I was reading DotComSecrets by Russell Brunson (still half way through) yesterday and I was fascinated by the way he designs his funnels. What really caught my attention was the part where he says, he never goes into a business if he can’t find successful competitors. It generally means, if none of those in that particular business are making money, then that particular niche is not profitable. Which got me thinking, how many times do we as young and excited entrepreneurs, blindly go into a venture without actually doing the necessary basic research such as competitor analysis.
I am a victim of this behavior too, don’t get me wrong. But wouldn’t it be prudent to analyse your customers carefully after choosing your product/service niche, then similarly undertake the same for competitors just to get a feel of the market? Once I read and mauled over this concept, I was convinced that the number one reason for failure of most new businesses, is inadequate research and utterly blind hope for success. You see, we are living in an era where millennials want to achieve success, and they want it now chasing ‘how to make money online fast’ headlines. Unfortunately that’s not how the real world works.
I am so glad I accepted and took this challenge. The amount of knowledge I have gained and is still gaining in this short period is amazing. I get to read something after I have made a mistake and it amazes me how it is the exact same thing that I did. Whoever said knowledge is power knew what they were talking about (this is the updated version though: actionable knowledge is power).
I have realized that it is going to take me some time to craft a plan of action in order to avoid the shinny object syndrome. Without a plan of action, I am finding myself wanting to get into anything and everything. After some reading and intense thinking, I have come to the conclusion that affiliate marketing is not the way for me. It takes about a day (if you’re lucky) to 6 months at the very least to make money online that way (according to a recent blog post by Yuwanda). I’m starting to not become a real fan of luck. So it’s back to the drawing board for me. Oh, if you’re wondering where the additional cents came from it’s because I just checked my Picoworkers account, after stumbling upon a similar one Microworkers, and noticed my balance had increased (there is a sign up bonus I guess).
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Couch Money Millionaire - How to Make Money Online 