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Thread: Paralysis by Analysis...

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    Paralysis by Analysis...

    Picking up on a comment by rofish in http://experienced-people.net/forums...my-way-through
    about 'Information Overload' and Clinton's comment on this...

    As a 'newbie', the sheer volume of information around MMO (both that of value and the useless tripe) is somewhat overwhelming and sifting the wheat from the chaff is difficult enough even when one possesses a reasonable level of knowledge.

    I am no stranger to the web but returning after some 10 years on it's a bit like a mechanic lifting the bonnet of a modern car having last worked on a MK2 Escort! Perhaps a bit extreme, but you get my point.

    If one is researching MMO then I guess the 'ends' are fairly clear - to make money on-line and I came here from the '101 Ways to Make Money On-line' article...

    It is the 'means' which provides the 'information overload' and the hours reading and trawling through that information. Ultimately, one has to FOCUS and DO SOMETHING! The fear, of course, when every hour spent needs to have some value is 'am I doing the right thing / following the right path to making a living on-line?'

    My personal battle with the information overload is that I own around 40+ domains and with virtually no capital need to make time and effort count - do I develop this domain? Do I try and sell this domain? Blah, blah... This is when the paralysis by analysis hits! It is all to easy to end up doing nothing but researching the best way forward. So much information, so much choice... Adwords, Adsense, SEO, AM, Flipping, Blogging, etc. etc.

    I think that for the average 'newbie' there comes a cross-roads whereby they either have a defining moment of focus which hopefully leads them down the right path or they fall off the road and give up because the weight of information just becomes too much.

    Perhaps there might be those who would share their 'defining moment' which steered them through the information maze?

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    Hi Wilko

    Great questions, thanks.

    I don't think I had a "defining moment". I tend to be a very impulsive person, so my usual way is to leap before I look. Needless to say, this "DO SOMETHING" approach, without a well-planned business strategy, often leads to failure but I've created some successful sites too. Even in those cases where I've jumped into something without much prior thought, then I've at least gained something from doing it. I've learned from everything, even if it's only a case of learning not to make the same mistake again.

    I've never suffered from analysis by paralysis, because there is just so much to learn it would take forever to try to learn it before starting on anything. I just go for it and if I get stuck with something I come here and ask questions. And if something needs to be done which I don't have the skills or time to do, then I outsource it. If you create something, it can always be improved upon. If you hang around trying to achieve perfection before you get started, then you could end up never creating anything.

    Dunno if that helps but it's another perspective on the subject.

    Another reason I hang out here on EP is to get the heads up on new ideas about how to make money online. Recently I got interested in Kindle publishing so I had a go at that (another thing I jumped into without much prior thought!). I wrote and published a little book. It sold 40+ copies last month. At $2 profit per book, that's never going to make me rich, but it can be scaled up with a few more books. It's an enjoyable little sideline and another revenue stream which does not depend in any way on Google. Also, once the books are written, it's completely passive income. It might be something for you to try.

    Good luck whatever you decide. Now just go and do something.
    British Expat - helping people to live and work abroad since the year 2000.

    The joy of Internet delivery - the cartoon illustrating this will make you laugh!



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    Hi Kay,

    Yes, it's rather strange as I have always been a 'leap before looking' person; always learning enough to get things done plus 5-10%! I guess it's known as 'pragmatic' - do, then learn, then do it again better?!

    I think the problem with MMO is that there is just SO much information for the absolute newbie (which I am glad that i'm not) to absorb, analyse, and then act upon... it's reaching the tipping point where the doing gets done that can be a struggle.

    I like your point about eBooks - this is something I am also currently exploring both the writing of and selling. Have been playing with the Amazon aStore as well which is pretty cool but too soon to report on results as still very fresh work...

    Thanks
    Andrew

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    Quote Originally Posted by Wilko View Post
    I think the problem with MMO is that there is just SO much information for the absolute newbie (which I am glad that i'm not) to absorb, analyse, and then act upon... it's reaching the tipping point where the doing gets done that can be a struggle.
    There is a lot of "common" knowledge that would be useful to anyone in any MMO endeavour. Things like basic terminology, hosting, FTP and the such that you should know about.

    While you are learning those things, it becomes time to pick an area and specialize in it.

    - Content sites
    - Drop shipping
    - Affiliate marketing
    - Arbitrage
    - SEO

    As you have stated, there are so many ways to make money online, you need to pick the type of activity that suits you best and focus on that one.

    Most extremely successful people have a specialty. You will rarely meet someone who made their fortune scattering their focus across several different industries/business models.

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    Hi Andrew (very good Scottish name!)

    If you're interested in Kindle publishing, have you seen my saga about it?
    http://experienced-people.net/forums...lishing-empire

    About MMO, hmm, this is my take on it:

    There are some people who are very successful at making money online by teaching people how to make money online. They make money online, but do any of their followers?

    Many people want the magic pill or the secret sauce - the recipe or step-by-step guide to get rich. It doesn't work. Even if it did, when the recipe is sold then everyone is making the same sauce so it's no longer so profitable. I would suggest not buying any of these recipes or even paying much heed to them. They've all got at least some useful info in them but you need to be up to date on it all to sort the wheat from the chaff, then take on board the useful ideas and strategies, whilst rejecting the obsolete.

    Just play to your strengths - create your own recipe. When are you going to start?
    British Expat - helping people to live and work abroad since the year 2000.

    The joy of Internet delivery - the cartoon illustrating this will make you laugh!



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    tke71709 makes good points about speciality.

    First decide HOW you are going to make money online. That narrows down what you need to learn.

    Are you going to be an affiliate? Then you need to learn about shaving and affiliate link hijacking and tweaking conversions.

    Are you looking to earn from contextual programs like Adsense? Then you need to concentrate on split testing of programs, playing around with heat maps, mastering writing of copy that triggers the best paying ads, tweaking your account (blocking certain ads) etc

    Are you going to be domaining? Once you have a plan of how you're going to make money with domaining you may need to learn about valuing domains, learning what risks to take when bidding at auctions, getting familiar with drop catching tools and so on.

    What about siteflipping? You'll need to acquire skills with finding potential buys, recognising undervalued sites at auction, being able to form an opinion very quickly on whether sites are worth the DD ... and various other skills we discuss on these forums.

    Which brings me to my last suggestion: You can choose to not decide and to just buy. That way you get a proven business model and can set about learning the ropes and improving your skills in that specific area while making money.
    Find the right business brokers to maximise the value you extract from your business and improve the chances of selling your business.

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    Thank you tke71709, Kay & Clinton,

    Your responses are all wise and formed from many years' experience and knowledge. I am glad that I have a reasonable grounding in the 'nuts and bolts' of web site creation as I am at least on the foothills!

    My one concern tke71709 with becoming too reliant on a specialist field is the fickle nature of the game such as G changing their algos leaving previously good performing sites out in the cold etc. But I agree that one must identify and focus energies on what suits / works best for the individual's strengths and skills.

    Clinton, your examples and illustrations are most helpful and excellent food for thought...

    Kay, your take on MMO is great! 'MMO Cook Book'! I have, thankfully, never been tempted to buy into any of the GRQ schemes or the proliferation of other 'sold-on' MMO secret recipes... too long in the tooth I reckon to be sucked in. I will take a look at your saga. BTW, yes I'm aware of the Scottish origins of my name but cannot say that I'm aware of any ancestry!

    Thanks again.

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    ...becoming too reliant on a specialist field is the fickle nature of the game such as G changing their algos leaving previously good performing sites out in the cold...
    Every forum has its ethos, and 'preaches' its own way of thinking. One major thing I've learned from being a member here is not to build sites which depend on G and its algos. I used to do that. I was an AdSense devotee - they were paying all my bills. Then you can wake up the next day, fire up the computer and discover that an algo change has axed your income (and your lifestyle).

    After I took a big hit from G, I started to pay a lot more attention to getting traffic by other means. I don't chase free traffic from G any more. If they send it, then that's a nice bonus, but that's as far as it goes. And the Zen of it all is if you don't try to game it you'll probably do better on G anyway.

    Grynge, one of the most established members on here, started a thread which I always recommend to people who are interested in traffic.
    http://experienced-people.net/forums...etting-traffic
    British Expat - helping people to live and work abroad since the year 2000.

    The joy of Internet delivery - the cartoon illustrating this will make you laugh!



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    The best advice is to jump in and do something. I have met so many people who are trapped trying to work out which MMO scheme to try and if they tried just running a site, reality would soon show them neither is viable.
    Its only by taking that leap that we begin to learn in a real world sense. Traffic generation is hard and time consuming, click bank is plagued by charge backs and so on. Some one could read everything I have written some of it I feel is even really good advice and completely fail to make a dollar. The reason is simple you have to keep pluggin away until you find what works. My methodology as example does not work well for Adsense sites or any monetization that scratches for pennies and as such needs thousands of clicks. So I focus on sites that have a higher profit margin and as such need less conversions. I only learnt to do that by trial, error and some banging of head into wall.
    Conversely if you have 40 domains and the means to make each one a valuable resource you may find that you can make a steady profit from click-bank or ad networks. You'll certainly not know until you try and the biggest advantage you will gain is learning what you really need to ask. What questions you really need answered and removed from the hypothetical what challenges your website really faces.
    Thats going to be a defining moment, being able to look at a website and go alright, I have traffic but I am not collecting any social traction. I do not want social traction but I am not seeing any return visitors. I am not getting any traffic at all, but the 10 visitors I had this month 5 signed up, what now?
    Strangely enough there are no cold hard facts, I could tell you that services are always a winner and innovators are reaping the rewards. Some one who has a suitable portfolio could come behind me and say, well you know $130 a day Adsense is nothing to sniff at.

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    First, forget about trying to make money straight out of the box with a new website. Instead focus on creating a compelling website that solves a problem, serves a need or builds a community and work on establishing it. Trying to monetize a website to early is counter productive.

    Second, go with what you know. Create a property based on knowledge you already have in some real world area.

    Third, only focus on learning what you need to know to achieve the task you are working on at that particular time. If you try to learn everything first you will do anything. It would be like trying to learn every aspect of every field of medicine prior to starting to practice as a doctor. Immediate action is crucial. Do something!

    Fourth, be patient. You won't be making decent money for quite a while. Have another means of income while you are building your empire.

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