Nearly 90 percent of startups fail. While these Forbes statistics are several years old, they still hold true. At the same time, you’ve probably come across dozens of ads and publications attempting to persuade you just how easy making money online from home is.
Here are some of the most common reasons why startups and online businesses fail:
- The market has no need for the product being offered (42 percent)
- The startup owner ran out of cash (29 percent)
- The team wasn’t the right one for the job (23 percent)
- A highly competitive niche prevented the company from finding its audience and clientele (19 percent)
- Pricing issues (18 percent)
- A product that’s user-unfriendly (17 percent)
- Poor marketing (14 percent)
Whether you start a business or you look for other legit money making online options, you need a strategy and you need to understand the niche you’re entering.
Making money online from home isn’t always as easy as it seems initially.
Here are some of the important things you should know but probably nobody has told you about making money online.
- You’ll Have to Invest Some Money in the Process
- You Can’t Put All Your Eggs in One Basket
- You Can Start an Ecommerce Business without a Website
- Passive Income Isn’t 100% Passive
- Making Money Online from Home Will Often Mean Working 24/7
- Online Income Reports Are Not Trustworthy
- You Will Start and Abandon Many Projects
You’ll Have to Invest Some Money in the Process
Yes, there are a few ways to make money without investing anything. Most of these opportunities, however, will result in a relatively small sum or a bit of passive income.
If you’re really serious about making money online from home, you’ll have to invest some in the process.
Let me give you an example on the basis of the things I do.
I am a freelance writer, an ebook publisher and a blogger.
I need a computer, internet access and software to do my job. These are typical expenses most people face if they have a PC or a laptop at home.
In addition, I’ve spent money on domain name registration, hosting and marketing. I also have to deal with accounting/bookkeeping expenses and payment processing fees. Taxes are something else to keep in mind if you deal with any kind of online business or income generation.
While these sums are far from massive, running a successful website, selling products online or starting a freelance career all necessitate some type of expenditure.
The expenses will vary on the basis of the online income generation opportunity you’ve chosen. I strong advise doing a bit of research to know exactly what sum you’ll need in the first year or first five years of operating a digital business or attempting to build a passive income portfolio.
Here’s a more detailed cost breakdown that shows the average expenses related to various aspects of making money online from home.
You Can’t Put All Your Eggs in One Basket
Easy online money making is possible once you’ve built your portfolio.
In the beginning, however, you’ll have to work hard and you’ll probably see mediocre returns.
To get the most of your legit money making online efforts, you have to develop multiple streams of income.
I’ll give you one more example based on my experience.
Since I studied journalism, I decided to opt for writing jobs.
In the beginning, I was a member of several content mills, I found clients through Upwork and Guru. I also wrote ebooks and sold articles via marketplaces.
All of these opportunities were needed to help me maintain a minimal monthly income. If one of the opportunities dried up, the others compensated for the loss of income during that respective month.
The saying “don’t put all your eggs in the same basket” is valid for all kinds of online income generation.
Let’s take paid survey websites as a second example.
These websites need people having specific demographic characteristics to take surveys for various companies. You will only qualify for the surveys that match your profile. Hence, registering for just one paid survey website is not a smart strategy if you want to earn more than five dollars per day from such opportunities.
I recommend signing up for several of the best paid survey websites in order to ensure consistent income. At the time being, these include:
- InboxDollars: one of the most reputable and popular paid survey websites right now. InboxDollars also has a version for the European market (InboxPounds) and the website brags multiple income generation options – surveys, paid videos, paid games and paid email opportunities. All you need to get started is to sign up for a free InboxDollars account.
- Survey Junkie: another big and reputable market player that offers a medley of surveys and allows members to cash out their money via PayPal once their account has reached a specific sum. Signing up for a Survey Junkie account is easy and you can begin monetizing immediately.
- SwagBucks: another great choice that enables monetization in multiple ways. You can cash out via PayPal or opt for a gift card. SwagBucks has excellent Trustpilot reputation. Start earning money with SwagBucks now.
- Survey Voices: another highly reputable paid survey website you can add to your bookmark list. Signing up and making money with Survey Voices is effortless.
The principle of pursuing multiple opportunities applies to all other online income generation methods – from dropshipping to investing in cryptocurrency.
Do your research, identify the best possibilities to add to your portfolio and work on developing several ideas simultaneously to benefit from financial consistency.
You Can Start an Ecommerce Business without a Website
If ecommerce is the one thing you’re pursuing in an attempt to make money online, you probably think that you need a website to be successful.
The good news is that many alternative opportunities have already become available.
People earn a steady income by doing dropshipping on Amazon and eBay.
There are also platforms that allow you to engage in ecommerce activities without having to build a website.
Decluttr is one of these opportunities. Decluttr allows you to sell old electronics, games, DVDs, books and even Legos. You get a free appraisal and an offer for your item. Decluttr also allows for free shipping of the stuff you want to sell. If the item you want to sell is in a good condition, you will receive the money mentioned in the first offer you got.
Eventually, you may find out that launching your own website is more profitable and you benefit from a higher level of versatility.
If you decide to pursue this option and grow your ecommerce legit money making online, you will have a choice between several platforms.
I personally recommend BigCommerce due to the available functionalities. You’ll be free from having to do updates on your own, there are numerous marketing/optimization tools and the BigCommerce pricing policy is very reasonable (once again – minimal investment to start your business).
Passive Income Isn’t 100% Passive
Passive income appeals to many people because they imagine creating a product or a website, letting it be and earning money on a monthly basis as a result.
I really hate to disappoint anyone who has their rose-colored glasses on but there isn’t such a thing as 100 percent passive income.
Making money online from home necessitates consistent efforts.
Even after your product is created, you’ll have to put work into popularizing it and reaching potential buyers.
Passive income is usually based on a bog that’s monetized via affiliate marketing, the sale of ebooks or other digital products, for example.
In order to be successful, you have to understand the fact there are hundreds, even thousands of other products out there competing for the audience’s attention.
Successful passive income generation is dependent on search engine optimization, digital marketing and reputation establishment efforts (blogging, creating other types of content, guest posting, being active on social media and forums, etc.).
Yes, you may be free from having to work every single day. Still, passive income opportunities will die out in the absence of strategic planning and a bit of nudging.
Making Money Online from Home Will Often Mean Working 24/7
This one is again subjective. The amount of work you’ll have to put in making money online from home is dependent on the income you envision and whether you plan to quit your day job.
If you do and you turn online income generation into your primary source of money, you will very often have to work seven days per week.
During my first two years of online entrepreneurship, I really forgot about the meaning of Saturday and Sunday. The only break I got was one week for a seaside vacation.
Making money online gives you flexibility but you’re also in charge of your income.
This means that the revenue is dependent on the work you do. It’s not like receiving a monthly salary, whether you work extra hard at the office or not.
Successful online entrepreneurship is very taxing. On top of having a lot to handle on your own, it’s also difficult to draw a line between your personal and your professional life. After all, you’re working from home and you’re your own boss. This could be a blessing but also a curse.
Online Income Reports Are Not Trustworthy
If you’ve been here for some time already, you know that I hate blog income reports.
I was inspired by a blogger and he was the reason why I started working on blogging and affiliate marketing.
His blog income report suggested that he earned 15,000+ dollars per month from affiliate marketing and selling courses.
This number really inspired me but it also contributed to feelings of inferiority when I couldn’t get those same results.
Eventually, I found out that he was making much less than what he was putting out there. He barely earned 1,000 dollars per month and most of his blog income reports were based on extreme exaggeration.
If you are just starting with making money online from home, refrain from comparing yourself to others.
Most people who publish blog income reports want to sell you a course, a book or another product. Their sales are dependent on convincing the world that they’re the best in the niche. Most of the time, however, the presented blog income reports have very little to do with reality.
You have your own journey to go on. Don’t attempt to replicate somebody else’s success. Chances are that said success is a figment of the author’s imagination.
You Will Start and Abandon Many Projects
Through the years, I have abandoned multiple projects.
These appeared promising initially but eventually, I found out that making fast money online in that specific way was not possible.
You will often learn through trial and error when it comes to making money online from home.
Be prepared to launch several projects that will either fail delivering or they’ll be marked by mediocre performance.
Many ideas seem good on paper but once you get involved, you find out there are many other factors that will be determining for success. Some of these factors are usually out of your control.
It’s ok to launch many project and it’s ok to fail. Every single legit money making online thing you do will teach you a valuable lesson and ensure your long-term progress.
What matters is not giving up. If you stick around (even when you fail), you will sooner or later come across that one thing bound to give you the results you’re hoping for.
These are my essentials on making money online from home. I wish somebody had told me about these when I was making my first steps. Unfortunately, I had to learn the hard way. Still, I’ve loved the journey that started so many years ago and I’ll never substitute it for anything else.
Are there things nobody told you about online income generation that surprised or even shocked you? I would love to learn a bit more about your experience in the comments below.