Note from Eric: This is a guest post by Sunil, an internet entrepreneur who has seen a variety of successes online, including several website sales for five and six figure amounts. Sunil and I initially connected because we share similar professional backgrounds (we’re both CPAs and previously worked in public accounting) – he has since become a full-time internet entrepreneur and has been making money online for the past 9 years (longer than many of the so-called “gurus” out there), so I respect his advice and was happy to publish his guest post here today. You can read more about him and his blog at the end of this post.
When I started my ecommerce business online, my motivation was pure profits. Years after selling that business for a six figure sale price, I found myself online with a portfolio of several profitable niche websites and now a successful blog. However, my underlying motivations today seem to have evolved. Am I alone in this boat?
The internet is more saturated than ever before with the number of new websites and blogs cropping up by the second. Companies are realizing that a web presence is no longer just an option, but rather a necessity in order stay on level ground with the competition, let alone to beat them. The recent social media growth has added even more pressure to establish that presence online.
But companies are not the only ones rapidly joining the web sphere. Individuals like Eric, you, and myself too are putting up websites and blogs faster than ever before. A big factor contributing to this trend is the abundance of internet marketers online who preach how one can make a lot of money online. The attractiveness of that thought, coupled with very low barriers to entry, if any, has saturated the web space more than ever before.
That said, I don’t care what people say initially, the underlying motive behind the establishment of most personal website and blogs involves profits. Sure, one can blog as a hobby, or to get things off their chest, or simply push an agenda out to the masses, but somewhere deep down in that complex human mind is the thought of making some money from their initiatives at some point. Think about why YOU spend so much time online?
The thought of making some money initially turns into making some more money, then making a lot of money and then eventually into making enough money to “quit my job”. This is especially true when a “webpreneur” first gets a taste of some income, may it be just a couple dollars in Google Adsense earnings. Don’t you think there is some element of truth to that pattern?
So my question for you is; how much money is enough for you to walk away from your blog or website? What will it take for you to give up blogging, social media hustling and internet marketing? Will you still be toying online if you had a million bucks in your hand today?
We all know that it is NOT EASY to make money online. Building a long term, sustainable income stream online requires a lot of time, hard work, perseverance and even financial investment in many cases. Not everyone has an abundance of those resources, especially those who are already working full time jobs looking to give up their career one day to work online full time.
If you are in that situation, or somewhere within the ballpark, would you give up your online initiatives if I were to promise you a million bucks in cash today? Think about this question very carefully before responding. A million bucks today is guaranteed cash you can take in and use however you want. You can buy a house, car, fund your children’s education, pay off all your debts, help family, start a business and pay all cash for it. Or you can stash it away in the stock market or money market and set yourself up for a very nice retirement well ahead of your peers.
Doesn’t this beat toiling away for hours over months and years trying to make your web ventures work for you? Think about how much time and effort is involved in that. Think about how much of your free invaluable time you’d lose out on? Think about all the fun activities and outings with your friends you’d miss out on as you continue building your online business. And even after all that, there is absolutely no guarantee of succeeding online!
Money on the other hand makes money. A million bucks on hand today can be grown to a few million in a relatively short amount of time (assuming you know how to). This seems like the safer and more lucrative route to go, no? I understand the hypothetical nature of this question, but please try to be as honest and unbiased as possible. I am interested in observing whether passion trumps profits or vice versa.
So what will it take, $10,000? $100,000? Or $1,000,000? Let’s hear it. You obviously started your online venture for a reason. What was that reason? How has it evolved? Are you willing to drop it all today for guaranteed cash on hand?
Why are or aren’t you willing to give up all your online activities forever for cold cash today? Is it passion? Is it desire for money? A bit of both? Tell me your answer and I’ll tell you mine.
Note: Giving up all activities does not entail stopping to surf the Internet or use Facebook to connect with friends. You can still go online, you just can’t be involved in any profit driven initiatives.
Sunil owns over a dozen profitable niche websites and is the author of “How to Go from $0 to $1,000 a month in Passive and Residual Income in Under 180 Days All in Your Spare Time”, a FREE report you can download instantly from his Extra Money Blog, where he discusses how to create multiple streams of passive and residual income, entrepreneurship, internet marketing, blogging and personal finance. In 2007, he sold his ecommerce website for $250,000 to a top Ebay Power Seller and since then has sold several niche sites for five figures each. You can read more about him and his work on his blog.
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