20 Reasons Why You Can't Make Money!

22: You spend too much time reading (and responding to) forum postings and don't have any time left to work on your business.

 

Very true point. The only problem is that sometimes it's hard to implement an idea without money.

 

Oops... I need some advice regarding this:

19. You just don't plan and haven't got a game plan and a strategy set out.

 

If you have questions post them and I'll do my best to answer them.

 

I agree completely. It's highly unlikely for someone to begin making money hand over fist with little time committed to the craft. However, I feel many people think this should be the case.

 

@Seqqa - I have a question...

You have a great idea, you draw a plan of the idea and how it can work. You show it to other people (who also agree it is a great idea).
You need a website to promote the idea, but you have little or no cash to do it.
You try to get "the people who count" interested in your idea, but you have little response from them (even though they think its a good idea too!).

So after coming up against so many brick walls, what would you do to make your idea into a success?

This is just a theoretical question that I, as well as many on here, I'm sure would be interested to know how you would do things.

 

That's the catch-22 I suppose. If you have an excellent idea you can incur great risk by borrowing money and end up making much more than was invested. However, you leave yourself open to great disappointment as well. In this way, i think it is very possible to make money with nothing but an idea. Mustering the gumption to take that risk is where the rubber meets the road.

 

I think what your after is some seed funding to develop a working product. Then sell that working product as an idea in a pitch, to raise funds to develop the idea into a start-up (Am I on the right track)? The best thing to do if you need seed money is see if you can get it together yourself. Family, friends and or selling stuff you can do without untill such a time you can buy it back. Banks should be last resort and I'd use Internet Marketing, doing jobs for people here on DP and family and friends to get enough seed money together so you can build the product you're talking about so you can the pitch investors if that's your goal.

When you also say build a website to promote the idea, you mean create a prototype of your idea right? You need to get serious if you've talked about to people in the past who lost interest, you have to ask yourself why they lost interest. Maybe they just don't understand, maybe you could of explained things better. You should re-think and retry an if you still fall short of the capital you need. I would go heavy selling on the forum, ebay and even thinking of getting a loan (if and only if you can afford it).

How much start up capital do you need just out of interest? But I like your approach, most people fail at getting funding because they just don't have a working prototype. Don't think you sound clever either if your contacting investors, keep it simple to the point and keep it short. These people are normally busy and they get a lot of pitches emailed everyday, very long and often over complicated and boring. You want to word it 500 words of less, If I was reading emailed pitches I would not want to read something that goes on and on.

He just wants to know what the hell your idea is about, not the 15 year sales projection bullshit.

 

Lots of the numbers are spot on. Lack of motivation and fear of failure are spot on for most people.

 

Hahaha nice work dude

 

Seqqa, thanks you for your views on my question. Although I did say it was a theoretical question - it kind of wasn't for me!

The biggest stumbling block I am coming across is the fact that the product I am trying to promote is to other businesses. The product (or idea) is quite unique and is something that hasn't really been done before. All I need is a professional looking website and a little help on how to "get the idea out there".

Here in the UK we have government supported places where you can get business help. I have taken this idea to them, and they are very enthusiastic about it and the potential it has. They can help with things like setting me up as a business, but I just sometimes feel I need a real push in the right direction. I am working on my "normal" job through the day, where I should be working on getting my own business up and running.

The hardest part is doing this alone, if I had someone else to work on this, with someone to bounce ideas off, it would be much easier!

Like you mentioned in your original list, only I can make this work - and at the moment I certainly need a real good kick up the arse and get myself into gear!

Thanks again for your time.

 

Everything you need to know about how to get your site out there is on here. It just takes baby steps. I mean Look at Squarespace, (www.squarespace.com) started using AdWord to promote the business. At first he was only spending like $500 a month and today the company does over $2.2MM, not bad for a kid who started it at only 21. You need to invest and then re-invest and that's how you really build up the value and the income. But you need to start off slowly. Even if like mamy on here it's that first $10 a day. You need something to at least work with. You need some cashflow coming in that then give you the ability to re-invest.

I know I'm from the UK too. They're very good and very helpful if you use some of the top business banks. I have around an hours meeting every couple of months with my main banking partner, just to run over how everything is going. Have you ever heard of the guy called Gary Vaynerchuck? He's a real good guy to listen to and read up on if you've got a passion/idea and want to start developing it. I know, a lot of people including myself where in employment when I first started my business and it was hard. I was sleeping like 6 hours a day 7 days a week for the first 2 months. It was hard, but well worth it.

I think once you got the idea, you need to find the ability to get it up and running. If right now you can't due to finances, you need to take a step back and maybe start a smaller business. Like some affiliate marketing, selling your services around forums. I always use one business to leverage another, I re-invest 90% of all my income into my business or other investments. To the point now where I'm pretty much running an investment company. I own everything from mutual funds, stocks, ETF's, Bonds etc you name it I have money it.

I mean it's just baby steps, if you can start with $5,000 today and allocate capital every year and compound it. If you can yield 30% a year consistently then You're going to be pretty well off in 20-30 years. I mean 30 years of 30% is $13,000,000 ok so 30% maybe a little bit hard so what about 8% or 10%? One of the most valuable books I ever read was The Intelligent Investor by Benjamin Graham.

Doing it alone is hard, but you call all the shots and you sharing nothing with nobody too!

 

Thanks for the encouraging words of wisdom Seqqa. I agree that maybe starting another, smaller business is the way to fund the bigger project. Making money online is very "doable" for most people, but it isn't always an easy process.

Borrowing money from banks isn't really an option for me, and in today's financial climate, borrowing from family isn't an option either. I just have to "hit" on the smaller business idea to put the big idea into practice. I have had a lot of interest in my idea, but at the end of the day it is down to me to make it work, and for some reason I just cannot seem to get my arse into gear at the moment. However, I intend to put that right starting from now....

 

I think it's just skill and the desire to do well. If you worked hard you could turn $10 into $250/$500 within 30 days. Then maybe you turn that $500 into $1,000/$2,000 and you just go up from there. People think the whole concept of making money is hard and it isn't, there's trillions of dollars out there consistently transacting, hundreds of thousands of dollars every second moving from one perception to another. All you need to do is offer something to someone that wants it, and at a price that they feel is fair value. That's it, there's no 'magic' no 'secret formula', no 'super guru secrets' or any of that BS. You just need to sell. Buy low sell high, repeat. That's the formula every millionaire, billionaire works off. Dosen't even matter what you sell, as long as there's real market demand for it.

You'd think if trillions of dollars are always moving between one perception to another it wouldn't be hard to make money right? You're absolutely right, seeing as it's like doing anything in life you make it as easy or as hard as you like. While one man would rather chase and hunt another man would rather wait sightly and ambush.

 

Borrowing money is not always a smart idea (with a few exceptions). Online business is a little bit different. The truth is that you don't need the money to start making money. If you have a viable idea and know how to implement it properly, you can start with $0 and see the success.

 

There are certainly many factors involved. Drive, ambition, education, discipline, motivation, a good business model etc... are all valuable when attempting to make money online. When you combine all of these skills, which can take years to master in some cases, there is no reason you can't be making a nice fortune.

 

I think the ones I bolded you have anyway. It's something you either have or you haven't and most of the time it's just part of someones personality, I've tried and failed to create drive, motivation and ambition in people. For some, unfortunately have none of those naturally occurring. To try and develop artificial drive, motivation and ambition doesn't work, some people just have a lazy, sad personality in general.

 

I totally agree. When i started internet marketing, I wanted to make my pocket money my self. The pocket money, I was getting at home by no ways was enough or was gonna increase. So i decided to take the matter in my own hands. The first aim was to reach 30$ a month, which took me 2 months. A year and half later, I pull in stable 4 digits a month. I still study in a engineering college and already make more than the fresh graduates of my college. I would say it is all about the drive and commitment. It is commitment which will push you to work harder and harder on your projects and the drive will give you the balls to stand up even after falling down many times.

From what I have noticed so far on my time online. You can't instill these two things into any one. I have tried to teach dozens of people online how stuff is done but they fail because they don't have the drive or commitment. At the end of the day like seqqa said, its all naturally occurring in personality.

 

Here's another reason : You're thinking big but you're not taking baby steps .

 

I tried doing online business once but i felt that there is lack of alots of communication