A Question That I Get Which is a Sign of Imminent FAILURE.
Hey, everyone! Kyle here with a Motivation Monday.
Today, I want to discuss a question I frequently get:
"How long will it take to cover the costs of my membership or maintaining my website with the income I generate?"
The honest answer is, I don’t know exactly, but I can share my personal experience.
It took me about 3 months to earn my first commission online. By about a year and a bit, I was earning what was, at the time, a full-time income. My focus wasn’t on covering costs like domain or hosting fees; instead, I aimed to build my business to the point where it generated positive revenue.
Key Takeaways:
- Focus on Revenue, Not Just Costs: Think about building your business to generate positive revenue rather than just covering expenses.
- Learning Before Earning: Just like you wouldn’t expect to earn before learning in college, you need to learn about Internet entrepreneurship, building websites, and affiliate marketing before you can earn.
- Long-Term Perspective: You're building a substantial, long-term business, not just covering initial costs.
- Education Investment: Starting a business has tangible costs, but it’s often a fraction of what you’d spend on a college education. The key is understanding the value of investing in your business education.
I believe many people have the wrong perspective on success and building a business. You’re not just in it to cover initial expenses; you’re in it to build something substantial and long-term. I’d love to hear your thoughts on this topic.
Our community has members at all levels of success, and I’m sure there are many perspectives to share. Drop your comments below, and let’s get this conversation rolling.
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Recent Comments
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Hi Kyle!
Indeed, some people want to earn before they learn! But in the real world it does not work like this, you have to put in the time and effort before you cam be rewarded for your time and effort. You have to pay the price to achieve success.
Thanks for the great reminder! Have a productive week ahead! Wishing you the very best!
Kind regards,
Nichola
Yeah, that is not the real world. You have to learn before and while you earn, and that is how business works, but that is also how any "expertise" or trade will work.
Like school, to start a business you need to invest before you can really start to educate yourself and succeed. But within the online world and with business, you can do so for a MUCH LOWER cost than university education, and certainly a lot less than starting a conventional, offline business.
Thanks for sharing your thoughts here Nichola! :)
“You have to learn before you can earn.” - 100% agree! That said, learning in this industry can be a painful process. Everything from Google algorithm updates that obliterate a website’s traffic, Facebook ads accounts getting shut down, and getting disqualified from Amazon’s affiliate program are things that are common and that happen to the most seasoned professionals.
What has changed for me over the years, though, is my perspective when such a setback occurs. I have come to see these more as rites of passage and battle scars on my road to financial independence and building a successful business rather than a sign that my business is doomed or that I’m failing.
All of the setbacks have solutions. You can replace organic search traffic with social media traffic. And you can re-apply to affiliate and advertising programs. You just have to find a way to keep going and understand that taking consistent, daily actions for yourself is what leads to success.
With this in mind, may we all have a successful 2024! The year is only half over. There is still plenty of time and opportunities to meet our goals for this year, or at least get ourselves closer to our goals.
It can be a painful process if you don't have access to the right community, or the right support (which you have here within WA).
It can also be much more difficult if you are trying to learn and focus on too many different techniques and strategies. If ranking in Google is your focus, learn everything you can about that, but don't also try to learn and become an expert at email marketing or social at the same time.
And things like Google do change, so you need to keep on top of the algorithms and make sure you are focused on where Google is heading, not where they used to be. We will always help out here with the latest and greatest as well. :)
Hey Kyle, I hope my comment didn't come across as negative -- it was not my intent at all. Just wanted to put it out there that if someone has a setback, it's totally normal and that there is always a solution, which is one of the things I've learned while a member in this awesome community!
This is like anything you take control of-health habits, earning a degree, fixing a home. There's not exact pin point to the exact moment when you see a commission.
It really comes down to consistency and audience.
Personally, I have yet to earn a commission...however, seeing growth on my pages and clicks on my links means it's building. I consider that a win which drives my motivation to continue onward-do more, do better.
Yeah, it does come down to consistency + action. Not thinking that you are going to be skilled at something, before you learn the skills. And certainly, not thinking that you are going to earn money with something, before you know the skills required to earn you money. :)
I get that question all the time, especially when I'm speaking at a conference like the Travel Bloggers Exchange Conference or FinCon. I always say "it's under your control; it will all depend on your willingness to do the work." Some take that as a challenge; others decide that it sounds too much like work before they place their first link, even when they have existing content!
Some people, sheesh!
Yeah, many people want things to happen before they educate themselves, and then before they actually put forth any level of effort.
That is actually a good thing for those that are willing to work hard at something as much of your competition is already eliminated because they are seeking instant "income" which doesn't exist in the online business world.
I can usually tell within the first few conversations with someone whether or not they are going to have a bright future online.
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I just saw this video as I found it by accident in my spam. The way I look at the question is what is called financially as "Money Back Period." I think it is a legit question by concept, but I agree that it is not a question to ask you or WA.
It is a question for oneself to monitor.. One needs to prepare a business financial sheet where all costs are registered.
The time spent in WA is - relating to your college example - an educational cost. It might confuse some because one thinks that the time starts from making the first post. I disagree on that time mark.
I have two factors in my mind.. How much I am learning and applying.. did I really figure out the keyword algorithm and am I being successful in picking the keywords that would drive organic traffic to my website.
Personally, I have now about 56 posts, but nothing to show in terms of search engine traffic. The traffic that I am getting is from social media clicks (Direct Traffic). Therefore, my perception is that I still didn't hit the magic keywords yet.
Another way is that with my 56 posts that took me one and half years to make, is that I am only 56 days old in terms of online business. If the ideal scenario is to write one quality post a day. Then I have only written 56 days, but I seem to have a problem with quality that I need to keep at it until I hit it.
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In all that time, I am registering my subscription costs and any other costs, so that when revenue starts coming in I would start noting how long it would take to cover my expenses and get my initial investment back. Along the way I would also be calculating my monthly net Profit/Loss... and start tracking other financial KPIs as I would with any other business.
Currently, what I am spending with WA is my education tuition. I cannot expect to learn and get quality lessons for free. This is how I play with my mindset.
Yeah, that is a good approach and it really sounds like you have a great grasp of all of these concepts as your responses are so articulate and well thought out.
When someone goes to school to become a doctor, you don't expect to earn as a doctor before you get your education, but you surely expect to end up with a job that will help you pay for your education (though it can sometimes take a 10-15 year career to pay that off). But there is that expectation, and the "money back period" is a lengthy one.
With an online business, there are several ways to look at this period. Let's assume a Premium Plus+ yearly membership, just for simplicity sake. It is $700 or so for an entire year, everything you need included in the membership.
Here are some things that could quite easily reflect that idea of "money back", or the resulting outcome and revenue from your investment.
-One PIECE of knowledge could be worth $700/year
-One article you create could be worth $700/year
-One interaction and one person in your network could be worth $700/year
-One AFFILIATE sale could be worth $700/year
-One Freelancing Job with your high value skills is $700/year
-Two affiliate sales (referrals) to WA will pay for your entire membership
-Getting 1,400 clicks, which on average is at least $700 in traffic (and can be earned through affiliate commissions). That is only 4 clicks per day to recoup your money.
So it is about perspective, at the very least even if someone doesn't take action on what they learn here, they are going to get an education that far exceeds that value of their membership.
One that creates high value skill sets that are highly sought after by companies...we have had many members here that may not have built businesses for the long term, but have gone off to get high paying 6-figure jobs in the industry.
Great discussion here Rami, and thanks for sharing!