Is there easy money in online business? Well, a lot of people seem to have this misconception, which is why many internet businesses are being set up every day, and many are going down at a faster rate. The sad truth is that success and failure in online business are two different things. It takes a lot of effort and time to succeed in online business, but very little effort to fail.
If you do not want to be like many online business starters who have failed terribly in internet business, then here are 11 things you need to avoid:
Bringing Nothing New – Many people are failing because of lack of creativity and slow pace. You see your counterpart selling something, and you copy the idea. By doing this, you will have failed way before you even start unless you proceed at a greater pace, and offer it in a much cheaper and convenient way.
However, the best way to succeed in online business is to offer something new or something that has been vastly improved.
Failure to Delegate – Sure, you cannot be a jack of all trades. If you are not a pro in a certain field, why not delegate the task to a pro? If you do not know how to create a site, why spend three or four weeks building a shoddy site that even looks sloppy to a kindergarten kid? Outsource the tasks you aren’t talented or knowledgeable in and focus your efforts on the things you can do well.
Lack of Priority – To succeed in online business, you need to set your priorities. If you are obsessed with trivial things like perfecting your latest post, rather than focusing on the important issues like expanding your sales, then you are destined to failure. Decide on the important tasks that will enable your business succeed, such as taking care of your existing customers and getting new customers, and spending your resources and time on these activities.
Lack of Consistency – Changing course repeatedly will never bring any good as businesses succeed because of having a customer base. For instance, you will find a newbie set up a fishing website to promote fishing related affiliate products, but after some time they buy a great course on how to make money in the Forex market…
So they think of overhauling their website by writing content on Forex trading….STOP! This will kill your business. Choose your business model and stick to it through thick and thin.
Lack of Business Obsession – At first, you have to invest and work on your business without expecting anything in return. There is no hidden money bag anywhere; you have to work long hours and spend a considerable amount for your business to succeed. Otherwise, your business will stagnate and will become a money-sucking hobby that wastes your time and annoys your spouse. You need to lay back and work now even if you don’t feel like working.
Pleasing everyone – You cannot have a product that appeals to everyone. You need to have a target market for your product. By targeting everybody, you will end up appealing to no one. Choosing a niche site to target your efforts will vastly increase your chances of succeeding.
Being Overly Cautious – You have a brilliant idea of what to do, but you are cautious of several things that need to be done before you take action. Of course, there are instances where you need to exercise caution, but you need not be scared of taking action either. If you have an idea of venturing into something, then stop preparing and start doing. It is true that school taught us about good preparation, but at times you need to proceed with speed to capture a certain target market.
Thinking that nature will deliver it for you – Yes, you have watched the latest books on how to manifest your destiny and watched The Secret. Now all you need is to implement the steps and visualize your success and wait to succeed. But it doesn’t happen like that. If you are going to succeed, you need to make it happen, not because the universe owes you, but because you are obsessed with success.
Failure to care for your customers – Most people are more concerned about making a sale rather than making the customer happy. However, getting bad reviews and poor rating will ruin your chances of succeeding in business.
Take care of your customers and follow through to know whether the product or service met their needs. Thank them for choosing your business. Remember that you grow because of referrals and returning customers.
Cutting corners – You discover that there is a $1 hosting service for every month that will save you up to $10 a month and you go for it only to discover that they are so poor that your site cannot handle more than ten visitors at a time without crashing.
On trying to reach them, you realize the web hosting site’s fine print states that they only accept correspondence only on the third Wednesday of every month. That’s when you realize that cheap is expensive.
It’s wise to watch your expenses, but you don’t need to compromise your own business. The best way to avoid being tricked by cheap bargains that are not genuine is by hiring professionals to help you in areas that you are not knowledgeable in.
Fear of failure – Many people have a fear of failure, which restricts them from implementing an idea or taking a step forward. But guess what; failure is good as it teaches us the things we should not do if we want to succeed.
The only person who has never failed is the person who has never tried or attempted anything in life. Nobody wants to be that person. Therefore, be bold enough to implement your idea. If it fails, pick yourself up and keep going. At least it will have taught you a good lesson. You cannot fail all the time.
There you have it! 11 ways to avoid running your business. The choice and path are yours to take!