Build my Online Business
I’m KerryAnn and I wish to build an online business and be known not only as someone who sells products but who also helps others make money online by sharing her finds and successes. I have a few thoughts that I would like to share with you.
Turnover vs. Profit (or left-over)
Have you noticed that most people introduce themselves by telling you how they got started online and show you screenshots of how much money they are turning over? Unfortunately, they do not show you how much they earn after all cost of goods, running costs, wages of employees and the like.
Turnover and ‘Net Profit before owner’s salary’ are two completely different amounts. There are many business owners with a turnover of over a million dollars, who work 40-70 hours a week often including weekends and holidays, yet take home a minimum wage. So how much credibility should I give the results talked about?
What would you do?
Therefore being the cynic that I am, I ask myself what would I do if I was earning one million dollars a year or more? Would I be doing heaps of webinars each week, putting together email campaigns, advertising left, right and centre getting people to buy my course and coaching others to make money? When time was tight, would I then employ people to help me help others? It sounds very much like a job rather than being some great entrepreneur.
What about you? Would you be spending your profits or showing others how to make money?
I daydream that I would just keep what I was doing, and perhaps write a blog or set up a website, with a small annual subscription fee. Then this website could share current information to help others. Often costs are involved, so the annual fee would assist in ensuring that the information given included paid as well as free products. However, spend hours and hours a week coaching and building a business from teaching others is just not for me. I want to earn money so that I can enjoy a life of travel and leisure.
A website, that I envisage, could be based on the ideals of simply sharing. I would hope then that members would also share their successes and failures and tips, as well as help guide people in building their online business.
I am not making money online yet, but I hope if I ever become very successful, I would be also be known as the sharer of information. In the bricks and mortar world, many business owners join mastermind groups to share ideas and strategies. Usually, this is a get together where people interact and share.
In the online world though, it seems to be the norm that people want to sell their help. Yes, I know that some courses offer services and information that can assist and there are some costs involved in sharing, but often I think this information is overpriced.
Whilst some software and resources are free, many require payment, and I believe that if you find the product works and is helpful and you refer people to that product, then that company should reward you for the referral (affiliate marketing).
However, I feel that a referral just to earn a commission or continually reviewing various products simply to make money, rather than selling the product itself is something too many internet entrepreneurs seem to do.
Yes, some are successful but for most of us, it is a continual slog to be heard above the crowd. I often get the same offers of this brand-new product from more than a dozen people, then next month they all offer something else. It really makes me wonder just how genuine their belief is in the product, especially when they use the same email template!!!
Some offers online give you prewritten emails as a template. This is how you manage to get the same offer over and over again. When you consider how many people are emailing each new release, the email marketer can be competing with thousands of others offering the same product at the same time. As a customer, I usually glance at the emails and as I am working through them “seen that” “bought already” ‘more of the same’ and start unsubscribing. Then these marketers need to advertise something different again to get me back on their email list again. It then becomes a vicious circle. I believe I am not the only consumer who does this.
So I ask, what is the cost of just getting me back on the email list again and again and how does this affect the net profit (turnover minus all costs) of the email marketer?
I hope that when I build my email lists and start Affiliate Marketing properly that I can find products that do not fit into this category.
Food for thought.