Digital Prosperity Blog

5 Deadly Mindsets Which Will Lose You Money

Building a successful online business isn't just down to having the right strategies or knowledge. Neither is it down to having the right "system", "loophole", or "automated software".

Instead, it's primarily down to having the right mindset. Or in other words...

The number one reason why most people don’t make as much money from their online business as they'd like to, is because of their mindset. Without having the right mindset, it's approximately 100 times more difficult for you to become successful online.

But there's good news - it's something which can be learned!

Everyone starts from the same point - zero - so nobody has a specific advantage over you, and it's your responsibility to create your own success, because nobody else will do it for you.

From my experience, there are five main deadly mindsets which stop most people in their tracks...

1) Information Overload

"Information Overload" usually happens when you're just starting out with something new, and there's too much to learn at one time.

It's the same with anything new you take up - such as a new sport, a language, or even when meeting a new person.

... But it's especially common in the online business arena / "Internet Marketing" space, as beginners tend to spend too much time getting distracted by completely different business models and try to learn everything at once.

To overcome it, you need to focus on just ONE business model for your online business.

Or in other words - you DON'T need to learn everything!

Choose just one business model and stick to it, then concentrate on three things - making your sales funnel profitable, building your list of leads/subscribers, and maintaining a good relationship with your audience.

2) Seeing Your Online Business As A Hobby

If you see your online business as a hobby, you'll earn a "hobby" income. I only know this because I did exactly the same thing for around 8 months and got nowhere!

However, if you see this as a business (because it is), you'll earn the income of a successful business, e.g. a much larger one.

But how do you see this as a business?

First, you need to be prepared to invest money into your future. Don't be afraid to pay for traffic, outsourced workers, or relevant information which will expand your knowledge (and make you more money!), as your business is simply a "money multiplication machine". Remember, zero multiplied by 10 is still zero, so you need to start with some money in the first place.

Also, you should be prepared to invest time into your future. Assign at least one hour every two days for solid learning and implementation (if you’re short on time, you can easily get up an hour earlier and/or go to bed an hour later).

Finally, you need to be professional about everything and always take it seriously. When meeting new people, when dealing with your subscribers and/or customers, when creating products, when managing your "to-do" items, and everything in-between.

3) Attracting Negativity

When I was just starting out in my own online business, I had no support whatsoever (emotional or financial).

My parents didn't give me any support, my friends actually laughed at my plans to make money online, but my best friends at the time said four words which changed my life forever... "You can do it".

From then on, I learned to surround myself in positivity and optimism.

I wrote a list of everyone who doubted me and cut them out of my life (because if they doubted me, they weren't "friends" anyway).

I was a lot happier, a lot more determined, and a lot more successful.

I started to socialise with people who were more successful than me, and I grew to match their success.

... And now at the $25k per month mark, I still only associate myself with people who have positive mindsets.

4) Procrastination

When most failing beginners are "working", they're usually stuck in the deadly cycle of procrastination (to feel as though they're working, even though they're actually getting nothing done), i.e. check statistics, check emails, check Facebook, check Skype rooms, check forums, and repeat - meaning most people achieve nothing for several weeks (if not months, or even years!).

Even though this is the fastest way to become stuck making a loss instead of a profit, there is an easy way to cure it...

Just stop screwing around and get stuff done! 😀

My favorite strategy to increase productivity is to create an account with any good "to-do list" creation website (I use Trello.com), and set your to-do list as your browser's home page.

That way, whenever you open the Internet, your to-do list reminds you what you should be doing.

Generally, procrastination is something you learn to stop doing over time, but the key is to catch yourself in the act and ask yourself honestly, "is this really helping to make me any money?", then open up your to-do list to continue with something which is actually crucial to moving your business forward.

Plus, if you don't have the burning desire to do something, you won't be truly motivated to be successful in the first place.

So you need to find your "why"...

  • Do you need to provide for your wife (or husband) and children?
  • Are you in debt?
  • Do you want a better lifestyle? Maybe by the beach?
  • Do you wake up every day just to go to a job you hate, and desperately want to quit?
  • What will your life be like in 2 years if you continue the way you are right now?

Let this "why" keep you determined, motivated and constantly striving towards success.

5) Paralysis By Analysis

This is a phrase which explains the main reason why people don't take action and fail to actually implement what they learn.

They have so much to do (or so much information available to them), they don't take action on anything whatsoever.

... Sound familiar?

To fix it (and become "un-paralyzed"), you need to make a realistic daily action plan, being sure to do just one thing at a time.

You should implement the strategies which will get the most monetary results first, e.g. new squeeze page, new paid offer, tweaking conversions, and more.

To help with this, I usually set myself "mini goals" - for example, "this week, I'll gain another 1000 leads/subscribers", or, " this week, I'll create a new product".

Just be sure to take action on something, as every step (no matter how small) moves you closer to your end goal.

So if you're feeling lost and overwhelmed, take action on the above steps right now, then you'll soon be on the path to success before you know it.

To a better future!
- James Francis.

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5 Responses

  1. Very cool advice James, I usually see stuff like this written in a lot of different places like blogs, kindle books, etcetera; but it's still the lack of action what is killing people's productivity.

    Loved this man, specially your example of cutting down the people who doubted you in the beginning. 😉

    Sergio Felix.

  2. Hey there James, how are you doing. I did come in to read this on Wednesday evening, but I had a few beers in my system and didn't post a comment, lol.

    I wish I could say one of those 5 reasons weighed heavier than the other but they all seem to work in sync, those 5 reason are very real. But yes, for a beginner it is information overload. I have been there, and now with tons of offers coming my way as well, I like to use some of them, as far as their models, but only after I finish what I am currently working on.

    So of course, the knowing the why and the planning comes into play and a very important key that you wrote about here.

    I totally agree about attracting negativity. And I am constantly moving away from those people. I even created a niche site about the subject because of the circumstances in my life, and once moving away from there, it was like a heavy burden was lifted off my shoulders...

    Thanks for the post James...

  3. Hey James - this is really weird! I couldn't sleep last night thinking of the free content I want to create for my sales funnel and so much of it was similar to what you've written above. The 4 major obstacles new marketers face and how to overcome them. I had your #1, #2 and #5 along with the shiny object syndrome. Anyway I know my progress is slow but I also know I am heading in the right direction - and I'm grateful that I came across your SFS course - it's helping me enormously! Thanks James!

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