For a new online entrepreneur, the Internet is a wild frontier full of promising unknowns. The newbies often think of the Internet as the new business medium that produces overnight millionaires. The Internet is THE wave of the future, and everyone who wants financial success simply must be on board.
A number of new entrepreneurs are particularly seduced by stories of “I-got-rich-quick-on-the-Internet.” For these newbies, the Internet is the new nirvana of financial windfall, where making money is as easy as 1-2-3.
But, nothing could be farther from the truth. Here are some of the common traps and myths that new online entrepreneurs fall into on the Internet.
1. Build it, and they will come.
This is the biggest fallacy on the Internet. A common misconception that companies and entrepreneurs who are new to the Web have is that people will visit if they put up a Web page. They falsely believe that merely having their own site is enough to keep their traffic soaring and cash register ringing. In order to have a popular site, you’ve got to offer something to the user — unique and quality content, interactivity, fun, and freebies — something more than an 800 number. Users may come to your site once, but to keep them coming back you’ve got to have fresh original content and product offerings that they can use.
2. Give it for free and they will come.
Extending the first fallacy above, entrepreneurs oftentimes think that having some freebies on their site is enough to entice people to visit and, more importantly, buy their products or services. While the word “Free” is a powerful come-on for visitors on the Internet, it is not always a guarantee that people will indeed come to get the freebie on your site. The key is knowing how to turn those visitors attracted by your free offer into paying customers — and this is not always easy.
3. Get rich quick on the Internet.
The Web is full of stories of businesses who started brightly and loudly — only to disappear after a few months. Many of these businesses failed because they held the false belief that having a loud buzz and flashy web site is enough to solicit venture capital financing, even though they have no solid business models. While some of these online businesses were able to get venture capitalization, they still failed because of unprofitability. The Internet is a business medium. Like any other business, the basic business principles still applies.
4. Send emails to an “opt-in” list dying to receive your product offerings.
The word “opt-in” list is a much-abused term on the Internet. Unscrupulous marketers prey on unsuspecting newbies, selling them mailing lists of people supposedly interested in buying their types of products. These new online entrepreneurs then send out thousands, if not millions of emails, hoping that financial reward will come as soon as their emails are opened. However, instead of sales, all they get are hate mails, aside from being cut off by their ISPs and web hosts. Not only will their reputation go up in flames, they become officially called as “spammers,” the menace of the Internet.
5. Join affiliate programs and start earning money.
Many newbies fall into the trap of believing the hype that participation in affiliate programs is the way to go on the Internet. Some even set-up their own web sites with the sole purpose of putting up affiliate banners. While it is true that affiliate programs are gaining in importance in overall e-commerce efforts, you will never earn the thousands of dollars promised by the web marketing gurus prone to hype. Affiliate programs are merely additions to your revenue streams, and NOT your sole revenue source. It will only work if the programs you participate in have a good fit with the contents of your site.
6. Purchase business opportunities.
Business opportunities on the Internet abound. When you surf the Internet, bizopps are just about everywhere from getting paid to surf, buying reports with reseller rights to MLM opportunities. Some will be downright scams, while other programs are not worth spending a minute of your time. Don’t be surprised to find out that thousands of others are selling the same exact product; others even with the same exact Web page as yours. Only a small percentage of these programs will earn for you a few hundred dollars. Be extremely wary of business opportunities on the Internet, and make sure you do a careful cost-benefit analysis before paying for anything.
7. Just slap together a website and earn loads of money from advertisement.
Many new online entrepreneurs think that they can simply put together a website or a blog and start earning by showing advertisement on the site. They focus their efforts in getting a website up and running in the shortest time possible, that they resort to copying content from other websites or getting low quality content from free article directories. They also resort to tricks to amp up their advertising revenues, from clicking on their own ads to using elements intended to trick the visitors to clicking the ads.
But those strategies do not work for long, if at all. These new entrepreneurs fail to take into account that Google and the other search engines are focusing their efforts to ensure quality content in the search engine results, weeding out spam websites and those with poor content quality. Ad agencies also use sophisticated algorithms to catch cheaters and kick them out of their programs.
Recommended Books on Earning Money Online:
- How to Blog for Money: 9 Strategies to Get Your Blog Earning Money Online and Off
- How I Made My First Million on the Internet and How You Can Too!: The Complete Insider’s Guide to Making Millions with Your Internet Business
- Internet Riches: The Simple Money-Making Secrets of Online Millionaires
- Make Money Online. Work From Home. From Newbie To Millionaire. An Internet Marketing Success System Explained in Easy Steps by Self Made Millionaire. Affiliate Marketing Covered.
- Make Money Online – Online Affiliate Guide: Building An Online Cash Cow, A Complete Step-By-Step Guide To Affiliate Marketing