According to statistics, 97% of those who start internet based businesses are doomed to failure, but with so many niches and opportunities available in the internet age, what are the factors that determine why so many people fail?
When you consider that the initial startup costs for internet based businesses are relatively low, the success rate really should be much higher.
You should be able to get something started for not much more than $100, a figure that many “real world” businesses can only dream of in terms of initial outlay!
Part of the problem lies in the incredible amount of choice available…
It can be incredibly difficult to choose the right business or niche for you when you’re being pulled in so many different directions at the one time.
When you do eventually decide on a direction for your internet based business, you will inevitably face a deluge of distracting information that serves to tempt you away from your focus and possibly part with more of your money.
We call this “Shiny Object Syndrome” and it’s probably the biggest reason people eventually crash and burn.
You’re probably already on a good number of marketers mailing lists, right? And you have formed an opinion in your mind about who you trust and who you don’t.
Problem is, even the ones you trust, the ones who provide you with good upfront value, are distracting you from your goals.
If you have bothered to put together a proper business plan and strategy for your internet based business, it’s important that you stick to it until you have given it a chance to work for you or not.
Even the best plans don’t always work out, but that doesn’t have to mean you failed… You might just have found one way not to do it!
The best thing about having such low startup costs, is the fact that you can test certain niches and models to see if you can gain any traction before you really commit.
If you do get a result, you can then turn your efforts towards scaling up the business with a paid traffic strategy.
Although I have said the initial costs are relatively low, the point of scaling up can be another reason that your internet based business will fall flat on it’s face…
Many people fail to understand that you will have to have access to some money eventually or you will not be able to control your traffic.
Like any business, you should have some capital behind you when you start, because there will come a time when you will want to unleash a flood of hungry buyers to your offer and without that cash reserve, you will find yourself dead in the water!
To summarise, here are some things you need to do to make sure your internet based business does not fail…
- Choose your niche or model carefull
- Create a proper business plan and strategy
- Stay focused and ignore the distractions
- Remember that everything is a test
- Scale up quickly when you get results
- Make sure you have enough capital for the scale up phase
- Control your traffic and you control your income
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To your online success!