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Some Of You Guys Are Going About Trying To Make Money The Wrong Way

Discussion in 'Making Money' started by BassTrackerBoats, Mar 28, 2017.

  1. BassTrackerBoats

    BassTrackerBoats Super Moderator Staff Member Moderator Jr. VIP

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    There are an awful lot of people trying to go about making a buck online the exact opposite of how to make this IM thing work.

    • What you do is decide on a niche and then decide to market it in the wrong place.
    • Or you decide on a niche because it has a high CPC with adsense (remember the mesothelioma days?).
    • Or you choose something that is insanely competitive.
    • You may even think that the best thing to push is the make money online niche because you want to make money online.

    Let's explore a few different things here using a successful business man from back in the day.

    First, it is my opinion that one should involve themselves in a business in which they have a personal interest. Some 50 years ago or so my Father opened a retail store that was half sporting goods and half toys and hobbies.

    [​IMG]
    I'm the good looking guy standing directly in front of him.​

    He liked to draw, paint and was a pretty decent athlete in his day so the aspect of it being of interest was there. He opened it in a town that did have a sporting goods store (in fact it was just down the street) but that store had little in the way of equipment and was more of a sports uniforms store.

    Find a niche in which you have an interest and is not overly competitive.

    It was a small town on the Jersey Shore that had a huge seasonal tourist trade so he carried products that would sell to the tourists in the summer time and products that would sell to the locals all year round (Scoped out the demographic and said, "What do they want/like/need?".

    Explore your demographic and see what would fly with them.

    An inflatable raft did not sell for hundreds of dollars as the average price was in the 10.00 range but he would sell hundreds in a week. I know because as a kid I worked there for my dollar a day pay and blew up those dang things all day long. He averaged about 500.00 a day in revenue in the summer which paid a lot of bills for some of the leaner months like October where he would be in the 100.00 a day range.

    Price things right and don't blow your cash.

    He ran a balanced business as well (we talk about not putting all our eggs in one basket all the time here). The rafts sold great when the sun was out but should it be a rainy day, he wouldn't sell a one. But, he did have 3,000 square feet of board games, plastic models of cars and boats, paint sets, toy cars and a variety of other things one could do inside and they tourists would buy them all day long.

    Don't put all your eggs in one basket.

    He put 5 children though private school by catering to the crowd that was in that little town.

    Come Christmas it was all hands on deck from the day after Thanksgiving to the day after Christmas as the locals from the surrounding towns would be in there spending their Christmas cash.

    Everyone got free gift wrapping no matter what you bought... one year my Mother actually wrapped up a sled for someone and it was all done with a smile because customer service brought people back over and over and over again.

    Customer service is king!

    There was no online shopping and at the time he opened we didn't have malls as they do now so the competition was the Sporting goods/uniform shop down the road and the hardware store that had a huge fishing department. My father didn't sell uniforms and didn't carry any real fishing equipment to speak of either. No sense competing with guys who were established as there was a wide open niche for him to exploit.

    Find new markets as there are always new ones out there.

    Then the Malls came... one about 7 miles South and one about 15 miles North and all the businessmen in town talked about how they were going to kill small businesses. It didn't happen to my Father's store because if you wanted a left handed catcher's glove he would get it for you. If you were short a few dollars he would tell you pay me later.

    Go the extra mile.

    He did not get rich from the store but he did pretty well. Of course I do not know all the numbers but I do know we all went to private school, lived in a 6 bedroom house on half an acre that would sell for about 800K today and that is with 1/3 of the property having been sold off. I have no clue what it was valued then but he sold it for 125K in 1980 or 1981.

    Getting rich is really not a goal that one should have in any business as the main goal in my opinion. Sure, you want to be successful but if your main thought is how can I make a lot of money then you are missing out on a complete vision.

    The vision should be to supply a quality product or service at a fair price and give your client a positive experience when doing business with you. Providing a positive quality experience for your website visitors is going to translate into money for you if you have done the other things above correctly.

    Don't pursue the games niche because you are a gamer and if you are a gamer then you think that everyone loves gaming (I hate it personally). Don't pursue porn because you think you can make insane money and you are on the porn sites all day long. Don't pursue the insurance niche because the CPC is 11.50. Don't pursue the luxury watch market because the mark up is ridiculous. Don't get into forex because you read a story about a 19 year old that hit it big.

    If you choose gaming, don't market it to people in my demographic... us 59 year old guys have no use for mindless entertainment. See who likes gaming, see where they hang out, see what games are trending and hot and see what you can sell to them to make money that will fit their pockets.

    If you choose insurance, don't target teens, tweens and rich people. the kids could care less and the rich people are not going to buy from some random website. They already have a broker that handles that for them and that guy probably plays golf with him every other Saturday.

    If you choose porn, don't market where you'll get all kinds of people calling you a perv and reporting you to the places you market. Advertise your stuff where the people are not going to kick you and call you names and where that is a welcome subject matter.

    Luxury watches are best sold by people that have some hands on knowledge. If you have not handled them, worn one, rented one or own one you are going to have a hard time with content that is going to convince a higher end client to buy from you.

    Forex? You don't have the money to get into forex so don't even consider that. You think the kid that made 22 Kajillion dollars is real? No, it is a shutterstock image of a guy and a story written by Dr. Suess.

    When I got into IM 8 or so years ago, I targeted the employment niche. I knew the subject matter so I could write on it easily. I knew people needed jobs so there was a need. I knew that I could monetize it even to people that had no money because they had no job. I had a vague idea how to market it only because I was new in Im but it did not take me long to find places to advertise as I looked to see where the big boys advertised. In it's heyday (it is no longer the big baller it once was but it is still decent) I would spend $150.00 on advertising and get $2,500.00 in return every week.

    It worked because I found a need, figured how to monetize it easily, saw where people hung out that had that need and presented an opportunity for people to get what they needed. You should do the same.
     
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  2. lineager

    lineager BANNED BANNED

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    I cant belive i just read all that. Motivational to say the least :)
     
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  3. 5713

    5713 Registered Member

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    Thanks for sharing good looking guy haha :)
     
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  4. mnunes532

    mnunes532 Supreme Member

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    You are 55+ years old? Damn.... I couldn't imagine people in that age here hehehehe
     
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  5. Skyebug77

    Skyebug77 Jr. VIP Jr. VIP

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    Very good share BTB. I often thought about BHW needing a thread on what "not" to do.
     
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  6. MisterF

    MisterF Jr. VIP Jr. VIP

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    Your rubbish at maths, he must have been 11 at the time of that photo :eek: :p

    On a serious note though THIS -> I knew the subject matter so I could write on it easily.

    I lost track how many times I have said to people write about something you know and know well, where you could actually stand in front of a room of delegates and speak off cuff and not be relying just on looking at books and reports.

    If you have a passion and a genuine interest, you will enjoy what you do even more.
     
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  7. Noah Hawryshko

    Noah Hawryshko Senior Member

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  8. NoHypeNeeded

    NoHypeNeeded Regular Member

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    Absolutely awesome and inspiring read. Great advice for new business owners and experienced ones as well. I used to live in Jersey btw and still have a beach house in Pt. Pleasant. My family owned a pizzeria there and it was fascinating to see and learn the "tourist season effect" and how the business would fluctuate being in that area.

    Anyways, thanks again for the great read!
     
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  9. BassTrackerBoats

    BassTrackerBoats Super Moderator Staff Member Moderator Jr. VIP

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    The beach house would be in Point Pleasant Beach which is where my Father's business was.

    Small world.
     
  10. Mr Vlad

    Mr Vlad Jr. VIP Jr. VIP

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    Thanks for sharing this story BTB, it reminded me of my own parents who were in business almost my whole life. From the times my father used to be a cab driver and making a few bucks a day, to the day their business was valued at over a million dollars. I'm also from a small town, and they opened a pastry shop that was one of the best in the country, so their brand was highly valued. It was all about quality and being first at giving people what they wanted, and sometimes what they didn't even dream of having.

    However, coming from the Soviet Union and not having the experience of living in capitalism and having a business, they made quite a few mistakes over time. A day came when it all went down the drain, and thankfully I was there to help them out and pay off their debts. A lot of lessons were learned, and reading this post brought some memories, mostly the good ones from my childhood when I was the happiest kid in the world because my parents owned a pastry shop and I could have all the sweets I wanted :D So thanks for sharing
     
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  11. any1hacks

    any1hacks Junior Member

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    i was thinking about building social media presence in different sub niches which are connected ,some saturated and some aren't.
    and my final aim is to build a site containing all sub niches/domain and directing traffic.
    i am in no hurry of making money as i am 17 currently . i currently have lot of free time so investing it there.

    is this a good way ? if not i will think about something else
     
  12. MidtownMan

    MidtownMan Regular Member

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    Woah BTB I've been around here for a few years and figured you were in your early 20's (the same as me). I always looked up to you as someone that had a lot of similarities as me. Turns out you're my grandpas age. None the less, I love fishing and I'm sure you do too. Haha
     
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  13. BassTrackerBoats

    BassTrackerBoats Super Moderator Staff Member Moderator Jr. VIP

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    I'm very immature so I come off much younger than my actual age.
     
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  14. Reaver

    Reaver Jr. VIP Jr. VIP

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    Nailed it.
     
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  15. africanart

    africanart Regular Member

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    Didn't know @BassTrackerBoats was in his 50's, it's never too late for me to try something new.

    Well, except going to Thailand and trying a ladyboy
     
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    Last edited: Mar 28, 2017
  16. jiungsong

    jiungsong Jr. VIP Jr. VIP

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    Damn, what a jock
     
  17. PlayerNumber1

    PlayerNumber1 Newbie

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    Another one I think is... ignoring the fact that other people including Amazon are selling the same stuff you are for cheaper... Thats my hard time consuming and expensive lesson anyway!!
     
  18. fasttrak

    fasttrak Regular Member

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    Great post - I enjoy your writing style, easy reading and informative. So I am guessing the employment niche is about to get an IM influx :)
     
  19. BassTrackerBoats

    BassTrackerBoats Super Moderator Staff Member Moderator Jr. VIP

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    It may but it is not the baller it once was unless you catch a wave off the beach in Oahu.
     
  20. davids355

    davids355 Jr. VIP Jr. VIP

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    Nice post Greg. Always good to learn from people that have been there and done it.
     
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