Do You Really Have to Spend Money to Make Money?
When it comes to online marketing, there's this delicate balance that is hard to strike between investing into your business and earning out of your business.
This is true with any business, of course, but with digital marketing, there is actually the possibility of spending almost nothing and earning huge profits.
But even with the possibility of higher profits, going cheap and trying to do everything for free may still not be the best option.
It's all about deciding three things up front...
- How much can/should/will you invest before profits?
- What percentage of your profits will you reinvest into the business?
- Of all the things to spend money on, what should you be investing in?
Some systems ask you to spend thousands of dollars to "put skin in the game" and "take action" so that you're seriously committed to the process.
The problem is, there are no guarantees in life, so sometimes you wind up spending a lot of money on something that doesn't work. And maybe it works for others, but it doesn't work for you.
I like things that require a minimum up front investment and then allow to me scale at the right speed.
Like Wealthy Affiliate. I joined last year and went Premium shortly thereafter. That's an up front cost.
I went through the coursework and started a niche website applying what I'd learned. Now, that website earns enough ongoing, passive income to pay for my membership here (so I get to stay).
As far as what you reinvest, it's a matter of buying the tools you need, that help you work smarter and get better results, as you earn enough to justify paying for them. Third party services used for email, landing pages, funnel creation, graphics, etc. are worthy expenses, but you have to invest in them selectively.
And what kinds of things should you be investing in? Here's my list...
- Courses that actually teach me strategies I didn't know before.
- Software that automates processes and makes me more productive.
- Graphics, video, and creative elements that support my brand.
- Traffic to websites, but only good traffic, and in limited quantities.
And as far as what you do with your earnings? That's up to you. Can't help you there. But what I can say is this... don't blow it.
What I mean is, let your character and maturity grow before your income grows so that you'll maintain high ethical standards, stay out of excessive debt, save for the future, and grow a bigger business over time.
Recent Comments
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PPC is definitely a route a lot of people go that costs money, but it is a fine balance to find a campaign that brings in more than what you spend. I'm glad there is good training here at WA regarding PPC.
The question that we need to us is "What resources do I have in order to get what I wanted?" Amazon was burning money for many tears cause they aim for long term revenue and not short tern income.
That's pretty much my philosophy. If I can't earn enough through my business to pay for it's upkeep, then I'm probably doing something wrong. My goal is to become successful without investing large amounts. My yearly premium isn't a large amount. I consider that a necessary investment.
You are either pending money or spending time; That has been a truism in Internet marketing since Internet Marketing has been around!
....and if you spend the money on wrong things (define that however, you wish...), you never get the value back either.
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I like this. Money is basically energy so you might as well exchange the money to receive even greater sources of it! ^_^
Great point!