15 Reasons Why You Are Not Making Money Online
Before remote working became a thing, you always had to rush from your apartment at odd hours of the morning, battling traffic and equally annoyed humans so you could make it to your workplace before resumption time. While that still works for several people, things have become considerably better with the help of the internet. The internet has made it easy to make money online with your smartphone, tablet, or computer.
You need four fundamental things to make money online: your smartphone, your skills, an internet connection, and a workspace that could be anywhere of your choosing. Perhaps you might not be familiar with the concept of making money online, and even if you were, you might not have made a dime from the internet. Well, here are 15 reasons why you're not making money online.
The first reason you are not making money online is that you're a doubting Thomas. You have a negative mindset about the entire concept of online earning, and you tend to disbelieve people when you hear their testimonies. You would be in doubt because you will start to wonder how people earn so much online when the minimum wage in the country is only #30,000. Well, that is the power of the internet, and to start earning those kinds of figures, you'd have to kill your negative mindset.
Mental laziness is when you limit the ability of your brain to make money for you. You do not attach any importance to reading about specific sectors, nor do you consider engaging in any task that will make you better. As a result, you discover that you are always stuck in your current financial state. The thing is, you will remain stagnant until you decide to take control of things. So, there are several ways that you can take control of things, as well as achieve your financial goals, and these include reading, researching your area of interest, and actively getting involved in tasks that will make you better.
You Overthink Processes And Methods Rather Than Execute
'Overthinking no fit solve problem' and that is very true. Overthinking the processes and methods of every business model you come across will not improve your financial state, nor would it make you earn money online. So, instead of overthinking all the business models that you come across, execute them. Execution allows you to expand your skills and knowledge in your niche and will help you make money as well.
You Don't Know How To Sell
The first step to making money online is overcoming stage fright. Stage fright on the online space includes your inability to sell and the shame you feel when you sell your services to people. The truth is, you can't make money online when you don't know how to sell, and to learn that skill, you'll need to take courses or read books that teach you how to sell. Thereafter, you optimize your social media handles. Lastly, do not be ashamed of selling your skills and services to people because selling is a sure way to earn money online.
You Don't Have Enough Traffic
While knowing how to sell is essential, you won't make sales if you don't have enough traffic. Traffic is the live wire of any business. According to Chris Ani, "the business of making money online is the business of traffic generation." Let's say that you have 1,000 people that view your ads daily, and 10% of those people buy from you. What would happen if you had about 10,000 views daily? Do you now see why traffic generation is essential? That is why the amount of money you make online is in the number of people you convince to buy your services.
Your Content Has Low Quality
The quality of the value you give out in the market determines the kind of value that comes back to you in the form of money. There are two points you should consider if you wish to share valuable content that will generate money: the first is the type of value you share, and the second is the kind of people you share the value with. Make it a habit to ask yourself these two questions: "would my current audience appreciate the value that I give to them?" Secondly, "what would people gain from the value that I share?" Your answers would determine what you should do next to improve the quality of your content.
You Market To The Wrong Audience
After asking yourself the questions in number six, your answer could be that you're selling your products to the wrong audience. And that is another reason why you don't make money online. What you should do at this point is to get to know your audience, understand their needs, and learn to sell effectively to them.
You Have A One-Way Mentality
In simpler terms, you don't make money online because you think that there is only one way to make money on the internet. You can make money in several ways on the internet, even if you focus on one niche. All you need to do is expand your horizons, find all the potential and learn to milk opportunities.
You're Not Passionate Enough
One thing you should understand is that people buy with their emotions first before they buy with logic. If you sold your passion to them, they would want to buy from you. The passion you pour into your business or brand determines how often people patronize you. People will patronize you if they like the passion and energy you have for your business.
You Follow Only Negative Reviews
Don't be mistaken; some negative reviews are constructive and will help you make the best decisions for your business. However, you do yourself a disservice if all you do is look out for why a business model would not work. Following only negative reviews would reduce your chances of making money online to a minimum.
You Don't Understand The Business Model
You would certainly not make money online if you don't understand the business model from which you operate. For instance, affiliate marketing is a business model that requires you to sell other people's products to get commissions. If you don't understand the rules of affiliate marketing, making money from it would be a difficult task for you, and that would affect your earning potential.
Lack Of Knowledge
To make money online in your preferred niche, you need to update your skills and knowledge level constantly. Failing to update your knowledge would make it relatively easy for people to overtake you, and you'll end up downplaying your value in the industry. Update the current knowledge you have about your niche and make yourself learn all the aspects of your niche: the risks, as well as benefits. Constant learning will make you creative in that area and open your eyes to the secrets of your niche that you have never come across before.
Inconsistency And Impatience
These two factors are the bane of online earners across the world. If you are inconsistent and impatient, it would be difficult for you to make money online. Making money online is not a get-rich-quick scheme; it requires patience and consistency, and you have to school yourself to master these skills. Keep your head in the game and play to win the long-term.
You Don't Have A Specific Niche
One other reason you are not earning in the online space is that you don't have a specific niche. You keep running from one niche to the other, hoping to make it big without taking the time to study them carefully. Things do not work that way, and doing so would not give you the headway you need to earn. Find a niche you are interested in and focus on learning everything about it. That way, not only would your potential earnings increase, but your expertise and skills would increase as well. In essence, be a master of a particular niche before you think of diversifying.
You Don't Monetise Your Skills
While it is one thing to hone a skill, it is an entirely different thing to monetize that skill. People always come to you when they have problems that your skills can solve, but the question is, do you charge them for it? If you don't, one easy way to convert your skill into a money-making machine is by understanding the business aspect of your skill. An excellent way to do that is to sign up for courses or mentorship from people who have similar skills as you do.
Making money online should not sound like a mirage to you once you've read this piece. This is because you are already equipped with the necessary tools for making money online, and the only thing stopping you from doing so is you.
This article was culled from our recent Wealth Creation Series. Click here to catch up with the full lessons.