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If you are reading this post, chances are you have also read a whole bunch of articles about making money online, what to do, what not to do, and how to succeed. By now you have encountered plenty of good and bad corn from all the different ‘experts’ in the online income industry. I get your frustration! It’s confusing and overwhelming because you get to a point you just don’t know which direction to go anymore!
One person says this is the way to succeed online, another ‘expert’ comes along and says no, the way to succeed IS this way not that way. Oh, if I had a penny for every contradicting advice I have read!
The conflicting information out there is one of the reasons I thought it would be a good idea to track my experiences trying to make money online through E-riches Club. My point is not to claim to know but to show you what works for me and what doesn’t, to be honest, and as transparent as I can possibly be. Hopefully, this post will give a useful overview of the myths about making money online, and it will help clear all the clutter.
If I have the honour of being your first introduction to the world of e-riches, then I’ll save you the confusion and headaches of trying to sift through all the opposing views with just this one post.
Anyways… 30+ articles later and a bit of experience under my belt here’s the top 12 myths about making money online. Read it through before you sign up for anything that promises to make you an online millionaire:
12 Myths About Making Money Online
1. Making Money Online is a Scam niche!
This is, by far, the most common myth about the world of e-riches! Maybe, there is a good reason for the myth, but it’s not necessarily true all the time!
While there are plenty of scams out there related to this niche, do not judge all by the ill intentions of a few. Like everything in life, there are always the con artists and the bad business ideas, but you can certainly make money online safely and legitimately.
I use several platforms and apps to make money online, or to at least get cash back, all without scamming anyone or being scammed myself. I have also encountered plenty of people who are, indeed, professional bloggers (check out House of Brazen, for example) who have built their successful businesses around their blog with utmost transparency and honesty.
Simply put, making money online as a whole is not a scam. It is entirely feasible to make money online scam-free.
2. You must have a blog to make real money online
Blogging is a hot topic these days, and more and more people are resorting to this method to earn money online. They’re doing so because blogging can be a highly profitable source of online income, but it is certainly not the only one. If you put in the effort and time, you can earn a living from e-riches from a variety of ways.
You can be an online freelancer (e-lancer) and get gigs from places like Upwork. You can sell your handmade crafts on Etsy. You can become an FBA seller for Amazon or even offer your services as a virtual assistant. The list goes on and on! There are plenty of ways to earn a living by working online without necessarily having to run a blog.
My post, 10 Ways to Make Money Online Without a Blog can give a general idea of the different ways you can go about reaching your e-riches’ goals without a blog. What’s best is that none of those 10 methods requires any unique skills.
3. You need loads of traffic.
While high traffic can certainly make it easy to monetize your website/blog (i.e. through advertising), it is not a mandatory requirement for making money online. In fact, sometimes people are so focused on building traffic that they forget that traffic means nothing if it doesn’t convert well.
Enter the adage Quality, not quantity!
Sites with less, but quality visitors, can achieve much higher profits simply because with quality content/products/services, they have established a loyal following, which converts much better than random high traffic.
4. Your products must have the lowest prices.
This is a myth I have fallen for time and time again in my business endeavours over time. (Maybe I will make this same mistake again!?) It’s very tempting to try to ‘stay competitive’ by playing the price game – online, or offline for that matter.
You want to be very careful with pricing your products in the low-price range because it can backfire and make your whole brand look cheap and low quality. This will lead to skepticism, which in turn results in a low converting rate. Cheap price points can also attract the wrong audience – one that is neither loyal to your brand or well intended.
Then, there is the margins issue. Let’s say you are selling a 30-page e-book for only $4.99. By the time the e-book is published you most likely have invested money in writing it (i.e. ghostwriting, or at least a research assistant). Then to have it edited, proofread and formatted, and maybe even have some affiliates to help you with selling it – and these are just a few basic costs.
What exactly are you getting out of selling your e-book? Maybe a whopping $1.50/$2.00! You would need to have at least 300 people buying it every month just to make it worth your time and financial investment. Not a very good strategy!
Instead, focus on the quality of your products and services and set reasonable prices that make good business sense. If you feel you need more than quality to stay competitive, you can leverage your creativity, packaging, bonus features and an excellent website instead of playing the price game.
5. You need TOP search engine rankings to succeed online.
Ranking high in search engines is always a good thing, and many sites rely heavily on search engine traffic, but this is not the only way to succeed online. You can make lots of money online without getting a single search engine visitor. This is especially true for small and odd niche websites.
A web shop for Amish furniture, for instance, may not get much search engine traffic because not that many people google it. This shop will do much better at generating traffic by reaching out to closed Amish furniture Facebook groups, for example.
You can also use paid advertising as one of your methods to generate traffic or include an affiliate/referral program, or even guest post on blogs that are related to your niche. These methods can generate subscribers and sales without needing the high ranking from search engines.
6. You need to have money to make money
That’s only if you’re talking about blogging, having a website, or maybe building an online business empire. In those cases, for sure, you need at least $10 for a domain name and perhaps another $40 or so to host your website/blog, among some other expenses.
However, not all online income derives from blogs or online stores, there are plenty of other ways you can make money online that don’t require upfront financial investment. This is especially true if we’re talking about online side hustles (vs e-businesses).
I mentioned earlier that you can be an e-lancer on Upwork, or Freelancer, none of which require you to purchase anything. Another way to make extra money online without upfront investment is to answer surveys or join online focus groups, like Daily Rewards and Opinion Outpost, just to name a few.
Don’t get me wrong, investing money in your web business can help a lot and can speed things up (by buying advertising, getting a professionally done website, paying for content, etc.) But financial investment depends on what you want to do online to earn an income (and maybe the skills you can leverage):
Do you want to build a business, or do you prefer to do task-based online jobs?
Do you want to have your own blog, or do you rather write content for others to publish on their blogs?
You’ll need to invest some money for the e-business, or the blog, but not for the other options.
7. You can build a website and get 100% passive income
Only a few types of websites can run successfully on autopilot. An example would be software services websites. However, even these kinds of sites require human monitoring to ensure issues are detected and corrected promptly.
Do not expect to hit publish and the money will start pouring in and never stop even if you don’t lift a finger. Any sales page promising you that is most likely a scam!
Take blogging, for instance, most people get mind-blown when they hear bloggers are making 6-figure incomes, but they often don’t consider the amount of time, money and skills that are invested into launching and maintaining a successful blog. I mean, there is a reason why for every successful blogger there are 2 or 3 that fail. (Eyeballing the numbers here, if you have the actual stats do let me know!)
8. At any cost, avoid the ‘make money online’ niche!
Make money online is a huge niche and there are tons of people who monetize this niche, often making it seem impossible to take even a small bite at a slice of the pie. But one of the reasons why it is such a big niche is because there is an almost endless demand for it! Sure, it has become a super competitive niche, but you shouldn’t be afraid of the big competition – it only means that the market is huge.
The only problem I see with all this competition is the greedy, bogus people who don’t contribute to the industry and may, in fact, do more damage than good. I do think, though, that it is easier now to weed sleaziness from the herd.
My suggestion is to only go for this niche if you are interested in it and feel that you have something meaningful to contribute to it. If you feel like this is you, then, by all means, do go after that market and bring your best!
9. You must be an expert on a topic.
Being an expert on a particular topic will only ever help you if you’re considering offering a specialized product or services specific to a niche. Even then, you can take an e-course and learn about a topic of interest and run with it.
If, however, you have no real expertise on any particular subject, you can always leverage some of your skills and work as an e-lancer. Better yet, many online side hustles like typing jobs, basic data entry, or answering surveys do not require unique skills at all.
In fact, if you’ve read my Income Report: 2016 Overview you’ll see that I make about $100/month with Swagbucks, Daily Rewards, and others. Even UserTesting – where you test the usability of websites, apps and products – does not necessarily require exceptional skills.
10. Relying on online income is very risky
Well, it may seem that relying on a traditional employment-based income is safer, but I can think of a few people who have experienced the misfortune of losing their job to no fault of their own. When you work for someone else, you can only really count on your own effort to do a good job and maybe the protection of a union or worker’s board. Even then, though, many things can happen that will render you unemployed.
In any case, with many brick and mortar companies and employers now turning to short-term contracts and remote hiring, the stability gap between online and offline jobs is closing at light speed. Right now, I think the problem is more about perceptions and stereotypes the public has about online jobs than anything else.
Also, unlike in the ‘offline’ world (if it even exists now), online is easier to take advantage of multiple sources of income. This way, if a site fails you can always turn to your other revenue streams. It is also a bit easier to start over again with an online job (or even e-business) if it all somehow fails – you can’t just close one retail shop and immediately start another one down the street (or maybe you can if you got the cash to burn).
All in all, you do not want just to quit your job and venture into online work without a parachute. That’s the real risk!
I highly recommend you start small, doing some online side jobs while keeping your 9-5 job. Then, if you’re sure online work is for you, and it is indeed making money, you can take the leap and go full-time. Or not!
Remember, you don’t have to build a whole business or work online full-time to make decent money. There’s nothing wrong with having both a traditional job and an online one if you like it that way. (I do!)
11. The only people who make money online are those who teach others how to make money online.
That’s the opposite of myth 7 – talk about contradiction, hey? It just isn’t true!
The beauty of the web is that you can easily reach out to millions of potential customers, who have varying interests. There are thousands of small niches where you can create and expand your online business. Heck, people make money with sites about curing headaches, selling their handmade crafts, even coaching people to stay motivated and reach a well-balanced life.
“Make money online” is only one of the gazillion ways to e-riches. You can try your chances with it, but you can also make money online without ever mentioning the words “make money online” on your sites, even once.
12. Affiliate marketing is the best way to make money online
Just like offline, there are many methods to make money online. Affiliate marketing is a good one, but it’s only one of them. In fact, affiliate marketing doesn’t necessarily work for every single kind of online business.
I feel like a broken record here, but as I said before, there are plenty of different ways to earn a living online:
you can make money selling only your own products;
you can create and sell software;
you can sell designs;
or sell information products, music, anything!
Moral of the Story:
The moral of this post is, YOU CAN make money online without falling for scams, and there are tons of different, exciting ways to earn some extra cash or even a full-time living from online streams. The trick is to sift through all the noise and do your due diligence.
Now that these 12 myths have been demystified go ahead and explore the wonders of online work to your heart’s content!
How about you? Have you run across these 12 myths? Or maybe you know of some other myths you’d like to share in the comments?