Every day I get calls from my clients asking me questions about doing business online. Each time they cite something they just heard from some “Internet Marketing Guru.” Unfortunately, more often that I care to admit, what people are told about building a profitable online business - specifically information marketing business - is little more than a bunch of crap!

If you’ve followed a lot of that crappy advice, tried your hand at building an Internet-based business and haven’t yet reached the success you want, these 11 deadly mistakes and tips how to avoid them are for you.

Mistake #1 - Not Treating What You Do as a Business.

The difference between a hobby and a business is that a hobby doesn’t make you money - it costs you money.

If you’re serious about starting a building a profitable online business approach seriously and focus on generating revenue.

Treat your online business as if you would any regular business.

Mistake #2 - Being Distracted by Too Many Good Ideas.

You can light up a room with a light bulb, but you can cut through steel with a laser beam. The same is true with your effort and ideas.

Too many Internet-Entrepreneur-Wanna-Bes lack the will power to stay focused on one business venture from beginning to end. Chasing too many ideas at the same time often leaves them exhausted, frustrated, and with little results to show for their hard work.

The key to success is to select one business idea and to develop it completely before moving on to another project.

Mistake #3 - Not Selecting a Specific Niche.

Perhaps the biggest mistake of all is trying to be everything to everyone. You can’t - so stop!

It’s very counter-intuitive to focus on a smaller slice of the market and most people are afraid to do it. But when you do, your business will grow faster, and you’ll be more financially successful in less time.

Mistake #4 - Falling in Love With the Wrong Idea.

Even the most experienced entrepreneurs fall into this trap and develop products without doing any research. Before you devote serious amount of time and effort to developing your new ideas make sure there is a demand for the type of product, information, or service you want to launch.

And just checking how many people searched for a certain keyword isn’t enough. After all, not all the searches result in people buying stuff, right?

Make sure you can ideantify a specific group of people (your target market) that’s easy to find and reach. Make sure you understand what specific problems your target market wants to solve, and that they have the money to invest in the type of solution you want to offer them.

If you would like more help with this, I devoted a good part of my Info Profit Fast Track program explaining how to idendify and research an ideal niche market.

Mistake #5 - Falling for the “Get Rich Quick” Scheme!

Remember the old adage “if something is too good to be true…”? It’s alive and well on the Internet.

Countless people buy into the idea of making millions online overnight. Sadly, they buy into programs hyped up with empty promises only to find themselves “out of cash and out of luck” a short while later.

Be aware of spammers, illegal money-winning scams, and buying “ready to profit from money-making businesses” that are “hot but will sell for cheap”!

Before you fork over your money investigate if those hot businesses have ever made a dime for their current owner.

No matter how “hot” and appealing the offers look, and despite the often present “urgency to act now or loose out” - always do your homework first. It will save you a lot of money and many sleepless nights!

Mistake #6 - Going Into It, Instead of Growing Into It.

While the Internet makes it easier to reach your potential clients, you’re still building a business - and that takes time.

So don’t tell your boss you’re quitting today because you started this hot new online business last night and you’ll be “rolling in dough in no time flat” until you make sure your business idea works and is profitable.

That’s one of the advantages of Internet Business - you can start small and step-it-up as your business starts getting sales and generating profits.

So first be sure your online business can consistently replace your current income before jumping ship and telling your boss to “beat it”!

Mistake #7 - Being a Copy-Cat!

Quickly - what is the most popular business on the Internet? You guessed it - it’s how to make money online!

It seems that everyone who has bought a course on making money online is credible enough to teach this subject a week or two later!

Don’t fall for the allure of easy money - because it’s only a perception. In reality your chances of having a successful online business are much greater when you are different from the pack. 

There are plenty of small, untapped markets to “get rich” in. Every day I find people making money on websites teaching things like juggling, bunny breading, making home videos, and a score of other “weird” topics.

Do a little soul searching and identify things you know a lot about and are passionate about. Chances are there is a group of people who would be willing to pay you to learn what you already know on those topics. And those are the business opportunities you should pursue online…

Mistake #8 - Wasting Time and Money on Developing Pretty but Useless Websites.

A bad idea is a bad idea - no matter how pretty you dress it up. Many people waste precious startup dollars on expensive but needless graphics, pretty logos and complex web design.

In reality, most businesses can be simple and inexpensive to get off the ground. In fact, a simple two, or three-page website with little or no graphics will often make more money than one with all the latest flashing bells and whistles.

Ask yourself what is the core concept of your business. Outline it on a single sheet of paper, then quickly implement it in its simplest form. You can always give it a makeover and spruce it up if it’s successful and profitable.

Mistake #9 - Not Building Relationship with Clients.

“Even though you don’t know me from Adam, I want you to take out your wallet and give me $20 - in exchange I’ll make you the King of the Universe!”

What!?

You don’t want to give me your $20?

What a surprise!

Most people think about starting an online business in terms of getting a quick sale - with no prior relationship with their potential clients at all.

In reality, you’ll be more successful when you make your first goal to collect contact information from potential clients and follow up with them on regular basis.

It’s much easier to “sell something for FREE” than trying to convince people to give you money at first.

Make it your goal to prove your credibility online. Make your business all about building relationship with prospects and clients and you’ll create a thriving online empire.

Mistake #10 - Calling It “QUITS” Too Soon!

If your new online venture isn’t making money at first don’t walk away from it too soon. Many entrepreneurs have multiple “failures” in their background - which in reality are lessons in what didn’t work.

Evaluate your ideas and get help with gaining a new perspective on what you’re doing. Sometime, with a few tweaks, you might find a new way to position your originally unprofitable idea differently and turn it into a real money-maker.

And don’t forget this simple truth - most ideas need enough time to germinate. So you simply need to give them time to gain the traction and momentum to get the payoff you want.

Mistake #11 - Being too cheap!

While it’s a good habit to be thrifty with your dollars, don’t confuse saving money with being cheap. Remember the price you’re paying for things isn’t always expressed in money. It’s also the time, effort, and lost opportunities you can’t take advantage off because you lack the know-how or are busy doing low-level tasks.

There are two things that consistantly differenciate smart and successful online entrepreneurs from those who can’t make it.

The successful ones surround themselves with a winning support team and hire mentors to coach them in gaining new business skills. They continually invest in their education. They buy marketing training programs, time-saving software tools, and systems that allow them to grow businesses faster with less effort.

So there you have it - my top 11 deadly information marketing mistakes. And I’m sure this is only a short list. If you feel compelled to do so, feel free to comment below and add more “deadly mistakes” or good tips to avoid making them…

Here is to your success… Cheers!

Adam