This post has been kicking around in my head for a while now.
There’s a huge market targeted at new Internet marketers, trying to sell them products and services that are supposed to make their work easier. The sales pages for nearly every product says something along the lines of, “you need to invest in your business”.
That’s true. You do need to invest in your business for it to grow.
The problem is that many new Internet marketers are not making any money online. That’s to be expected, there’s a learning curve involved. So when they spend money, they’re not spending profits, but whatever they can spare from their regular income. Often, they spend more than they can spare from their daily income, thinking that this new product or service will be the one that catapults them into profit.
Investing in your business means more than just throwing money at it.
There’s the investment of time to learn the skills you need to succeed. There’s the investment of risk in trying a project to see what happens (e.g. starting a blog, starting a membership site, etc). Many of these investments can be made with just a little money involved.
Until you learn the skills you need, products and services won’t help. You may find a program that makes you some money, but if you aren’t learning the skills you need you’ll never be truly successful. You’ll be dependent on someone else’s program and someone else’s skills. And you won’t make as much money as you could if you were the one creating the program.
So while a certain amount of investment is needed in the beginning, I’d suggest that new Internet marketers not jump on every ebook and service that promises instant riches. Stick to the quietly marketed resources that truly provide value, not the latest flash in the pan.
And don’t overdo it. You don’t need five ebooks on SEO, you only need one. And always see if you can hunt up the information for free on various blogs that give SEO tips.
The key point to this post is that money management is part and parcel of doing business online. If you can’t manage your starting capital to last until you get into profit, you’ll likely give up before you get that far.