Monday Tip – Do The Things That Make You Money

By Mark / February 7, 2011

So here we are at the start of another week, it’s a week full of great opportunities and possibilities. The decisions you make for the next 5 days (lets take saturday and sunday off!) have the possibility to change your life forever…

No Pressure then!

So what are you going to do this week? just do what you do every week or change it up a gear and make decisions that are laser targeted and will help advance your earning potential.

It was this time last year that I sat down and had a long hard look at my online business and decided to focus on a few areas. Those areas were the ones that earned me money, not potential money earners but actual money earners. Anything with potential or limited addiional income potential was relegated to secondary importance.

Next I did some simple maths and worked out my monthly expenses on a monthly , weekly and daily basis. This was the bare minimum I needed to earn. I then added 50% onto all of those figures.

So if my daily living expenses are $200 I added $100 to make my daily target $300. It doesn’t matter if you have no intention of being a full time marketer and making money online is just a way to earn a few extra dollars a day. Having a target helps you focus.

So for the sake of this exercise lets take $2500 as an avarage cost of living and when we divide it down and add 50% we get a figure of around $125 a day so we need to make $125 every day on average to meet our target. obviously everyones target will be different.

To reach this figure you should look at what is actually making you money, everything else can wait until you hit that target.

So the next bit is down to you what is actually making you money? For example suppose I have 2 blogs one earns $3 a day with adsense and the other sells 3 clickbank products a week that earn me $25 commission a time. Which of those two am I going to spend time promoting and generating traffic to? Obviously the one that is selling the clickbank products because If I can double the traffic to it I’ll have the opportunity to make almost $25 a day from that one blog.

If I have a 3 page blog that is earning $5 a day with 20 visitors and a 20 page blog earning $10 a day with 200 visitors I am going to be finding related keywords and phrases and trying to double, then treble the traffic to the 3 page blog (while adding new pages to it)

Now lets get a bit more complicated…

Suppose I have a network of 30 blogs that earn $100 a day and a product that sells for $67 on clickbank ($30 after affiliate commission). Which would I work on?

For me the answer would be clickbank product, why because generating a network of affiliates and also a list of people who are buyers has far more potential in the long run than churning out content day after day and trying to keep up to date with google’s ever changing algo. Spending 10 hours a week sending out emails to potential JV partners and Affiliates will have a much bigger effect on my income that spending 10 hours writing articles.

Last year the answer for me was that creating products was the most effective use of my time. Spending a week building a blog might create a site that earned me $10 a day or $300 a month. A week spent creating a product could create a product that would sell 400-500 products at the launch and then a residual income every month after that from ongoing sales. (no Million dollar launches for me unless I decide to charge $2000 instead of $27 to $67 :))

I’ve documentated the whole process I use in Beyond Commission

This exercise isn’t going to be very effective if you are just starting out and don’t have much income. For you guys I still strongly recommend building a network of wordpress blogs, as you learn so much about internet marketing doing it. It’s not just about the money, you learn about driving traffic, seo, layout, ad positioning. You get technical skills and most important you learn what makes people buy.

If you are just starting out bookmark this post and come back in 6 months, then do the exercises.

To summerise this.

1. Work out how much you need/want to earn

2. Focus on what is making you you money, nothing else until you hit your target.

About the author

Mark

https://plus.google.com/me/posts

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8 comments
Bethany

“Internet Marketing Common Sense” The name says it all. You would think this is common sense, but it sometimes takes someone saying it outloud for it to sink in. Doh!

What blogs are making me the most money right now? The ones with the least competition.

What blogs have I been working on? The blogs that aren’t making me a dime or creating blogs in competitive niches.

What will I be doing from here on out? Working on the blogs that are already making me money, and creating blogs in less competitive niches.

Thanks Mark, for smacking us in the head occationally!

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Sandra

Funny. I’ve seen the idea of breaking down your monetary needs into daily amounts in a couple places lately.

What I also did was to write the amount on a large post-it note and place it where I would see it as I work as suggested in 5 Bucks a Day. Hope it works for me like it did for Dennis.

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Phil

Hi Mark,

Just wanted to let you know the “Beyond Commission” link in your post doesn’t work.

This is good advice. The hard part is setting up a tracking system to see where the money is coming from. That would mean viewing Google Analytics, ClickBank reports, and Commission Junction reports.

I will be setting up a system to track my income as you advised. Although my sites don’t make much right now, I hope that by concentrating on the winners I can increase the income.

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Mark
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Not sure what happened there it looks like Optimize press through a wobbly! It’s working now, thanks for the heads up.

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Stephen

Hi Mark,

I am in a very similar position now to what you were a year ago. I have set up lots of little blogs and websites and, I can honestly say, I am trying to do too much. As a result I’ve been taking stock of my online business and focusing on those areas that make money rather than those areas that might make money in the future (as you say in your post). It’s sage advice and something everyone who is trying to make money online should follow.

Stephen

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Mark
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Hi Stephen, thanks for the comment, I was just looking through my stuff from last year and it was February 12th that i sat down and decided to analyse everything. It turned out to be one of the best things I’ve done. It’s really interesting how things have changed since then. I think i’ll do a post on the 12th and compare February 11 2010 to Feb 11 2011. It will be interesting to see how things have changed.

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Raymond

I’ve read your post before going to sleep and I’ve read it again this afternoon to make sure it’s drilled down to my noggin. hahaha. I will definitely focus on my profitable sites but at the same time it’s hard for me to not build other niche sites especially if I’m promoting physical products. I think I have an OCD of building websites. hahaha

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Matt

Superb post, i have been doing the same as lots of other people and just building sites. I now need to sit down and analyse them as you suggest. Thank you once again for the post, you have kick started me!

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