Estimated reading time: 2 mins
Some people seem to think that opening an online business is a one-way ticket to financial freedom and success, but alas, it’s not, right? For the vast majority – some 8 out of 10 entrepreneurs – it’s a lesson in failure. While the number of companies who fail can be sobering reading for those people who have an emotional and financial investment, there is good news: the people who failed often made the same mistakes as one another. If you’re struggling, it might be because you’re making one of the mistakes outlined below.
You Lack Commitment
People sometimes underestimate just how much hard work goes into building a profitable online business. We would say that ‘if it were easy, everybody would be doing it’, but then, most people are doing it – just not very well. If you’ve just started your business and you’re concerned about its performances, know this: it takes time. And of course, like all good things in life, it takes a lot of hard work too. The recipe for building a successful online store or other business is not overly complicated, and there’s plenty of advice out there, but it does take effort.
You Don’t Understand the Web
Just because you use the internet, that doesn’t mean that you understand the web. People watch a lot of television, but wouldn’t be able to create a tv show. Understanding the web from a business perspective is a lot different to understanding the web as a consumer, and you might need help to make the transition. Look at developing a sophisticated marketing strategy, and partner with an SEO services company so that your potential customers can easily find you via the search engines. Also, remember that while social media is important, it’ll be your business website that’ll be the cornerstone of your success.
You Have a Catch All Approach
There are around 3.5 billion internet users around the world, and it would be fantastic if they were all interested in your business, but that’s not going to happen! Everybody’s different. While it’s OK to want every person to be interested in your business, you can’t be actively trying to grab everyone. You should be conducting thorough market research to determine which demographic will be interested in your business. Be focused, and specific.
You Have Too Much Competition
There’s a brutal reality for those running an online business: they’re relatively easy to set up, and as such a lot of people do. There’s every chance that you simply have too much competition when it comes to your business. This is why it’s important that you have a unique selling point, something that sets you apart from the crowd.
You’re Not Moving Forward
Some people experience some success before suddenly stalling. What happened? Well, they forgot to move forward. The web is always evolving, and what’s relevant today will be obsolete in a year’s time. You should always have one eye on how you can adapt and improve your business to take it into the future. Look forward, and you won’t be left behind!
2 thoughts on “5 Reasons Your Online Business is Failing”
The part about people enjoying television but not being able to make a good show: spot on! Look what happens when we give someone like a Tommy Wiseau a camera and a $6M budget. I mean, it takes a thorough understanding of the psychology behind and surrounding something before being able to assimilate into it. For sure, there is a trial and error, push-pull learning process, always a learning curve in taking on something new. Once upon a time, the internet was the next big thing. Now, it’s so commonplace, but it doesn’t mean that it doesn’t give us daily opportunities to grow and expand our knowledge.
Hey Sandra – thanks for your comment. I agree – test and measure is a sound principle for growth and expansion, if we don’t have the luxury of paying for training or buying in the expertise.