I am not making money yet!
I am sorry. I just read another post from someone that is complaining they have not made any money yet. I have spent the majority of my career as a Certified Public Accountant (CPA). Among other things, a CPA gives financial advice to businesses and some CPA's help with the taxes. So, this question frustrates me when it comes from people that have been here less than a year.
You may not want to hear this but it is true: Unless you spend thousands on advertising or you are one of the exceptional few; most likely you are not going to make a profit on any new business endeavor in the short run.
Some people win the lottery. Some people get struck by lightening. In both cases, these people are one of the exceptional few. Most people don't. The same is true in business. The rest of us have to work exceptionally hard. We have to keep going when normal people would give up.
If you need money fast; get a JOB. I can promise you, getting a JOB is the easiest way to earn money. All you have to do is show up on time, dressed appropriately and do what you are told to do with a good attitude. Play nice with your co-workers, follow the rules etc...
Yet for some reason, you have chosen to start a business. That is what WA is about.
Yes, you may have fallen for the idea that is easy to make money online. Yet, I don't feel sorry for yourself if you have not. Recently I heard that it took Amazon over 7 years to make a profit. That is a long time.
In case, you are wondering, profit is when your the money your earn from sales is higher than the expenses.
As I tried to verify that 7 year figure, I found an Inc Magazine article that talked about:
5 successful businesses that "didn't make a single dollar of profit for 5 years."
- Amazon: It took 9 years before Amazon made a profit.
- Fed Ex: 4 years.
- ESPN: The sports television network: Over 10 years before it made a profit.
- Tesla: 10 years.
Admittedly, they all found people to lend them money until the business could be profitable.....
What would like be like if each of these entrepreneurs gave up at the six month or one year mark?
How BAD do you want to be in business for yourself?
Just something to think about.....
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For many, this is a whole new arena they have entered into. No skill set or experience, yet the belief that success will come early on and with a few clicks on the keyboard. As a new business in a field you are experienced in, the general rule of thumb was that it would take at least three years before you made a profit. Certainly, the tax man was not someone you feared in the early years.
This only leads me to believe that the industry as been saturated over time with those who would promote the possibility of a quick success and thus feather their own nest in the process.
Perhaps the 'Online business' is still caught in the echoes of the .com boom of previous decades.
Thank you twack for being honest about timescales. I think if all us 'newbies' were told it takes 3 years, then we would be prepared for the long haul. But I think we do have to ask, what are 'newbies' are being sold or told by their sponsors. I was lucky mine didn't 'sell' anything, just told their story.
and I'm lucky I have business experience, and a stubborn quality of never quitting!
We also have to ask, can people afford, to do this without return. I have read many use their food, or bill money to pay their WA membership. Can they sustain that without returns coming?
I work two jobs, and now am building my WA website, and would never quit until any income replaced what I need to survive. But other 'newbies' may secretly or openly hope that WA will deliver a quick solution.
As always, I believe we should show everyone love and compassion and not judgement
xx
Hi Sara, thank you for such a valuable reply. During the the first week 'free starter' period I made a promise to myself (and family) that if I was going to invest in WA it would be at no cost to the family 'coffers' as it were. I had the first month reduced fee in Paypal. I used that and then made it my goal to raise the yearly membership subscription within the first month. Over the years I have accrued plenty of 'stuff' that was just lurking in places gathering dust. I made a concerted effort to sell these items, to raise the annual fee. I did and have continued to do the same so that when the first year is up I will be well placed to continue. At some point it would be nice for the 'Online Business' to be self sufficient but it is not imperative and therefore I have no pressure put upon myself to take unnecessary risks or cut corners in the hope of creating an sustainable income.
I came into this with my eyes very much 'wide open' as I have, like many of us, been duped in the past. We also don't have to rely solely on the training here to learn about websites and what to expect out there on the WWW. There's plenty of resources available for everyone to learn about the pros and cons and to be able to make an informed decision about what they are endeavouring to do.
I like to think of WA as a learning platform that also has the tools and resources available for any of us to be able to use and take advantage of to the full.
I wonder sometimes if we also need an 'X' factor that can only come from within. Maybe not all of us have it. Maybe we have but don't know what it is yet. If it is the latter, then I am confident that being here is the best place to help me discover it.
I truly commend you Sondra for not giving up. Clearly you want to be in business for yourself so badly that you have continued to work on your Affiliate Marketing business.
You are 100% correct. If anyone needs money NOW, a job is the surest way to get it.
I would like your opinion on Wealthy Affiliate's competitors who charge thousands of dollars upfront to its members with the promise of helping them succeed?
At least here we can all work at our own pace knowing full well that for some it may take a year, others two years and maybe four.
I look at this place as an online university. Not a get rich quick platform. And if it takes me four years to "graduate" making nothing or very little in the meantime, I can accept that.
But I know that I will become an expert on how to leverage the Internet to drive traffic to my website and convert a reasonable percentage to customers.
Can I ask if you completed all the courses and created a website following the guidelines taught here? Just curious.
Thanks for making it real.
All the best.
Edwin
This is exactly what new entrepreneurs need to learn in any kind of business you are in.
My parents started a business when I was young and I remember there was a time (actually several times) they were struggling to make ends meet.
I remember my grandparents and their friends telling them to quit and just shut down the business.
But my parents persevered, they kept on, whatever it took. I`ve seen their dedication, their patience, and their belief that it`s going to make it.
And it did! Although, it took a while (almost 15 years)!!
Their business has expanded and still going on up to this time.
My parents are long gone now but they left a legacy that I know will last forever because it was built with hard work and belief.
This is how I treat my online business. I know that it will work as long as you put your hard work into it.
I know it will take time... and I am ok to wait:)
All the best!
It's a long way to the top!
good, you did writing about the Money Side,
on how long and how long and how much it's needed/required to be involved before you can earn consistently online! and also to speed it all a little, the investment in Advertising......
good post for who believes that ROME was built in one Day!
have a good Day!
I didnt know you were a CPA. Its true, it does takes time to build a business. People need to learn to stop whining about it. Fast track to success happens when they reinvest time and money in advertising to grow their business. Everyday, we see ads all over the place. This is how businesses grow. Amazon started out in 1994ish with just selling books online then later, Bezos reinvested to expand for more products. Ignore these people, they are just whiners, those people wont succeed with that kind of attitude. They need to have small goals to market their business step by step and develop a mindset to meet those goals.
It would be great if I woke up tomorrow and I at least had enough from my website to stay home from my j.o.b....but I know that will not happen, yet.
I can tell you what's happened to these people, shiny object syndrome and pie in the sky promises. I've been guilty, gurus sell Golden Tickets or promise to help you make a business in 4 hours that will skyrocket. I see it all the time. And some of them may actually be able to deliver, for a hefty price.
One thing to think about, you are starting out, what if your business took off like a rocket, would you know how to handle it?
Good question, I was listening to a podcast about growing with your business and learning from your mistakes. I probably would not know how to handle it correctly if my business just took off quickly.
This is 100% spot on.
One wonders how they came to WA thinking this was get rich quick around here.
Perhaps they've been tainted elsewhere and aren't paying attention?
Such people have another strike against them -- an absolutely incorrect mindset for success.
Hate to say it, but they are almost the walking dead already (that's obviously hyperbole that 'they are going to fail').
They need to change their mindset RIGHT NOW and unfortunately probably don't know how to do it. Or, don't want to.
A lot of people complain they don't make money but they don't realize how much work needs to be put into such an asset.
I like to think of businesses and assets as White Oak Trees. First, you have an acorn, which is a seed. Let's say this seed represents the idea of a business or asset.
Next, you decide to act on that idea, so you plant the seed, and you take the first step towards your asset.
An acorn will take a while before it sprouts, even longer before it's a tree, and even LONGER to produce acorns. Let's suppose a tree producing acorns is akin to an asset producing money.
I do not believe making a business is like the lottery at ALL. The Lottery is a game where there are people doomed to fail, with only 1 winner.
In business, you aren't doomed to fail. It's true many variables and factors come into play, but I really don't see luck (at least in my experience) having anything to do with it.
roopekiuttu (user here at wealthy affiliate) has a GREAT post on his profile called "The #1 Reason Why You Are NOT Succeeding!".
In this post, he gives some advice that says "Publish +200 high quality +1,500-word posts targeting a low competition keyword.".
Yes, you read that right, 200+. And that was just for posts, not including engagement with people in the physical world, or youtube videos, social media posts, etc.
Using the training information, I was able to get #1 ranked on Google for the keywords I chose. Trust the process, and stick with it. You could be making a mistake now that won't show itself until later, but don't give up!
I read the same post just now and thought many of the same things Sondra. Clearly this person has unreasonable expectations. They have been sold the pipedream of make money quick online. I made a few dollars here and there by 6 months but not enough to break even. It took my two years to make much of a profit and I still make WAAAAY less at this than at my regular job. (it's like 1%). It is even way less than what I make at my side job/business of property management. So why do I stick around?
There are people here who started when I did and now make more than I do each month from all my jobs combined. There are millionaires here who started from nothing. Everything we need to become successful is here. It takes time and commitment however. My traffic is now getting to 100 organic visitors per day (some days). That means I am moving in the right direction. I know I will make a profit each year. That is more than most businesses can say after just a few years. I am not risking anything by being here. I didn't have to borrow a massive amount of money that I may or may not be able to pay back. I don't have to spend money on advertising. I don't have to quit my job (with health insurance, retirement etc) to take a gamble on this. There is only possible benefit and no real risk! How often do we get such chances?
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Hi Sondra.
My advice is somewhat more radical: stop trying to make money and start having fun. Create a website that you find fun, in a niche you really enjoy. Maybe money will follow, maybe it won't—but at least you'll be enjoying yourself every step of the way.
My real-world online presence is a pain to write for. My personal website is a joy to fill with content, which I do very easily.
I wish everyone here loads of fun and homes filled with happiness. Amen.
Regards,
like your style, wouldn't it be great if we could do both xx
.
It would be bloomin' super if we could do both. Unfortunately, we can guarantee only that we'll have fun, hence the attitude I'm proselytising... 😊