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May
10

He who fails to plan, plans to fail

By

Ever since I left school many, many years ago I have been looking for ways to make extra money and have my own business. Long before the internet came along I had bought courses to make extra money from the business opportunities sections of the newspapers and a weekly magazine called Exchange and Mart, maybe you have heard of it I think its still around.

I always had a dream of owning my own shop but at the tender age of 20 there was no way I could afford one. So when I saw an advert in Exchange and Mart for a wholesale warehouse in Manchester, which is about 20 miles from where I lived, that sold items you could sell on a market stall.

I got really excited and thought great, I will set up a market stall on a Sunday so it doesn’t interfere with my day job, make loads of money and save up and buy a shop, simple right.

All I had to do was buy some cheap stock, add a big mark up, sell it and buy more, easy money. So I drove to the warehouse with no real idea of what I was going to sell I just thought I would see what they had when I got there, great plan, not.

When I got there I was like a child in a sweet shop, they had thousands of items for sale. So I quickly decided to just buy things that where cheap so I could make loads of money. After about two hours in there and spending far more than I intended because things were cheaper if you bought in bulk.

The more I bought the more I would make, I thought, after all everyone knows you have to speculate to accumulate, right.
I spent over £200 which back them was a fair amount of cash with no research on what would sell at all.

When I got home I was all excited and started writing prices out for each of the products I had bought and adding 100% profit and there I was ready to launch my new empire.

Then I realized I had to find a Sunday market to sell my products at. So I spent the next two weeks trying to find one near enough to where I lived, no internet in those days. Then luckily I found a flyer by chance, advertising a Sunday market about 30 miles away that opened every Sunday throughout the spring and summer.

Sunday came and I was up at 5.30am and off I went. I got a little lost on the way there, no sat navs in those days, and arrived just after 7.00am. I pulled up at the gate where two men in yellow coats where standing and I told them I wanted a stall.

Well the men looked at each other and started laughing and one said you had to be there before 6 o’clock to stand any chance of getting one as they go very quickly.

I was devastated and drove off. I parked around the corner to think and decided to wait until it opened and have a look around and see how much money I was going to make the next week when I came back.

When it opened I went back and walked around and found to my horror there were plenty of stalls selling the same kind of things I had bought but at nothing like the prices I was hoping to charge, again I was devastated.

I drove home realizing what a fool I had been, why had I not visited the market first to see what was selling and at what prices instead of just jumping straight in. I had let myself get carried away without doing the research first.

The profit margin on my stock compared to what other stalls were selling them for was quite small, nothing like the 100% I was looking for and hardly worth my while.

So over the next few Sundays I grudgingly got up at the crack of dawn and rented a stall until I had sold most of my stock and really only covered my costs with a very tiny profit not worth all those early Sunday mornings and that was the end of my short career as a market trader.

If I had approached things differently I could perhaps have made a success of it. But dejected I moved on to the next shiny object, and that my friend is why 99% of people trying to make money online fail miserably.

Like me they don’t do the research first to find a hungry market for the products and quit at the first hurdle and buy into the next big thing.

If I had taken the time to visit the market first and see what was selling and for how much, and maybe found something with less competition that I could source for a price that would make me a reasonable profit, then they might have stood a chance.

But by then I had had enough and moved on to the next get rich quick scheme. The moral of my story is this, you find a hungry market first and then find a product you can sell to that market at a good profit, and you don’t give up until you succeed.

That is what makes internet marketing so special, you can create or rebrand an in demand product quickly and easily if you know how, and sell it time and time again with no ongoing costs if it’s a digital product.

No buying stock, no delivery costs, you simply work once and get paid over and over, the perfect business model. So if you are planning to get into this business, and I highly recommend you do. You must focus on just one project and don’t keep jumping from one thing to the next and plan out your strategy.

Don’t be a fool like I was and just jump in with both feet until you have a plan. As the great Winston Churchill once said “he who fails to plan plans to fail” don’t let this happen to you.

If you are interested in avoiding all the start up errors there is a comprehensive step by step plan to take you from where you are now to where you want to be with your own online business.

Just click on the blue link below where I will reveal just such an exciting low cost plan that ticks all the right boxes. Check it out below with no obligation, until next time.

Click here for the step by step blueprint

To your continued success.

Mike

Categories : Internet Marketing

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