Here are top 6 reasons why most online businesses fail.
Statistics say that more than 90% of all internet startups fail in the first year.
Isn’t that a sobering thought?
The truth is, just because you started an online business does not guarantee you success.
The top 6 reasons why online businesses fail are
Starting with the Wrong Idea
A lot of online entrepreneurs get started with the wrong idea. I am definitely guilty of this one. With all the flashy ads, emails, and even eBooks that tell us we can make money by working from home in our pajamas just a couple of days a week. They give us the wrong picture of what it takes to launch a successful online business. The truth is that there is no magic button you can press to become successful. It takes a lot of hard work, determination and consistent effort to keep going till you make it.
The Next Big Thing
When we start off by chasing multiple opportunities trying to generate various streams of income right at the beginning, we are bound to go nowhere. Wow! Do I know this one!
It’s best to find one niche that will work for you and stick with it until it becomes stable. Then you are free to experiment with something else.
Lack of Networking
If you really want your business to grow you need to build a relationship with others. Networking is critical for new business growth. It is essential that you start building a strong online relationship by being genuine and helpful. Then you can take those relationships further with emails, chats or videos. Get to know your customers.
You need to get to the point in your business where your money starts working for you. You have invested money, you do the work and the investment pays off generating more money.
There are certain qualities an entrepreneur should have. One is the ability to take risks and go outside the box. Another is understanding that your business will not yield a profit right away. It is a gradual process where you make the initial investment work to break even and then the profit starts trickling in.
There are many who are on the same path you are on now, I myself was one. If at any time you hit a roadblock or your business feels stagnant it’s best to invest in a coach (someone who is more knowledgeable and experienced in this area) or at the very least go to the library for some of the new books on blogging. A fresh set of eyes will be able to identify the some of the problems and give you steps on how to move forward.
Reach out to people who can mentor you and be willing to learn from them.
Never stop learning. Constant learning will help you hone your talents, learn new skills, and master new techniques to grow your online business.
Please, send me an email if you have any questions about your online business.