Friday, May 1, 2009

Time To Stop Spending Money Start Earning Income

I never realized how many "tools" I would need (or at least think I need) to be an effective Internet Marketer.

I've been blogging for a couple of years now; and have had a profitable part-time candle business for even longer. But last year I decided to learn a bit more about niche Internet marketing. Fortunately, Ive had a bit of success building stores that promote the ebay partner network. Since last fall, I've had 3 figure deposits to my paypal account every month. And almost every penny has gone back out ...

patient With an easy to access source of "extra money" sitting there in the pay pal account, I've felt free to build my toolbox. I've purchased quite a few ebooks, joined a couple of membership sites, gained access to a ton of PLR content, and picked up some very useful marketing and promotion software/plugins.

Well, today I've made a decision that I have enough ... for now. For at least the immediate future, I won't be purchasing any more ebooks or software tools. And that ebay money I get every month will be re-purposed towards advertising for my candle business.

In short, it's time (if I'm honest, probably past time) to take my new found knowledge, skills and tools, and start focusing on using them to build my long-term income streams.


  • I'll be spending more time on keyword research, using Market Samurai

  • Applying more of the on and off page SEO tips that I've learned.

  • Writing and submitting articles, both as a way to get backlinks, and to help increase my brand recognition.



I'll report back from time to time to let you know what kind of progress I'm making.

So, if you're an Internet marketer (or wannabe IMer), what stage are you at in your evolution?

Are you still in the buying and learning stage?

Or, have you started to apply what you've learned and begun to reap the benefits?

I look forward to your thoughts,
Todd

10 comments:

  1. Hi Todd, I've always said that one of the ways to make money is to actually save it. Too many people spend everything they make as soon as it's in their pocket. This has resulted in a lot of people hurting because of the current economic crisis. My parents have always taught me to save, to only buy things that are necessary and it has helped me in times of need.

    As for your tools, I wouldn't consider it a waste as it is a business expense and the right tools make a job so much easier, but you can have too many.

    BTW, check out the link in my url, this is to show that what I wrote in my post can be done, you just have to be quick off the mark.

    Sire’s last blog post..Using Comments To Double Your Exposure

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  2. Hi Sire,

    Ahhh, ok now I see what you were on about with the commentluv ... very cool.

    As far as the tools go, yea, I'm not stressed at all ... most everything I bought has been worthwhile ... one or two "turkeys" in there, but you can't win em all.

    I basically just decided I have "enough" tools ... no reason to even look at any more for at least a little while.

    lol, hmmm, guess that makes me pretty useless traffic on my friend's blogs for the time being ... would be pretty hard to "monetize me" right now. :-)

    Todd

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  3. Todd, me old son, it may be the beer I've just had but I'm not sure what you meant by that last sentence?

    Sire’s last blog post..Sailboats In Sydney Harbor With Opera House Backdrop

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  4. lol, it's ok, often times I have no idea what I meant either :-D

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  5. Cool, because I didn't really want to give up a beer every now and again, just so I can make sense of a comment or two. :D

    Sire’s last blog post..St Nicholas Parish Of The Russian Orthodox Church

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  6. Well I'm continually learning but I'm also acting upon what I learn. If you by "learning" mean running after the latest scheme and shining object then "no". But learning, acting and adjusting will always be something that I'll do.

    Mikael @ RetireRichRoadmap’s last blog post..Being Effective Produces the Free Time We All Want

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  7. It's a good policy.

    Personally I work full time as a Software Engineer which is secure and earns enough to keep me happy, meaning I can I save everything I earn online so I now have a nice nest egg!! Here's hoping it gets bigger!

    P.s. A lot of self made millionairres are actually quite frugal, I expect that helped them get there!

    Chris’s last blog post..Quick Update

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  8. I'm in a learning stage. However, I don't have much money to spend for expensive tools or luxury seminars. What I currently do is to read from SEO or SEM forums and blogs. That helps me a lot.

    Nice blog!

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  9. Todd,

    You're doing the right thing. Its time to stop spending and start earning. For example SEO has not really changed in the last 4 years. There are some great tools that will help you get the job done faster or help you take advantage of loop holes in the search engines, but those techniques only last a short whille.

    Continue writing articles and geting backlinks it will take you farther then and new software in the long run.

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  10. How is the no-buy rule going? I try to implement a similar policy but do slip from time to time. For keyword research I use MNF which is pretty good.

    For me I am building backlinks manually right now, even though I do own BMD. Have you been having any success with it? If so I may dust it off and give it another go.

    Thanks,
    Forest.
    .-= Frugal Living´s last blog ..Pampered Chef Recipes =-.

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