This article was provided to us by Mike Della, owner of ProjectDebtRelief.com. Mike is an experience online marketer and has a background in debt relief and credit counseling.
Making money online is really, really cool. What other job allows you to roll out of bed whenever you want, work in your pajamas, and avoid face-to-face interaction on a daily basis? After some experience, internet marketing can lead to a lifestyle that very few people could ever dream of experiencing.
The big problem is that most people want to jump from “Point-A” to “Point-Z” without going through the learning process. There are
many tedious steps that affiliate marketers need to learn before they can earn the big bucks. Many people fail to scale their knowledge effectively. Other marketers try to speed up the process by going into debt. Regardless, failing to do this work on your own will get you kicked out of the game before it ever really started.
In order to become a big name in the industry, you will need to manage your finances correctly. There is a multi-step approach that I suggest to most new marketers that I have seen work regularly. First, you need to leverage your own time until you have a constant cash flow. You need to avoid using credit cards
and other types of debt to grow at a faster rate than normal. And, finally, you need to save any profit that you may have earned.
Leverage Your Time
When first starting out with internet marketing, it’s likely that you will have very few skills that can make you a full-time income.
Many newbies think that they can outsource certain aspects of the job in order to progress faster. While this is fine for an experienced marketer, it will actually harm you as a newbie. You need to gain these skills through experience.
You need to get in the trenches and do actual work so that you can learn the art of affiliate marketing. If you decide to outsource content writing, link building, or SEO without actually knowing how to effectively use those tools, you could be on the road to a failed marketing campaign and a whole bunch of debt.
Write your own content, build your own back links, and optimize your web pages on your own. Use your time to gain knowledge. You can outsource later and save your money now.
Avoid Using Credit Cards
This kind of plays off of what I mentioned above. Using credit cards or other types of debt to pay your way into the big leagues of internet marketing is not going to work unless you know exactly what you are doing. You wouldn’t pay someone to flip burgers for you at McDonald’s and then expect to become the manager, would you?
Keep the credit cards in your pocket and scale your marketing efforts slowly by reinvesting any money that is generated by your
campaigns. Jumping ahead too soon will lead to disaster more often than not.
Save What You Earn
We’re all in this game to live a life that others cannot. Just like in the casinos, you will definitely go bust if you keep doubling down with your earnings. A better strategy is to determine a set percentage of profits that you put away as savings. Personally, I save 40% of any profit I realize and use the other 60% to reinvest and scale my campaigns.
The percentage you choose to save is completely up to you. Just keep in mind that all campaigns will fail eventually. You don’t want to be caught profitless when it does.
Tying It All Together
I really wish that someone provided me this advice when I first started out. I lost a TON of money in the beginning by making stupid mistakes. Eventually, I learned that the only way to create a full time income online was by becoming an expert before outsourcing anything. I learned to manage my debt and eliminate it altogether over time.
You can avoid my mistakes by taking this advice to heart. Leverage your time by working in your business before your outsource. Never use debt to scale your efforts unless you know it will work. Save a percentage of your profits so that you can realize your endgame. Put these three strategies together and you’ll be ahead of the pack!
Do you have any other suggestions to avoid debt as an internet marketer? Let us know in the comments.
I'm Louida from Atlanta, Georgia and I'm a mother of two daughters, blogger, and full time working mom at a Business Consulting Firm.
I love helping others learn how to start working from home on the internet free to supplement their current income.
I also blog at Productreviewmom.com
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