Why Most People Go Broke Instead of Getting Rich from Online Business

The term “How to make money online” has been one of the most popular topics on the internet for years, but most people who are searching for it spend their time and money chasing “Online Business” without actually making any money online.

I personally know many people who are obsessed with making money online and never make any money online despite spending their time and money chasing it.

I started making money online in 2019, and I was able to quit my full-time job and become a full-time online entrepreneur. Based on my personal experience and most of what I observe from others interested in the field, there is only one difference between the ones who succeed in building a career in online entrepreneurship and the ones who never get any money in their bank account.

This one difference is: Getting in the right direction!

It doesn’t matter how obsessed you are or the amount of time you are putting into making it work, if you are not in the right direction, you will just keep running in circles.

Let’s start with the misconceptions that lead many people to get in the wrong direction.

The Online Business Gold Rush Mentality

Let me ask you this question: What is the first thing you do when you feel interested in making money online?

For most people, including myself, it is going to YouTube or Google and searching “How to make money online?” and the first few pieces of information you consume become your foundation for online business.

And here is the problem—content on YouTube and Google is made to catch attention, attract audiences, and keep you entertained. That is why your first understanding of online business will be ‘Easy, Fast, and Effortless.’

When have you ever searched for “How to make money online” on YouTube and found a video with the title “How to build a successful online business in 2 years”?

But I bet you will easily find titles like “Lazy Ways to Make Money Online” or “How to Make $10K Every Month as a Beginner.” This is what we all know as “Clickbait.”

You make sure your titles are super interesting, promising “Get Rich Quick” in your titles, and then saying “This is not a get-rich-quick scheme” in the video.

For most people, this kind of misleading information on YouTube and Google is what sets them in the wrong direction—having an unrealistic view and expectations of online business.

And when you consume a lot of content that promises making a lot of money within a few days or weeks and you couldn’t make it work, you end up thinking you are not smart enough for this or start looking for a course, which, if you are not lucky, can send you on another chase.

The Reality: What It Really Takes to Start Making Money Online

When I decided I wanted to start making money online and started working on it, I tried several things, and I never made any money online until I started freelancing. And when I started freelancing, it took me around 3 to 4 months to get some money in my bank account.

The reality is, it will take the following to succeed and start making money online:

#1 Skills

You don’t need to be an expert in anything to start making money online, but you need at least a decent level of knowledge in whatever you choose to focus on.

For every online business you start, there are thousands, if not hundreds of thousands, of people trying to make it work, and if everyone could just start and make money, then it would have no value. 

The ones that succeed in making money from it have a good understanding of the ins and outs of the business.

#2 Delayed Gratification

Succeeding with online business takes time, and if you can’t get over your need for instant gratification, then you might just forget the idea of making money online now—because it will not happen.

The problem with most people is they can’t focus on something long enough to understand how it works, what they are doing wrong, and refine it bit by bit until it is at the right level to get them results.

If you try something for a few days or a few weeks without getting any money from it, you will abandon it and jump to the next shiny thing.

Personally, every online business idea that made money for me took a minimum of 6 months of active work before I started making any good amount of money from it.

#3 Consistent Effort

I am sure you know about “Passive Income,” and you might even be looking for how to make passive income, and if you are, that is a problem.

Any type of online business requires a high level of active effort and work to make it work. Of course, you can make passive income from many online businesses, but every form of passive income requires either a significant amount of initial work to build it up or a significant amount of money investment.

So if you want to increase your chances of success, get rid of this idea of making money without too much work, because making money online requires a lot of work initially.

What Separates the Few Who Succeed from the Majority Who Fail

The main difference between the people who succeed in online business and the ones who don’t is that the ones who succeed believe in value exchange.

You exchange value for money. You find a way to provide clear value to someone in exchange for money, not looking for an easy way to make money in a lottery-winning style.

If you choose the right business model and get to work, no matter how long it takes, you are willing to keep learning and improving, and giving up is not one of your options, you will surely find a way to succeed.

How to Actually Start Making Money Online

If you are serious about making it in online entrepreneurship with no money investment, your first step is to start with a service-based business as a freelancer.

Offer a specific in-demand service to clients through platforms like Upwork and Fiverr. Learn how it works, learn the ins and outs of freelancing, and put all you’ve got into finding clients and creating a consistent way to generate income.

Prioritize learning and self-improvement. When you get started, you will make all kinds of mistakes that you will not even know you are making. The only way to get better is to keep doing the thing and trying to improve.

Because here is the thing—you will not make money until you are good enough, and you can only be good enough through self-improvement.

When you make freelancing work, and you have a reliable way to make consistent income, then you have the freedom and flexibility to try other business ideas that you may be interested in.

Final Thoughts

A major factor that is going to contribute to whether you succeed in making money online or not is being in the right direction.

So, learn to recognize misleading content on YouTube and Google, accept delayed gratification, don’t get distracted by get-rich-quick schemes, and never stop taking massive action every day.

If I have any formula for success, that is it—nothing else.

Cheers to achieving great things 🥂