“Business is RISKY”. This is generally true. It’s one of the main reasons why people are afraid to attempt it. What happens if it fails? What happens if it runs well for a while but then stops growing and plateaus or even worse, increased competition kills it?
These are all valid questions but we’re talking about an internet business and in many ways an internet business works totally different to the classic business model.
I remember when I was trying to figure out what career to choose. I wanted to be an Architect but others convinced me that it’s hard to find a job. For this reason I decided to study Civil Engineering. I finished my course, landed a job and all was great until my company started downsizing and my only options seemed to be to move to a different project in a different state or leave.
People don’t realise this but by spending an entire lifetime to advance in a career that requires a very specific set of skills, they put themselves at a WAY bigger risk than an entrepreneur. They put themselves at risk of losing everything.
20 years ago manufacturing was BOOMING in Australia. Car companies were everywhere and the Australian government was heavily promoting skilled immigration. Now, the landscape has totally changed. Manufacturing has been outsourced to different countries. What happened to all the people that spent decades mastering this skill? What options do they have at the age of 40/50/60 if any?
This is where online entrepreneurship is different. For people that have a ‘job’ there needs to be a company that is able to provide this. These companies grow and shrink depending on many economic factors. Bottom line, your ability to keep your job, ultimately, is not in your hands!
The smart online marketer will diversify. They’ll promote a variety of different products, utilising a variety of different traffic sources. If one income stream stops or decreases, the others will still exist to give him mental peace that money is still coming in.
In most cases they themselves will be directly responsible to how big their pay-check will be. Not depending on a pay rise or a bonus, they’ll have the freedom to create their own ‘bonus’.
That’s why some entrepreneurs that seemingly do well with their paid marketing efforts will STILL have a blog or sell courses. Of course there are many other reasons to have a blog like networking, becoming an authority, promoting your brand etc but as we all know it can be a great source of income
Paid marketing is very volatile. I’ve had 5k profit days and I’ve had a complete month in red. It IS volatile or ‘risky’ if you were to purely rely on this which is a big reason I believe in diversification. Balancing all this volatility with long term projects is key and is a belief I’ve always held from the start.
If your thinking of getting serious with paid marketing, go for it but just remember to keep your eyes open for opportunity and always put some time in long term projects, whatever these may be to you.
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