7 Reasons Why Most Online Businesses Fail.
Today almost everybody wants to start an online business.
Why?
Because it gives you the comfort of working on your own terms at any hour.
Believe it or not:
There is no better time to start an online business than now. And thousands are currently earning a living with it.
But also, hundreds of thousands have failed to. They got frustrated and went back to their traditional job they have sworn to never go back to.
My guess is you want to start an online business, and you don’t want to fail.
So how do you not fail?
First: by identifying the reasons why others had failed.
Second: by doing everything possible to not thread the same path of failure.
So let us look at why online business owners fail in their venture.
Here are some reasons why.
1. No goals.
Most people that started an online business today started with no goals and game plan.
They have read somewhere that online business is the next big thing, so they plunge into it head first, without a strategy.
They failed to realize two things. First is that setting good goals is important in kick-starting any business and an online business is no exception. Second is that an entrepreneur with no goals and plans is bound to fail.
Setting business goals and setting good business goals are two different things.
The first step to success is to set good goals.
What then distinguishes a good goal from a bad one?
A good one must be SMART that is it must be:
Specific
Measurable
Achievable
Realistic
Time Bound
A bad goal lacks all these aforementioned features.
2. No startup fund.
Many people believe that an online business need no startup fund at all.
However, this is incorrect, an online business requires startup fund though it might be minimal compared to an offline business.
To start an online business, you will need a user-friendly website, a brand logo, hosting and domain. On top of that, you need a marketing strategy to put your business in front of your ideal customers.
3. No determination.
Determination remains the core of achieving anything in life.
To have a profitable online venture, you would need twice the determination you employed working in your 9–5 jobs.
Why?
Because there is no boss breathing down your neck to see if you have completed your task. There is nobody to be accountable to, except to yourself.
And if you lack determination, you will realize you are spending the time you ought to use building your business on something irrelevant.
4. No skill.
Most online business owners today failed because they do not have the necessary skills set to succeed in their craft. They believe they needed no skill or training whatsoever to succeed.
But the truth is, like any other business, you are obliged to learn and master some basic skill. And often time when you’re starting an online business, you can’t afford to hire professionals. Hence, you need to do the basic things like writing, social media marketing, customer service, and SEO yourself.
5. Poor time management.
For you to succeed in an online business, you need to manage your time well.
Because there would be different things contending for your time at the same time. And those things won’t be that which can improve your business.
For you to succeed, you need to differentiate between what’s important, and what’s not. And do what’s important till you see the intended result.
6. Not treating an online business as a real business.
In the real world, a business needs hours of hard work and improvement. And the owner would spend most of his time trying to make his business grow. Well, the online business is no different.
Unfortunately, most online business owners treat their businesses as a hobby, something that needs the least of their time. But the truth is you can achieve any real success if you go down this lane.
7. Doing everything yourself.
Chances are they are some things you are good at and there are some things you are bad at.
You need to identify the things you are good at, do them and learn to do them better. Also, you need to identify the things you are not good at and outsource them.
You might be able to design a perfect WordPress website within minutes, but chances are that you are not good at writing; you need to outsource this to someone who is. The problem with most start businesses owners is that they do not outsource when the need to.
To succeed in an online venture, you will need to scale through some hurdles. These hurdles are not different from the ones you will encounter in an offline business. And now that you know the major reasons why online businesses fail, I believe you would not fall in the same ditch.
Over to you: What are the challenges you faced in your online business and how did you overcome them?
