But like any business, an online business can have its pitfalls and you need to be aware of what these are. Here are 7 reasons why your online business could fail:
1. Fear Of The Unknown
When you have a job, you know that if you work X hours per week, you will get paid amount Y. With an online business, or any business that you start yourself, you’ll have to put in a lot of work, time and effort from the outset.
And you may not see any return on your investment for weeks, months or even years for some types of business. This can be a killer for many new entrepreneurs who are setting out on their own without proper guidance, as they worry about putting hard work into something that has a big chance of being unsuccessful.
Find a mentor and a mastermind group or community you can bounce off and learn from. A good mentor can help you get set up in such as way that the action you take in marketing your online business produces predictable results.
Imagine a vending machine where you know that if you put in $1 you will get back a can of coke. This can be the same for you in your online business, where you know that if you spend x number of hours making videos or writing articles you can get X number of leads back in return, or if you spend $1 in advertising, you know you will get at least $3 back each time.
This is one of the biggest reasons why people fail in their online business. Quite simply, if you try to do 8 different things at once, it will take 8 times as long to complete them.
Multitasking can also lead to stress and prevarication as you can have so much to do, you don’t know where to start!
Success in your online business is dependent on your speed of implementation. If you take too long to finish ideas, someone else will do it before you. This can be a particular problem for people who only sell cheap products that cost $27 – $47 without a proper sales funnel in place.
As it is difficult to make a decent income with just one product, they end up having to make 8 – 10 different ones that become difficult to manage.
Have a high ticket sales funnel in one proven market and master that before moving on to another market.
This means that you have a high ticket product for sale that you own or a product that gives you at least $1,000 commission as an affiliate.
These types of products tend to be high end coaching or exclusive memberships. You only need to sell a couple of these a month to make a decent amount compared to cheap ebooks.
Another option is to become very good at outsourcing tasks so that you become more productive.
3. Overwhelm – Information Overload
This is another killer. There is so much information on the internet that it becomes almost impossible to know who and what to trust and which route to follow.
You can end up being on a hundred different lists, and your inbox is probably overflowing with claims of the latest greatest money making tool.
It seems the last thing people really need in the information marketing business is more information!
Stop subscribing endlessly to list after list. Pick at most 3 or 4 of the best people to learn from and stick with that.
You and most people like you, don’t really want information. You want results. The fastest way to get results is by finding results providers and not buying more information!
By a results provider I mean a mentor who has already got the results you are looking for in your online business and replicating what they do!
4. Not A Big Enough WHY!
What is your reason for starting an online business?
Seriously, ask yourself that question again. If your answer is just to make as much money as possible, this may not be a big enough reason and probably why you don’t take enough bold action.
Most of the world’s greatest entrepreneurs could not care less about the money they make. For them their WHY is way beyond the money. Starting a business was their chance to impact and change the world in some way.
Many successful people are driven by the charity work they are now able to do too.
Try this little exercise. Write your own obituary. I know it sounds like a strange thing to do, but give it a go.
Have a think about exactly what you would want to be remembered for when you die. It may surprise you, what you come up with, and it may motivate you to take bigger action in your life and your online business!
5. The Product You Are Selling Is Not Congruent With Your Core Values
There are so many scammy push button softwares, get rich quick schemes, and lose weight in 1 hour type products around these days.
If you are stuck trying to promote stuff like this and not succeeding, it may be your conscience telling you something!
If on the other hand you believe in a product so much, that you feel it could literally save someone’s life, then you are going to be much more likely to put in 110% of your effort into selling it.
Stay away from cheap products that make bold claims.
High quality = high price, which often means big commissions too! Look for these types of products to market in your online business as an affiliate or to model if you wanted to create your own.
Try to only market stuff that has really worked for you too. Having knowledge of its value will really help you market it effectively and give you the necessary passion to do so.
6. No Sales Funnel In Your Online Business
If you are trying to promote products without building an email list first you are still living in the dark ages.
If you are building a list but only have cheap products to sell in the $27 – $47 range it is going to be difficult without having mega amounts of traffic to make a decent income online.
A list with a well written email follow up sequence will help you convert your visitors into buyers, and having a high ticket product on the back end of $1,000 or more will mean you need less traffic.
You’ll have less upfront costs and a bigger profit margin to make the same level of income.
7. Lack Of Quality Leads
There are many marketers out there who boast lists of 100,000 or more, but there are marketers who have lists of just 500 people who make 10 times more money than they do!
Do not buy leads from companies that sell them in bulk. No one that has really good lists would ever sell them. They may let you advertise for an upfront fee to their lists, but they would never sell them outright.
By making sure you only build a list with quality leads from a proven quality source of traffic you only need a small list to make big profits.
Find a good mentor who will really help you pick the right sources of leads and traffic and stop you from wasting lots of money, effort and time on useless traffic generating systems.
If you find a mentor whose products you can affiliate to with your list building efforts, they will have a vested interest in helping you to find the best traffic sources for your list!
And my personal solution to all these reasons for failure?
The Six Figure Mentors who teach all you need to know to build a successful and sustainable business.
Wishing you every success with your online business!