To make money online consistently, you need to cultivate self discipline in addition to skills. You may be highly talented and even have access to a variety of tools but still fail to make any money online due to lack of self discipline. We are going to see what values you should cultivate to succeed.
Let us have a look at what makes some people exceptionally good at making money online consistently than the rest of us.
Virtues of Successful People who Make Money Online Consistently
1. They are focused
This is perhaps the most important virtue of online entrepreneurs. They research their niche very well to evaluate its profitability before dedicating their time and resources into the project.
Successful entrepreneurs have a work plan that helps them achieve their objectives. You need to inculcate this virtue to help you eliminate side shows that may distract you from achieving success.
2. They are honest and open minded
I have alluded to this virtue before. You need to develop a relationship based on trust. You need to tell your readers the truth. If you are talking about a product, tell your reader the good and the bad of that product. They will appreciate your honesty and trust what you say.
Be receptive to feedback. When your readers tell you something about your product or service, find a way of making an improvement. It is the only way you are ever going to remain relevant. Always strive to learn something new. Most importantly, do not fear to admit when you don’t know something. It is easier to help someone who know their weakness. Look for a mentor and you will accelerate your journey to success.
3. They are patient and industrious
If you think you are going to make millions the moment you start working online, you need to awake from your stupor. Think of online work as any other work and approach it with a business mindset. Give it your all and wait for the results. At first, the results will be slow but will increase exponentially if you keep working hard. This is what has happened to the successful online entrepreneurs you envy today.
Behind the glamorous life we see and envy, there are many sleepless nights, evictions/foreclosures, dejected girlfriends who got fed up with boyfriends who could not take them out, men who broke their engagements because they felt they were being taken for granted and many more sad stories. They persisted and overcame the temporary failures. You need to brave the failures and put in the work. You will surely reap the benefits in due time.
4. They are candid and authentic
I am not saying you should reinvent the wheel to be unique. Glean the techniques listed here and many other places online. Evaluate the methods and take what works for you. If there is something you don’t know how to do but is critical to your success, sacrifice your time to learn how to do it or hire someone to do it.
You can also ask for someone who needs a skill swap. Offer to do for them something they have a challenge with and they do for you what you can’t do. Both of you will walk away happy and possibly develop a long term working relationship. If it is a story you are writing, find your voice and tell it in your voice. Everyone has a unique way of telling a story.
Why Do Most People Fail to Make Money Online Consistently?
Many people set out to start making money online yet most people fail to make any money. You would be discouraged if you learnt how much money some people spent to create their online business.
Here are the costly mistakes to avoid when starting an online business
i) Not doing enough research
This is the most common mistake entrepreneurs make when they start their online businesses. If you fail to plan for your online business, you are surely planning to fail. You must query every aspect of your business and analyze these aspects to confirm their viability.
Do your keyword research to make sure you target the right audience. You will gain visibility by targeting the right keywords. Also, create social media accounts in the right channels. Avoid spreading yourself too thin.
ii) Undervaluing your product or service
Learn to calculate your costs and price your product or service in a way that will allow you recoup profitable returns. The revenues should cover all costs including handling, marketing, taxes, etc. Prices are not static, learn to adjust your prices according to the market and your value.
iii) Spending too much before your business takes off
As with any other business, start small and grow. Some people spend too much money on inventory and creating the website. You need to plan your finances in such a way that better part of the budget is dedicated to marketing.
Create a business that will generate orders first before you start getting the inventory. Doing this will help you cut inventory costs and reduce spoilage/wastes.
iv) Majoring on minor stuff
Many people drain their energy by applying their greatest efforts on business aspects with the least returns. Avoid that mistake. Evaluate your business and know which aspects bring in the best results. Dedicate most of your time doing these tasks because they are the things that will take your business off the ground.
v) Trying every new shiny object
This is the commonest time waster for many entrepreneurs. Do not be distracted by new shiny objects that promise to make you a millionaire overnight. Remember, we said that successful entrepreneurs are focused. You need to do your research, create a plan, and pursue your plan with zeal.
vi) Failing to optimize
You need to split-test methods. Test and leverage what works best. Discard methods that do not bring results. Do not fear to change. If you cannot change, think of NOKIA. They were once the greatest mobile phone company in the world.
However, they failed to respond to the environmental changes taking place around them. You know too well what happened to them. You do not want to take their route. Perhaps it is time to learn something from a beggar.
If you have read this post up to this point, I’m sure it is your desire too to be able to create businesses that make money online consistently. Cultivate the virtues of successful people as discussed here and avoid the highlighted pitfalls. They have killed many dreams.