Are you one of the many people who have jumped into the online business world thinking that things will be very easy and the path of wealth will be smooth and unchallenging? Well, you are not alone. Most people joined the internet marketing revolution without knowing what they are getting into. All they know is that they would work only 4 hours a week and enjoy a life of their dreams somewhere on a private island next to a beautiful beach.
The only problem is that this is very far from the truth. The one thing that we should understand is that making money online isn’t an easy task at all. If you take a look at the statistics, you will see that amongst the many who have started an online business, over 80% of these people failed. It is by no means an easy task or a walk in the park. In fact, many of those who have tried their hands with online business would tell you that they were a fool to think that everything is going to be easy. The truth is, if you are in the online business thinking that you will become an overnight millionaire, and then you are in for a shock. While it is possible for one to become a millionaire, it definitely won’t be an overnight success.
An online business is a real business and much like any real business, we need to understand that there is real money, effort and work involved in a real business and that is what is to be expected in an online business as well. You’ve got to be the one leading your business and making all the important business decisions and you’ve got to be responsible in making your business a success. When you are in the right mentality, only then will you be able to get the work done and get your business to the path of success. Having said that, let us look at some of the business pitfalls that may cause you your success and how you should avoid it.
Starting your online business for the wrong reasons.
Too many people start their own online business for the wrong reasons. I am guessing most people get started in the online business because they heard that there is a lot of easy money to be made and that they could get started with a very low capital and that they could work from home. While this is a valid and good reason for most people, it is certainly a reason that could get you to give up early on your business.
Allow me to explain. In any businesses, including an online business, you will be bound to be met with obstacles and difficulties. Some would call it a temporary roadblock. What happens is that people will easily give up when they are met with these obstacles and realize that there is no easy money to be found after all? Where have all the promises of great wealth flooding your bank account even when you are in pajamas gone to? Well truth be told, the good things only happen after you put in all the effort and time into your business and after your business survives the heavy onslaught from competitors and arrives in the hall of success.
Therefore, it would be much better if you start your online business out of passion, love and hobby instead of having your eyes on easy money. When you are working with passion, you find yourself loving what you are doing and you will not give up that easily. But what if you are already on the wrong path and started your business looking for quick cash? Your best bet now is to adapt and change the way you view your online business.
Try to find out what task are you good at and then move on from there. This way, you will find success in the area of your strength and interest. Don’t do it for money, instead do it to help others achieve and you will find that your course is a noble and worthy one. This will usually help fuel your love for what you are doing and one day you will find the wealth you are looking naturally.
Another business killer is due to poor management. While in an online business where there are very few workers involved, you will find that there isn’t much management required. But did you know what an online business’ chance of survival is much lower if you are working alone? This is because you will have to do everything yourself and this could be quite overwhelming. To avoid this, most gurus will encourage partnership or hiring someone to work with you closely to get things done. Online outsourcing is also a viable option as well.
When you have more than one person involved in your business, the way you manage your business is greatly changed and you will need to be delegated and making decisions based on your management skills. Poor management skills will often cause conflict within a business and it might result in incomplete projects and also failed ventures. Therefore make sure you are managing your business the correct way and try to lead by example.
The Lack of Planning
You know what they say, if you fail to plan, and then you plan to fail. This has been repeated by many gurus in the past but it is one of the most important factors that will contribute to your business’ success. You should always have a plan for your business and by planning ahead you will be able to foresee a lot of things that you normally would. Having a contingency and a backup plan will always help as well.
With a strong and sensible plan all written out for your business you will then need to share it with your business partners so that they are on the same page as you are and that they will strive hard to achieve your goals with you. Always plan ahead and make sure that you’ve put in a lot of thoughts at all the possible outcomes of your business. This way your chances of succeeding will be greatly increased.