This time next year, Rodney, we’ll be millionaires
As I said in my review of 2006, things didn’t work out quite how I planned. Unrealistic ambitions, laziness and a lack of focus meant that the work that I’d put in didn’t really turn into a significant stack of dollars.
As a result, I spent part of the Christmas break looking at what I was doing right and what I was doing wrong. I’ve said it a few times on here but my internet marketing activities are purely to supplement my acting income. They’re not my prime focus.
With that in mind I’ve put into place my 2007 battle plan and I’d like to share it with you. The reasons for sharing are that I know I’m not the only person who has embarked on this particular journey and I hope that by putting out where I’ve gone wrong will maybe help some folks avoid making the same mistakes as me.
I’m going to cover all of these in greater detail over the next couple of weeks and add links as and when the articles are online but, as an overview, here is the battle plan.
Time Management – I was utterly appalling with the way I managed my time in 2006. I was far too easily distracted by checking my AdSense and affiliate control panels every few hours, scrutinising my Analytics account, responding to personal emails, reading my feeds in Google Reader about what I should be doing rather than actually doing it. I had no structure to my day so had no idea whether I was really getting any closer to what I wanted to achieve. As a result I have now put into place a detailed breakdown of how to manage my day to day activity.
Avoid the 80/20 rule – I fell foul of this when I ran the business with Bill. 80% of my earnings is currently coming from 20% of my affiliate interests. This will lead me wide open to be shafted. So I have spent some time looking at alternatives and plan to spend more time focusing on them.
Target the long tail – As I said in my review, I went after generic markets rather than niche markets. There is absolutely no point, for example, creating an affiliate website about ringtones. The market is saturated. So I’m going to spend some money looking at creating some sites aimed at very specific markets.
Ditch the dead wood – I run a number of sites which I love to death but which earn me no money. Some of them have legs, some of them don’t so I’m canning the ones which don’t. I don’t have the time to focus on the dead wood. As I said earlier, my internet marketing activities are secondary to my prime focus so I can’t waste valuable time on sites that might generate a couple of dollars a month.
The Balance – I mentioned The Balance at the very beginning of this site but have totally ignored it ever since. I spent way too many hours on the internet last year to the point where I have neglected my family, friends and personal health. I “worked” late every night last year to the point that I dreamt in CSS. Well not this year. I need to get my life back.
Set realistic goals – When I kicked off this whole thing, I thought I could comfortably earn a couple of grand a month without breaking sweat. Well it’s not that easy. So I’ve adjusted my financial goals through internet marketing in line with my proposed time/effort input.
I will come back to all of these over the next few weeks in greater detail but I urge anyone who is new to the internet marketing industry to think about all of the above and make their own plans. Don’t make the same mistakes as me!
P.S. Apologies to my American readers who might not be familiar with Only Fools and Horses which was the inspiration for the “Next year, Rodney, we’ll be millionaires” quote. Do yourselves a favor (see, I even spelt it right?) and buy the DVD