More Projects = Less Profits
This is the 'secret formula' for making money online that most people just don't realize. I see many entrepreneurs making this mistake again and again and again.
I know, because I was once one of those people.
It happens everyday. We, as entrepreneurs, surf around the Internet. We visit web sites, read news, check out competitors ads, investigate new products and services of interest, and more.
And while we are doing all of this "research" something happens...
We get that thought once again...
"I could make money here."
And so off we go. We get out our notepad or make plans on our computer. We write up some ideas and details for our new little business that's going to make us a fortune. We get really excited for a few days and begin to wonder how we are going to spend all of the money that comes in from this new project.
But then it happens.
We find another potential moneymaker while doing some surfing. Then another. And another.
Yet, what actually happens is that we never really get anything done. We never really get these ideas developed and marketed. Therefore, these ideas end up making us... ZIPPO. ZERO. NADA.
If you haven't figured it out yet, there's more money to be made online by doing one thing GREAT than doing 10 things FAIR. Write that down. It's worth millions if you really grasp the concept.
If you take just ONE idea and fully develop it, you should have a BUSINESS on your hands, not just a moneymaker. With a real business you should be able to continously reinvest in it, and continue to grow your profits.
Everything you do online should revolve around you building a BUSINESS. You should be spending your time growing something everyday (like getting more affiliates for your products and services, doing more deals, testing more places to advertise, finding more keywords you hadn't tried before, adding more content to your site that the search engines can spider, and much, much more.)
If you're not making more this month than you were last month, or the month before that, you're doing something WRONG. Making more money online is EASY if you follow the simply philsophy of GRADUAL IMPROVEMENT. (Which is one of my favorite business principles.)
On a week-to-week basis you should be giving yourself a PAY RAISE by steadily growing your business and having it make more money.
But you CAN'T do this if you are constantly focusing on new ideas and "potential" projects. You need to STOP RIGHT NOW and just got off your butt and put the project with the best SHORT-TERM profit potential into action and see what happens.
If it makes any money at all, then you're next step is easy...
MILK IT FOR ALL IT'S WORTH!
I see too many entrepreneurs launch a new product or service and do well with it, only to move on to something else quickly. ARE YOU NUTS?
If you have ANYTHING that makes money online, there's a realistic chance that the same business can be making 5 to 10 TIMES what you're currently making. You do realize that right? Don't even tell me that you've exhausted every potential place to drive leads to your site. Because there's NO WAY that's true. The Internet is a gigantic place. Your business is only scratching the surface of sales you could be making.
So stop messing with so many "ideas" and new projects. Ideas themselves are worth JACK CRAP!
You do realize that a bad idea, that's at least executed and makes a little bit of money, is worth far more than the greatest idea in the history of the Internet that's never put into action right?
My advice to you is to take what you currently have that's making money and sitdown with a legal pad and a pen for a few hours (in a quiet environment) and don't get up until you can write down *100* new ways to generate more business for THAT project.
Then prioritize those ways in the order of which ones stand to make you the most money fastest -- and do those first.