Welcome to Lesson #3 in our introduction to affiliate marketing. In this lesson I want to take a look at some of the myths that surround the online-income world, and make sure you have a real understanding of what it takes to be successful.
Myth: Passive income means I don’t have to work
Reality: You get what you give.
First, I want to tackle the biggest myth surrounding online businesses, the thought that “passive income” means you don’t have to work.
Honestly, this idea disgusts me. The fact that so many people believe it is what spurs all those get-rich-quick scams. It also stops many people from finding legitimate ways to earn money online, because all they find are these “push-button income” schemes that don’t work.
The reality is that you will earn what you put in. Passive income means that you do work once and get paid over and over again. It means that you can use the miracle of compounding to build incredible income streams. Once you have it, it takes little to no work to maintain. That’s why it “looks” like people with passive income streams don’t work.
The truth is to get that income stream, they did work. But, they worked in a way that most people aren’t aware of. instead of an immediate paycheck, they built businesses that offered modest immediate payouts, and huge long term payouts.
Myth: If I start today, I’ll earn $X by the end of the week/month.
Reality: Be prepared for inconsistent earnings when you’re starting out.
The second myth I want to tackle is about the timeframe it takes to succeed.
Again, just like in the last section, I want to point out that there is no miracle solution that brings you millions of dollars overnight. Good luck finding that one…(Vegas here we come!!!)
Instead, you need to have a long term view. You are working to build an income-generating machine that earns money while you sleep. It’s going to take a few months to start seeing results.
A large part of that timeframe has to do with your own learning curve. Knowing what I know today, I could setup a new revenue stream and get it to $10k/month in about 3 months. But before you get too excited, remember that I’ve been working on these skill-sets for a few years.
Starting out, expect to have a few bumps in the road. It’s part of the process. If you don’t earn a dime your first month, that’s ok. Keep at it, follow the trainings, and you’ll get there.
It will start slowly, but build gradually over time. The worst thing you can do is get 3 months into it and decide to quit.
Myth: It takes thousands of dollars to start a real business
Reality: You can get started for around $100.
Finally, I want to tackle the myth about how much it costs to get started earning money online. Many people hesitate to get into this business because they worry they’ll need to invest a ton of money upfront in fancy software, website design, courses and workshops, etc. Other people think that you can literally start with $0 and expect to be successful overnight.
The reality is somewhere in the middle.
The bare minimum cost for starting a website is the cost of a domain and hosting account. That’ll set you back about $50-60 for the first year, or about $5 a month.
If you’re really tight with cash, you could get by with just that cost, but the reality is that without some other guide to help you, you’ll waste a lot of time before you actually start earning money. In my opinion, there’s a huge opportunity cost in going solo.
I made that mistake when I first started. I spent well over a year trying to build an online business. I spent almost no money doing so, but I also wasted a ton of time without earning very much cash. If you factor in the hours I spent thinking I could figure it all out myself without getting help, I “lost” tens of thousands of dollars.
The better option is to follow along with a proven method. I know you already believe that, or you wouldn’t be here reading this email. You can get high quality courses, like Wealthy Affiliate, for only a few dollars a month. It’s insanely well priced, and the return on investment is huge.
After all, if you don’t think you can earn $50/month with your website, why are you here?
It’s a no brainer.
That puts your initial costs in the $100 range. Sure, there are tons of other services you could buy (and a lot of them help you scale really easily), but to get your site launched they’re not essential.
We’ll be talking more about how to launch your website cheaply and effectively in the next lesson.