For all your online business building info! , 2020-10-28 23:30:56
Think Small…Earn Small
There are loads of people trying to make money online, but how much are each of them really making? Chances are not much! Sure the “big” players earn enough, but what about the “little” ones? Most of them don’t make a decent profit. Why is this may you ask?
The “little” businesses make only a fraction of their potential, because they think small, thus earning them a small income!
Most of the small business owners think that they can only earn X amount with the small business website. The result is that they will only earn the X amount. With the planning of your business, did you look into the monetization of the business?
Did you think in the following way: “if I can get 1000 visitors per day and if 5% of those people will click on my Google AdSense ads and I’ll make +/- $0.10 per click, I’ll be making $5.00 per day.” Or in the following way: “if I can sell 5 ads for $25 per month, I’ll make $125 each month.” I bet you thought in this way or even worse you never have thought about how the business would make money online!
If you thought in the way as described above you probably don’t realize that you are limiting yourself and your potential business income. Stop thinking in pennies if you want to make money online. If you see your website as a REAL business you’ll see a drastic change in your income!
Try to convince yourself that you and your business are worthy of being on the same playing field as the “large real” businesses. Don’t settle for the $5 per day AdSense income or the $25 per month for an ad that you sell on your site. Charge a premium for products and services that you sell online. This is how you make money online!
A nice example of how most business owners think is the following: we know of a UNIX company that offer (online and off line) courses. They are the best in our country for UNIX courses, at least insiders know this. A plus of the company is that they are cheap! This is a plus for people that are paying the course out of their own pocket, but most businesses thought differently. They see the price and think, that course can’t be good the price is to low. They booked courses by larger more expensive companies. After a while the UNIX doubled their prices for the same course. The result was that more businesses booked courses and they made more profit then ever before. Lesson: larger businesses don’t care about $500 dollar extra!
You as an online business owner should take advantage of this mindset! For example: if you sell website templates you should make a premium packages that you try to sell for a much higher price, then the normal packages. Simple test that you can do is bundling some existing items into a premium packages, you will see that people will still buy this package.
What would you rather sell: 10 times a product of $10 with a profit margin of $5 per product or 2 times a product of $100 with a $50 profit margin per product? We know which one we will choose!
The next project that you do try to THINK BIG…EARN BIG. You’ll be surprised with the outcome. And if it doesn’t work, you can always go back to selling the same products for a cheap price. But we will bet you’ll never will!
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