It is generally easy to start a business online if compared to offline businesses. In fact, all one need to start an online business would be an internet connection and a personal computer. Next you will need a bit of a capital to grow your business but mind you the number of capital required is really low when compared to the capital needed to start an offline business.
However, the statistics have it that more than 80% of the online businesses that started actually failed within the first five years and to add more insult to the injury, these people failed without knowing what really happened. Businesses succeed as much as they fail so by learning from past mistakes, real entrepreneurs take these failures as a milestone to success.
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Hence if you are new to internet marketing and are wondering what kind of obstacle that you would be facing, then read on because in this article you will find out some of the main reason why first-time online marketers fail and how to avoid it.
Yes, why not learn these mistakes early in the game to avoid pain and suffering? Let’s see what first-time marketers have to face in the online business world.
No carefully written plan.
Most people who first start out online and trying to make a living out of it does not have a written plan. The thing is, most people do not bother teaching you all these basic stuff and most people do not bother writing one either. Yes, some will buy a course and inside, there’s a plan all laid out nicely for you. And yes some courses teach you the simple steps that are required to make money online.
However, while educated, most people just do not have the discipline or even the knowledge on how to write down a plan that ensures your idea to be slowly turned into a reliable business that makes money for you consistently.
Bad Monetizing Model.
A lot of people jump into the marketing business thinking that it’s all going to be glory and no pain. This is the exact opposite; the competition is cut-throat and there’s just no room for mistakes. Most entrepreneurs will do whatever the gurus are doing, and thus they will start in the wrong niche and giving out free products that will never turn into cash.
With every free product that you give away, there should always be a plan to monetize the leads that you acquired. However, too many people are focusing only in building their subscribers because they were blindly promised that if they built a list, they will make money. The truth is you won’t make money just by building a list; you will only make money when you have a good funnel that monetizes that list which you built.
To make things worse, some first-time marketers actually went ahead to lose money first for every sale hoping to make it back in the back end. This is good for those people who have proven and strong back end products that sell like hot cakes. Otherwise you will face a hard time trying to just break even with your operating cost. Some of these costs may include outsourcing fees and other smaller fees such as hosting and purchase of tools that helps with your business.
Lastly, you could be marketing to the wrong kinds of people. Some people are rich, and some are not. Some are freebie seekers, and some will keep buying your stuff. So to become a successful marketer no matter what niche you are in, you need to make sure that you are selling to a crowd or people who are rich and can spend money on the items that you are selling.
If your customers have very little money, your business won’t be able to last for a long time at all.
There is no substitute for market research. Go back and read that again. Too many people jump into a niche market because they liked the niche. Some jumped into a niche because they think they have a great product that everyone needs. Little did they know that even if you have a great product that everyone needs, bad marketing will always mean zero sales.
Hence always take a sufficient amount of time to do your niche’s market research. Always market a product that everyone are already buying, that’s how you can guarantee that your efforts will not go to a waste.
When you have a million-dollar idea, but you are not able to execute your plans well that usually means it’s worth nothing. Anyone can have the idea of building a city in Mars for attractions, but if you can’t make it into a reality, and if you can get enough sponsors that believe in your dreams, it will never happen.
Often times as a business person, you will be faced with very decisions to make, and those are the times that will test you as a marketer and those are the times that will have you taking risks. Without proper risk management and decision making, you and your business will probably not do well. Hence whenever possible, seek out ways to help yourself improve in the right areas mentally and become a master of your own.
Do not give up too early to make money from your wordpress blog. Perhaps the biggest killer of online entrepreneurs is that people tend to give up too early. Hey, we know it’s hard but no one ever said it is going to be easy (unless you are referring to those scammers and hyped sales letters). One way or the other, starting your own business does take time, money and there’s work involved. Never give up just because you are tired and feeling overwhelmed. Instead take small steps each day, and soon you will realize that you are getting closer to your goals.
When you succeed all these hardships won’t even matter because the benefit will greatly out weigh all that things that you had to go through so make sure to push through the hard times and go all out to grow your business until success finally reaches out to you.