In many of the online courses that we’ve gone through, there has often been a Facebook community. In these communities, there are certain patterns of those who make money online.
In this post, we’ll share the observations of the successful people. Some of the ideas included were also significant reasons why we were able to scale up our publishing business from zero to around 5k/month in 7 months.
1. Empowering beliefs
According to Tony Robbins, 80% of success is dependent on a person’s psychology, while only 20% of success is the mechanics.
The thesis above, explains why some people can go through the same course, yet end up with completely different results. It has to do with the mindset of the individual.
A person who is successful in anything in life, beliefs that he or she can do. Or, if they can’t say that they can do it, they are at least able to admit that it’s possible.
A very powerful belief to have is that if anyone else can do it, so can I.
Perhaps you’ve heard about the story of Roger Bannister. Before 1954, people could not believe that it was possible to run a mile in less than 4 minutes.
It had been tried, but the conclusion was that man was not psychically able to run that fast. But then Roger Bannister broke the 4-minute mile, and since then over 20 000 people have achieved the same thing.
What happened? The belief of what was possible changed.
To make money online, one has to believe that it’s possible. One powerful way to reinforce this belief is to look at other people who have done it.
2. Written goals
One common thing that we notice among people who are making money online is the fact that they set goals. Not only do they create result-based goals (income goals), but they also set process-based goals (action goals).
So for example, a blogger might have a result-based goal of making $1000/month within one year. To achieve this, he or she can set process-based goals like; post two guest posts a month, record a video course on X, etc.
One powerful way of making sure that you achieve goals is to follow up with them on a monthly basis.
We often follow the S.M.A.R.T way of setting goals; you can read more about that here.
3. Reasonable expectations
I’m a big fan of 10x by Grant Cardone. The gist of that book is that you should 10x your goals and actions.
The thesis of the book is that it’s better to come up short on a one million dollar goal with a few hundred thousand than it is to hit a one hundred thousand goal. So, in other words, shoot for the stars, and you’ll at least end up on the moon.
I respect Grant’s ideas, and I do believe that a lot of people have followed the concepts in 10x with great success. I do, however, think that Grant does not set a date for his goals.
That might explain why 10x thinking works so well for him. As Bill Gates said;Most people overestimate what they can do in one year and underestimate what they can do in ten years. Click To Tweet
Some individuals who join make money online courses have these enormously high expectations. Like “I want to make $10 000/month within one month.” To add to that; they often aren’t prepared to do any work at all. Instead, they expect a “push-button, money fall from the sky system.”
Those who actually make money online understand that it requires time to learn as well as to apply.
Now, going back to the 10x book – I just remember that one other concept of the book is that to achieve a goal, you often need to take 10x as much action than you first expected.
The reason for this is because people who set goals and make plans do not factor in things like
- Mistakes that one inevitably will make along the way
- Changes that are outside of your control
- People who aren’t true to their commitments
I’m not here to discourage you and say that you shouldn’t set high goals. Instead, all I’m proposing is that you shouldn’t set goals with unreasonable deadlines, so you get discouraged and quit.
In the example of number 3 about expectations, I took up a case of a person who expects a reasonable result within an unreasonable time.
To follow the wisdom from Bill Gates and Grant Cardone, I would rather have it the reverse way. So, expect an unreasonable result within a reasonable time.
Like I said before; when you consistently come up short on your goals, you can quickly become discouraged and quit. If this happens, you will come to a point when your mind says; what’s the point of setting goals, I never achieve them anyways.
That’s when you’re in the danger zone. Instead of deleting the goal, do as Brian Tracy says, CHANGE YOUR DEADLINE! It’s as simple as that!
Also, set small milestones along the way. So if you have a $10 000/month goal and you haven’t made your first dollar online yet – start there! Once you’ve made $1, you set a goal of making $100. Once you smash that goal, you set a target of making $1000, then $5000 and eventually you’ll reach $10 000.
5. Not afraid of making mistakes
It does not matter what your personal opinions are of Arnold Schwarzenegger. You cannot disagree with the fact that he is one of the most successful people in the world.
The thing that I admire about Arnold is the fact that he has achieved success in several different industries (bodybuilding, Hollywood, politics). Now if that does not prove that he knows something about achieving success, I don’t know what will.
One of Arnolds rules to success is “don’t be afraid to fail.” Since there are certain laws to success no matter the industry, why not follow them when making money online?
We sure did follow this rule once we started publishing. Our first two books made well over $500 within one month. But the five books after that were complete flops. We lost money, BUT we learned invaluable lessons.
This brings me to a real-life story of a very successful businessman who had an employee who lost over $1M in a bad deal. The employee immediately got called into the businessman’s office expecting to get fired.
But the businessman said “WHAT? You expect me to get rid of you now? I just invested $1M in your education. There’s no way that I will let you go now.”
The employee went on the make the employer well over $1M in future deals. All because the businessman understood the value of a mistake.
Recommended reading: How to Overcome the Fear of Failure
6. Willing to invest money
You wouldn’t expect an indoor flower to flourish without supplying it with water, would you? Neither should you expect your online business to grow if you can’t invest a single dime in it.
When people say that they don’t have money to invest in a course, software or something that they know can enhance their business – here’s really what they are saying:
I don’t prioritize my online business enough.
The only exception to this is if you live in a third-world country. But generally, the statement above is just an excuse. Because aren’t those same people who are “without money” buying things like new phones, shoes, clothes, junk food, etc.
When we started our first business over two years ago, we had to make sacrifices. We began by going over our past expenses. And boy, did we buy a lot of things that were unnecessary? You bet, in the following months, we cut our costs in half by following the principles in the Complete Guide to Budgeting.
Money is always available. If you can’t find it by cutting down your living expenses, perhaps the solution is to work extra.
Those who always make money online understand that the more you invest, the more your online business can grow.
7. Ability to resist temptations
To earn a significant amount of money online; a person is often required to delay gratification.
For example, we didn’t make a profit in our publishing business the first 5-6 months. The reason for that was that we were reinvesting heavily.
We made a conscious decision of not taking out any money from the company. Instead, we did the reverse and transferred money from our personal savings even five months into the venture when the company had a significant cash-flow.
Temptations will always be present when you’re making money online. For example, if you’re an affiliate marketer, you might be tempted to promote a bad product just because it has high commissions. If you’re not able to resist that temptation, people will lose faith in your future recommendations and your reputation will be damaged.
8. Following the money
I’m ambivalent to the idea that passion always equals money.
Now, I do see the point that guys like Gary Vaynerchuck make when they say that one is not alone with a particular passion. Meaning, if you like it – the chances are that other people like it as well – which most likely means that money is being spent as well as made in that industry.
The best scenario would be to align one’s passion with a profitable niche. But if I had to choose between passion and a profitable niche, I would go with the profitable niche [if my goal was to make money].
When making money online, I see industries as running water. Industries, where people are spending a lot of money are like rivers. The money is going to be spent there regardless of your presence or not.
A small niche, on the other hand, is like a small brook. It might be very dependent on rain, and in some cases, the stream is almost dry. You might struggle to make money in such a niche since the demand isn’t that high. Since money isn’t being regularly spent, you might have to educate your market on why they need your product.
Now, some people can make money in minuscule niches because of weak competition. But that can quickly change if a stronger competitor comes along.
9. Learning machines
One thing that people who always make money online knows is that applied knowledge is power. Not knowledge by itself, it needs to be applied.
But here’s the thing; you don’t always know which information will be applied and when. That means that the more you learn, the higher chance you have to find something useful. You might not need it right away, but when the time comes – it can prove to be invaluable information.
Learning can be powerful both when it comes to adjusting one’s mindset (similar to this post) – as well as to more practical strategies that can be implemented right away.
I’m for example, very grateful that I found the book Rich Dad Poor Dad. That’s not a book that left me with a step by step map to follow. But it was still powerful since it gave me the right beliefs when it comes to money, business, and work.
When I buy a video course, however, I’m more looking for practical strategies. So when I’m going through a course on how to drive traffic from Pinterest, I want action steps to take immediately.
One learned strategy can completely change your outcome. Even if you’re making money online already, you might learn a new approach that makes a huge difference in the long run. This is also known as the 2-millimeter rule:
10. Treating it like a real business
Strangely enough, a lot of people think that making money online is easy.
As I said in number 3, they are looking for “push-button, money fall from the sky system.” These people are very susceptible to get rich quick schemes.
I once heard this great advice from an internet millionaire named John Chow. He said that you should treat your online business like it was a brick and mortar business.
So for example, imagine that you’ve invested thousands of dollars as you would if you started a restaurant. Do you think you would have a different approach and a higher chance of success than if you were to say, “Oh, this internet thing is just a small thing I do on the side”?
11. Adaptable to change
As Charles Darwin said, it is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is most adaptable to change.
In the online world, things change fast. Technology is always evolving, and the hunt for new, and better products is never ending.
An example of a shift that affected a lot of people’s online businesses was the Penguin update that Google did 2012. Google changed their algorithm to weed out sites who had climbed in the rankings through spammy backlinking.
Now, some people who made money online through using this “backlinking method,” gave up and said that it’s over.
But then there was another category of individuals – the one’s who always make money online. Those people adapted. They instead saw where the trend was going and started authority sites with quality content.
People who always make money online generally has a low tolerance to bullsh*t. They do not let other people’s limiting beliefs hinder them in their pursuit for a goal.
For example, let’s say you want to make money online. You found this course that you think is awesome. You’re so excited that you decide to tell your friends about it.
But you do not get the response that you expected. Instead, your friends laugh at you and say, “how could you have fallen for that, no one is making money online – it’s a fantasy, wake up!”
If you allow those negative friends to be a part of your life – I’m sorry to break it to you – but you have low standards. A person with high standards would not let those people plant their weeds in their garden (mind).Every Day, Stand Guard at the Door of Your Mind – Jim Rohn Click To Tweet
Now, having high standards also means that you do not indulge in self-pity when disappointments and setbacks occur.
13. Extremely focused
If you want to become successful in anything, you have two choices:
1. Try to come up with a way on your own.
2. Modell success by following what is proven to lead to success.
Even though I don’t always support the status-quo or readily accept dogma – I sincerely don’t see the point in reinventing the wheel.
It’s far superior to follow principles of those who has walked before us. In this particular case, two of the most successful people on planet earth – Bill Gates and Warren Buffet.
They were once asked to answer why they were so successful. They were only allowed to answer with one word. Their answer?
People who always make money online think twice before jumping on a new course that seems hot at the moment. They do not suffer from the shiny object syndrome that disables so many internet marketers.
I recommend that you watch the video below to learn more about the power of focus when it comes to making money online.
14. Taking the right action
We all know how taking massive action can transform our lives. If we want to lose weight, running as much as Forrest Gump surely would help us achieve that goal pretty quickly, right?
A problem that course makers face is the fact that some people do not even take ANY action. So, what can such a person expect to achieve?
So the first step before taking massive action is just to start. Get the ball rolling. After that, try to figure out the right action and once you’ve found it; multiply it by 10.
This can mean putting the majority of your attention on a specific traffic source or “money move.” People who always make money online try to focus on the money making moves like:
- Creating epic content
- Doing market research
- Upgrading one’s knowledge
- Creating products
15. Not perfectionists
The biggest enemy that prevents people from taking massive action is perfectionism. Those who always make money online know about the power of speed of implementation.
They understand that it’s better to get a product created and improve it as time goes on instead of waiting for it to be perfect before launching it. They also realize that it is it not resourceful to wait for the perfect moment.
The ideal moment to act is now. And understand that you’re doing the world a disservice by trying to be perfect. You’re robbing people of the value that you can provide to their life by procrastinating because of perfectionism.
16. Willing to delegate
Okay, so as we’ve covered above, people who make money online are generally individuals who take massive action. Does that mean that they always work hard?
Not necessarily, does Warren Buffet work hard? Here are his own words; “I just sit in my office and read all day.”
A person working at McDonald’s is working way harder than Buffet in my opinion. But Buffet is working smart, and his companies are making progress on a yearly basis.
Just because sweat isn’t running down your forehead doesn’t mean that your online business isn’t taking massive action.
One way to assure that your online business will continue taking massive action is to delegate. Don’t try to do everything yourself if you want to avoid burnout.
People who are always making money online understands the power of outsourcing. They know that it’s hard to scale a business by themselves.
If you want to know more about outsourcing, read Should You Be Outsourcing Work or Not?
17. Prepared to change plans
Einstein said that insanity is doing the same thing over and over again and expecting a different result.
Sometimes, you don’t have to wait or anticipate events outside of your control in order to change. In some cases, the plan that you’re embarking on needs to be tweaked before you can reach your desired destination.
Be attached to the result but not the plan. A person who always makes money online is not afraid to hire another freelancer, take a course from a competitor or whatever else is blocking their path to success.
It’s all about being as fluid as water as Bruce Lee would call it.
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