Only a small percentage of online businesses see any significant level of success. In fact, only 3% of internet marketers make over 90% of all money online. Many people come into the online business hoping to make a quick fortune, but their enthusiasm and hope is cruelly dashed early on as they begin to realize it is a whole lot more difficult to be successful in this game than they had imagined.
In truth, online businesses are very similar to offline businesses. Only a few will become successful, and many will fail. There is a question that many people ask, which is essentially “Why is that there is so much free information online about making money from blogs and online business, yet only a very small percentage of people make it work?”
As with anything, the key is not always how much information is abundantly available. An individual may have access to a large library of information, but the fact that will always remain is that if they do not wholly apply themselves to the study of said information, they will never be able to gain the level of knowledge necessary to be successful in their business.
There is an old saying that the best solution comes out of knowing the problem well. By reviewing the key common areas where online businesses fail, we might be able to increase our odds at success.
Based on my experience and many other professional online marketers who have seen how the industry has evolved in the past 10-12 years, there are very specific reasons why we don’t have as many success stories in the online world as one would expect:
- Most people are bugged down with the technical complexity
Most people who are new into the world of online business are put off by the level of technical complexity that can sometimes be apparent. They are bombarded with advice telling them that they need to create a high quality websites, have strong social networking pages, learn the inside tricks and tips of online business marketing, and much more. The average person is not sufficiently knowledgeable enough on these technical factors, which ultimately puts a lot of people off.
An example of the technical issues that often face newcomers in the world of online business are the struggles that come with creating a high quality website. A website is often essential to reach your audience, and the skills necessary to create a website can sometimes be difficult to acquire. Content Management Systems like WordPress have made the process simpler, however it is still a challenge to those with no experience.
To get around this it is advised that an individual delegate the technical tasks such as creating a website to professionals. By outsourcing, you can be more confident of success and somewhat bypass the technical issues that may be hindering your business. Conversely you can spend time studying web coding or internet marketing from proven sources, such as books or web content from trusted authors.
- Most people lack focus, clarity and purpose on how to make money online
Quite simply put, many people do not have the correct mindset to succeed in business. They lack the focus, clarity and consistency to put together a successful business plan and see it through to the end. A lot of people start a business, and when they do not see immediate results they quickly leave and start something else. They do not spend enough time on the second task, and move onto something else. This cycle continues and success is never achieved.
If an individual puts enough effort into a single task, they will eventually be able to master it and become successful. As Bruce Lee, the legendary Kung Fu master, once said “I do not fear the man who has practiced 10,000 kicks once. I fear the man who has practiced one kick 10,000 times.”
To avoid this barrier, it is important to devise a business plan and stick to it. By giving yourself a written reference on how exactly you will complete each task necessary, it sends reaffirming signals to your subconscious mind which will in turn help you address the tasks. This sounds simple but is a very common tactic and is strongly recommended by many successful online entrepreneurs.
- Most people don’t see online business as a serious business rather than a hobby
This factor is a side effect of the lack of the proper mindset. They do not see this venture as a serious business that should be treated as such, and they proceed to fail in their aims and objectives.
Begin to behave as a professional entrepreneur, and your results will improve. Give yourself goals and objectives, and set self-imposed deadlines. Getting into the habit of seeing this as a long term career rather than a short term hobby will give you a new sense of belief and dedication to growing your business. Businesses often grow through momentum. It is important that during the early stages, while growth is slow, that you do not lose sight of the long term goals you have set for yourself.
- Information overload is rampant and no one is immune to that… Very few understand and know how not to get drawn in info overload
The wealth and abundance of information available today is great, however it can also be overwhelming. When someone is trying to learn a new skill, they can often be hit with a barrage of information, much of which is not relevant to them or is plain inaccurate.
A person new in online business should always choose one proven method of success, study it and stick to it. By mixing and matching differing methods, it only leads to failure.
Stick to an individual plan or course of action and see it through to the end. What you will find is that you will experience one of two things. You will be successful and become an expert on making money through that particular method, or you will fail and gain vital experience, allowing you to do better next time.
- Online businesses have gained a bad reputation because of many online scams
There are some people who are just plain scared of online businesses because of previous times they have been scammed. However, this should not be the case. Just because there are a few bad eggs out there, it doesn’t mean a person should be scared off from following their dreams and capturing the opportunities out there.
There are some ways you can differentiate between legitimate offers, products as services from the scams. Sometimes just using your own intuition can be the key to unearthing scams. If a person or product is promising you millions of dollars for very little work, it is probably a scam. However, there are a large number of very trustworthy services and products that can do your business the world of good. You just need to use your intuition and if possible ask around. Forums are great places to meet likeminded entrepreneurs who will most likely have some experience on products which you have yet to try. Learning from these people and taking their advice can be a good way to avoid scams that do not work. Failure to do so will most likely result in a loss of time and money on your part.
- People don’t have full information: they haven’t been given the full story
In your online endeavor, you will face a lot of questions. Yet, most of so called gurus out there provide “sample know-how” and only a few pieces of the puzzle. Often a lot of people need to acquire other pieces themselves and put it together. As already mentioned, studying your craft is key. Without a sufficient level of knowledge and understanding all pieces to your online success, you are only setting yourself up for failure.
It is recommended to spend a week or two researching about the online business you wish to enter. At this stage you should not make any significant actions. This stage is purely for research. Once you have completed the necessary research, you then take action. This is extremely productive due to the extended period you are giving yourself to find solutions for questions you may not have been able to answer before.
- Most people do it with no coach to guide them
The final, and maybe the most important point, is that many people step into the game blindly. They have no knowledge and experience, and are prone to making a number of unnecessary mistakes. Mistakes are not necessarily bad, as the only way humans can learn and progress is by making mistakes and learning from them. But, what if you didn’t have to learn from your mistakes? What if you could learn from someone else’s and could save precious time and thousands of dollars?
That is where a mentor comes in. A coach is there to impart into you the wisdom that he or she has gained over many years in the field of internet marketing and online business. By leveraging their knowledge, you can become more advanced than many of your peers and avoid many of the common mistakes made in online business by inexperienced people. Having a good mentor is one of the best and most useful keys to success in online business.