[I first wrote this blog about money making versus income building back in 2009 but as it is still very relevant when I talk to people desperate to make money I thought I would save it and update it for 2010]
The phrase “make money” has always been a difficult phrase for me because I believe there is a big difference in the mindset of a person who is looking to make money and the mindset of a person who is looking to build an income.
Of course I practise what I preach and I understand that it is not about what I think is right but what the market dictates and more people search for making money than they do income building or generation but now that I have your attention I would like you to consider that there is a huge difference (and please remember this is all my personal opinion)
- When you have the mindset of making money you are not looking long term but you are looking to get some money in right now.
- You are not particularly focused on providing value but just on selling whatever you can sell to bring money in.
- You will focus on black hat methods and will not care too much about building or defining an online reputation.
- You will move from one thing to another and also go with whatever the latest craze is to see how you can make money.
Income building or income generation
- You are looking towards the medium and long term at building an ongoing income that will sustain you.
- You are willing to provide value by sharing what you know for free in an effort to build your reputation so that people know, like and trust you.
- You set goals, you have a plan, you have a vision and you know what you are aiming for most of the time!
- You want to help people, make a difference to their lives and your target market is not just a bunch of numbers and statistics but real people who you enjoy connecting with.
- You implement systems that will help you work smarter not harder and will outsource when needed so that you are not doing it all yourself.
- You will know when to spend money, when to add money to your reserve account and when to reinvest money back into your business.
- In your first 1-3 years of business most of your profits will be reinvested in your business and in your training/learning to ensure long term growth.
- You network with other people, attend events and get out as much as you can to ensure people know who you are.
- You are willing to do whatever it takes to succeed, that doesn’t mean stepping on people or stealing their ideas but it means doing all the jobs that need to be done, even the boring ones like submitting your blog to blog directories!
For me there is a clear difference between those looking to make money and those looking to build a business that provides long term wealth and I tend to mentor people who fall into the second camp because they are willing to forgo immediate gratification to achieve their goals of running a successful online business.
I have been asked several times “How much money can I make in 6 months with blogging?” and I have to let people know they need a change in mindset. Blogging is not going to make you money (yes… I did say that!) a blog is just an object, it’s not real, it is online and it is controlled entirely by YOU!
You are the one who will use the blog to make you money. Do you see the difference?
So the real question should be “How much money do I want to make in 6 months and how am I going to make that happen?”
When you ask how blogging, or how adwords, or how list building is going to make you money you are placing the responsibility on the training or on the system but it is not the system that makes money but the person working the system. If you start a blog and add one post a year will you make money blogging – you probably won’t even be found!
If you start a blog and you add a blog post every day for the next 18 months and it’s quality content, keyword rich and provides value will you make money blogging – there is a high probability that you will.
What’s the difference? They are both blogs so it is not the BLOG that will make you money but you as the blog owner and business builder that holds the end result.
So if you have been wondering how training will make you money or how a system like a blog or a website will make you money change your perspective and shift the onus back on yourself – take responsibility.
Tell yourself “My intention is to make money blogging – how am I going to achieve that intention?” – then figure it out. I personal believe you need to immediately invest in training because if it took someone 10 years or 3 years to be successful when you learn from them it shorterns your chances down to making it happen quicker.
How much money do you want to earn?
Before you can know how much money you are going to work towards earning you must first know how much money you want to earn from your business but most importantly (in my book) you need to know how you will provide value to people and want you want to achieve as a result of that.
There are plenty of different ways to build a vision for yourself from sitting in a coffee house and writing it out on a napkin to sitting with a business advisor and writing a 1,000 word comprehensive business plan. I wish I could tell you to do this, do that and you will make money blogging but it really isn’t that simple. There is no one size fits all when it comes to creating a vision and you have to decide on what works best for you right now. It is better to have an A4 sheet of paper with 3 lines on it stating what you want to achieve in your first year than to have nothing at all.
This is all about your mindset and the mindset of a blogging looking to make money blogging will want to focus on a plan of action to make that happen.
Learning is part of income building
You have to investment money to make money – isn’t that the popular saying! This investment is the investment in yourself and your business.
By now you will have a good idea of the type of mindset successful bloggers develop and one of the biggest ones is their willingness to invest in their learning and their future.
I remember talking to a successful internet marketer who told me that a large proportion of what she earns is invested back into her business and in mentors that can help her expand her business.
What you need to focus on is knowing what you are going to buy and what purpose it will serve in your business. When I first started in internet marketing I was buying everything because I had no focus and no idea of what I wanted to focus on. Once I decided to focus on blogging and affiliate marketing/information products then I only looked at material relevant to those areas. I still invest a lot in my education but only when I know it will help me with these areas.
If you have no idea about how to successfully develop a blog then invest in training.
If you are interested in learning about affiliate marketing then you will need to invest in quality mentoring/training.
If you decide to join a membership site and you don’t like the idea of paying monthly for years to come then set yourself a goal. Decide how many months you want to set aside to invest in the training and make the most of it while you are there.
I have often joined membership sites just to check out the training and left within the first 30 days if I knew it wasn’t for me. You need to judge whether what you are reading will continue to help you or not.
Also take a look at how they help their members. Some of the things on offer by well run membership sites include:
- A forum – where members can ask questions and get help
- Weekly or monthly training sessions – webinar or teleseminars
- Additional information added to the site so you are kept up to date on what’s happening in your niche.
- Software – many membership sites will offer member only software you can use
- Hosting, scripts or other resources
Take a look at how much is on offer to you as a member and then decide how many months you will stay as a member then stick to your plan. Learn what you need to learn while you are there to help you make money blogging and be active in the forum because I have found it helps you to keep coming back to the site and looking at the material, plus you get extra help from the more experienced members.
It is important that you see buying not as someone “trying to sell me their product” but as an opportunity to learn and grow. Your business will move forward quicker when you invest in quality education that will help both you and your business.
Develop the mindset that you will put aside money to reinvest in your education and make sure you are always learning because things change very quickly online and you will need to know all the latest techniques.
I hope this blog posts has given you some indication of where you are on the money making versus income building scale. I really encourage you to think long term if you want to make money blogging.
Here’s another thing that might stop you from becoming a master blogger – I call it F.O.C. – ing Hell 😀
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