Admittedly, I don’t know that Warren Buffett has ever given direct advice to poker webmasters. But I have a book called Warren Buffett Speaks, and I’m convinced that a lot of his advice in general applies to poker affiliates. Here’s what I thought was particularly applicable:
- Â Work because it’s fun. “I’m the luckiest guy in the world in terms of what I do for a living. No one can tell me to do things I don’t believe in or things I think are stupid.” If there’s a better way to describe what I love about affiliate marketing, it’s this. I’m my own boss. I build sites the way I want them built, and you should do the same thing. If someone tells me I’m doing something wrong, or tells me I’m doing something stupid, I can ignore them and laugh all the way to the bank.
- Work with good people. “I gave a talk last year; some students at Harvard asked me, ‘Who should I go to work for?’ I said go to work for whoever you admire the most. I got a call from the dean about two weeks later. He said, ‘What are you telling these kids? They’re all becoming self-employed.” Being a poker affiliate, yes, you are your own boss, but you also get to choose who you do business with. Pissed off at poker room A? Go work with poker room B instead.
- Use your time wisely. Warren Buffett’s son Howard once said, “My father couldn’t run a lawnmower…I never saw him cut the grass, trim a hedge, or wash a car. I remember that used to be irritating, and only when I got older and understood the value of time did I realize why he did things the way he did. His time is so valuable.” Warren Buffett’s time is valuable because he’s a world-class investor. A poker webmaster’s time is valuable for different reasons, and a poker webmaster should focus on what she’s good at. If you’re a brilliant linkbuilder, get someone else to write the content. And if you’re great at writing content, then let someone else build the links. Focus on what you’re talented at and spend your time there.
- Know when to quit. “If at first you do succeed, quit trying.” And “I don’t want to be totally occupied with outpacing an investment rabbit all my life.” One of the nice things about being a poker webmaster is that you have a very real opportunity to make a fortune and then retire. John T. Reed talks about a success strategy in his book Succeeding called the “binge strategy”. You spend 2 or 3 years totally immersed in your work so that you can go do something else when you’re finished. It’s not a strategy for everyone, but poker is a market where you could employ the binge strategy and retire after 2 or 3 years, if you do the right things and make intelligent business decisions.
- The two rules. This is probably one of Buffett’s most famous quotes: “Rule Number 1: Never lose money. Rule Number 2: Never forget Rule Number 1.” A lot of people get started as a poker affiliate and spend a lot of money on a template, some content, and then they go buy links. Then they wonder why they can’t make a profit. Keep your overhead low and reinvest your profits. Design your own site, write your own content, and work on getting links for free. I know one poker affiliate who hosted on a free subdomain, and he’s made more money than most other poker webmasters I know.
If you’ve ever seen Andy Hagan’s wonderful blog on Internet marketing, then you’ll probably realize that I stole this idea from his wonderful post Warren Buffett’s Advice for SEO’s. I hope he doesn’t mind that I find inspiration from Warren Buffett too. I can’t think of too many people in the business world who are a better source of inspiration though.