If you are thinking of going into an online business, then you have to get some idea of working online that will kick start you in the right direction because only two out of every 10 new online businesses survive after the first 120 days.
Ten reasons why most people fail in the internet business include:
- The wrong mindset – If you want to start an online business just because you’re are jobless, then you have to reconsider your decision and options. Most times, an online business is an extension of an existing business or work hand-in-hand with the ‘brick-and-mortal’
- Weak business model - before casting your net into the deep, you have to test the water. Downloading an ebook online that promises to teach you how to make money is not enough. You have to build a model around the business
- Business Plan – the saying ‘if you fail to plan, you have planned to fail’ best describes why 80% of new entrants into internet business fail.
- No experience on Entrepreneurship – understand that online business works best for entrepreneurs. If you don’t have the experience and knowledge of doing business, then your chances of making money online are very slim.
- No social capital. TEAM is an acronym for Together Everybody Achieves More. In other words, you need a team to make your dream work. Social capital in this context refers to a network of influential people whose contact you can leverage on.
- Social capital also refers to a mastermind alliance. It is a team of people who are into your line of online business. Networking with them will definitely take your business to the mountain top.
- Patience: You may not start making those lump sum of money within the first three month of your starting an online business. Get rich quick schemes don’t work out in internet businesses. You have to work hard. You have to dedicate a minimum of 6 hours to your internet business when you are just starting.
- No financial backup: If you already have a job, don’t quit at once to start your internet business. Save up some wads of cash for some months. The savings will sustain you until your online business starts paying off in spades.
- Marketing Mistakes – The success of any business whatsoever, both online and offline is predicated only on your marketing and innovation.
- Not Building a List – Every internet marketer that knows his/her onions will tell you that the money is in the list. Write a book on your business, then offer it for free online in exchange for people’s email address. When you get a minimum of 5000 emails using this method, then you are good to go.
In order to succeed in the internet business, you have to totally immense yourself in what you are doing, monitoring how it grows, what works, and does not work.