example people saying “hoover” for a vacuum cleaner (Can you think of any more?). This level of success is rare. However I can list a number of global brands and everyone will know what they are or do; Google, Coca Cola, Amazon, Nike, Microsoft, etc. Companies spend millions on their brand and its strength is very closely linked to its abilities to generate revenue.
You should not be disheartened though. The internet has barely been around for ten years. There is a lot of innovation and opportunity yet to be taken advantage of. UK blogger Shawn Collins reported affiliate sales in the UK this last year grew 45% in 2007 accounting to over £3bn worth of sales. Read the rest of Shawn’s post for more information. With its low barriers to entry there is opportunity, you just have to spot it! There is plenty of information to be found on the internet if you take the time to search for it.
What are your views on Making Money Online? Are you living off your online income? Is this something your looking into?