In this blog post, we debunk the myth of ‘getting rich quick.’ And explain the truth of what it really takes to be successful in business.
Watch the video below:
Most people assume that an online business is like some money vending machine.
You put in a dollar. And then get $10,000 back. And then go on to quit your day job, travel the world, and work from a laptop for the rest of your life.The assumption that it’s easy to make money is no surprise. Even on YouTube, you’ll find hundreds of videos of people who claim they made $100,000 in a single month.
And while this may be true, a lot of people have the misconception that results like these are normal. But in reality, this is far from the truth.
And in this blog post, we are going to explain why get rich quick businesses are nothing but a myth. And what it really takes to build a successful online business and quit your job.
The Myth of Overnight Success
Here at Wholesale Ted, we love to collaborate with other successful online entrepreneurs.
On our YouTube channel, we have interviews with close friends killing it in dropshipping, print-on-demand, affiliate marketing, and many other online businesses. (You can check the full playlist here)
All of these people are highly successful, and we share their success to inspire people like you who want to start an online business.
But usually, their results are not typical. Yet, a lot of people tend to assume that making a lot of money — in the space of one month — is a normal thing.
This belief sets unrealistic expectations in their head. The expectation that if they build an online business today, within thirty days they are going to end up filthy rich.
But here’s the harsh truth: This belief is simply not true. And rather dangerous in fact.
Why? Because in the real world, building a profitable online business always takes time. Realistically, thirty days for a business to become profitable is an unrealistic expectation. And it usually takes much longer than this.
“How long?” you might ask. Well, on average, it usually takes a business anywhere between six months to several years for new businesses to become profitable.
Why this long? Because like learning anything in life, there is always a learning curve at the start.
No matter how many videos you have watched, or blog posts you’ve read, building a business comes with a lot of failures, trial and error, and corrections along the way.
And building an online business requires you to learn new skills. Skills such as product research, creating a website, and copywriting.
People who you may see making a lot of money in just a couple of weeks, or one month, or even days should never be referenced to as normal. Sure, they might have made $100,000 in a month — but much of that was profit? (Are they even making any?)
Some claims may seem impressive on the surface. But the deeper you dig into the back story, what you’ll find is that things aren’t what they really seem.
People who are now crushing it with their online business hardly experienced an overnight success. In reality, it took much longer than a month to build a life-changing business.
And learning the right skills in the process was essential for the success they have today. Specifically, mastering three skills in particular.
3 Keys to Build a Profitable Online Business
When people hear the word business, they think of it as some ambiguous thing. But business is very simple, And basically when you do these three things REALLY well.
- You find or create a great product or service to sell
- You put it in front of the right people
- And you give those people an awesome reason to buy
This is all there is to business. But, of course, learning these three things take time.
It takes time to create a good product to sell. It takes time to find the right people who want to buy it. And it takes time to learn and get good at sales, persuasion, and copywriting to influence these people to buy your product.
And so, while learning these three skills, in the meantime, you still have bills to pay. Which is why most people start off building their online business on the side while working a job.
Sarah was one of these people. She sure wasn’t an overnight success, and had to go through a lot of trial and error. Along the way she made a bunch of failures — losing money, testing the wrong products.
But she didn’t let that stop her. And eventually, she hit the jackpot: a life of financial freedom.
But often, many people buy into the myth of being an overnight success. And assume that if they don’t make job killing money within thirty days, then that business model was a “scam.” Or that something went wrong and the business “failed.”
This is why, before building an online business, here’s an important question to ask yourself:
Do you have realistic expectations?
It’s inspiring to hear about all of those success stories, breakthroughs, and overnight successes. But not everybody is naturally gifted, and for the majority of us, the road to success isn’t going to look like a straight line.
It’s important to not be too attached to gaining fast money. Everybody wants quick results. Everybody wants to lose weight quick, get to their destination quickly, and of course — get rich quick!
But those who achieve financial freedom, actually ignore the fast money. And instead, focus on the process.
And focusing on the process takes some time. Which is why quitting your job isn’t a great idea, as to learn new skills, and to support your business venture, you are going to need money.
But while having money to pay for these things is essential, what’s even more important is the way you use it.
Be Careful with Your Money, and Avoid Debt!
Most people, when building an online business, usually invest in high ticket courses. And while this is a great method to learn and build an online business, a lot of people finance these courses in the wrong way: using high interest loans.
But this only throws people into more debt. High-interest debt that they are now liable to in the future. And with the money they earn being serviced towards paying off this loan, they struggle to invest their money in what’s really important — their online business!
That is why, before investing in a high-ticket course, it’s important to set money aside before hand. You save up the money before purchasing the course. And not the other way around.
If you think about it, this is similar to how universities work. Students acquire large high interest into a course, with no guarantee they will get a job in that field after getting a degree.
But whether or not they do doesn’t even matter. Because they are still liable to pay off those large sums of debt. And by the time they finish those three years, that debt would have grown even larger!
That is why financing high-ticket courses is something we do NOT recommend. Not only are you tying yourself to debt, but you’re limited in the way you can invest in your online business.
The Bottom Line
It doesn’t matter what type of business you build. It could be dropshipping, affiliate marketing, print-on-demand, or even real estate. The matter of the fact is you probably won’t be an overnight success. But you should see this as a good thing!
Because it’s not that something is wrong with you. It’s just that with everything, there is always a learning curve. And, like every skill in life, it takes time to learn and master the skills required to have a successful business. Plus, not everyone is the same; people have different skills, ways of learning, and experience. And everybody’s results will be different because of this.
So don’t buy into the idea of overnight success. And whenever you see a story like this, use this as motivation — not an expectation of reality.