The Basic Mistakes They Make And Ways To Avoid Failure in
Working from home and making money is appealing to many people. Working from home and making “lots of money” is even more appealing.
Every day thousands of entrepreneurs jump on the “Internet Bandwagon”, hoping to cash in on the opportunities that are out there.
Yes, you can make money, and lots of it. Some people make six or even seven figure income per year. Others enjoy a more than “just a comfortable living wage” with their online business. Still many more are happy with just supplementing their income with some extra bucks.
Yet, an unknown number of those that tried failed. Exact statistics are not available, but many sources put the number of “Failed Internet Business start-ups” at a mind numbing 90%. Surprisingly, these failures take place within the first 6 months.
Of course, you can be successful just like “the other 10%”. Success happens by understanding the mistakes made by those that failed. And success happens by learning about how internet marketing works.
So, let’s take a closer look what the mistakes are and how to avoid them.
1) Not Recognizing Scams
This is the first mistake many newcomers to the world of internet business are making. It’s an unfortunate fact that the web is full with unethical and fraudulent offers. These appeal to those looking to make lots of money the quick and easy way.
When you search on the internet for information about how to start an online business, you will encounter many of the “get-rich-quick-scams”. These, however, are not designed to build a fundamental base for your business, rather than enrich those that running the scam.
How will you know a program is scam?
- When they promise you will make thousands of dollars in a very short time without having to work
- When the only source of your income comes from the participation fee of people you recruit.
- When there is no “tangible” product or service to sell
These are clear signs of MLM/Pyramid Schemes you must avoid. For example, “Empower Network, Coffee Shop Millionaire, Success with Anthony, DirectPayBiz, etc”.
They all have one thing in common. They bait you with a low membership fee. Once you are a participant, you are hit with “up-sells necessary to make the program fully functional”.
Of course, you were not aware of this before you became a member. Many people lost significant amounts of their hard earned money, got discouraged and just gave up on starting an online business.
2) The Wrong Mindset
Let me show you which “Mindsets” will lead nowhere but towards failure.
1) I will get rich quick
2) I can work whenever I want to
3) I don’t have a boss anymore
4) I don’t need a business plan
5) The Internet will take care of everything
The Right Mindset
1) You understand that you will not get rich quick. You accept the fact that it may take several months before you make your first sell. It took me almost 7 months before I heard the “sweet sound of the cash register“.
2) Don’t fall for the misconception that you can work “whenever you want”. You may start out while still working your boring 9 to 5 job. But you also plan the spare time you have for the important things. You plan the time you spend with your family, and you plan the time you will work on your business. Stick to your plan and don’t waste the “work hours” on unnecessary things.
3) When you start your internet business, “you will have a new boss”. YOU become your own boss. An internet business is like any other and it needs a boss for guidance, rules and regulation. And like any other business, the boss has to set those.
4) Please, do believe me. You do need a plan for your business to succeed. I will show you in just a few minutes how important a precise plan is.
5) An Internet business does not run on auto-pilot. Without your daily, and let me repeat that, without your daily input, your business will fail.
3) Lack of Knowledge
Sir Francis Bacon wrote in 1597 “Ipsa scientia potentia est” which means “Knowledge itself is power”. Today we simply say “Knowledge is Power” and that’s true today as it was over 400 years ago.
We all know people that tried something new and failed. When asking the important “Why?”, their answer is almost always the same. “I did not know [this or that]”. Right?
It is obvious that “Not Knowing” is one of the reasons, if not the main reason, why people fail. You can not put a roof on your house if you don’t know how to build the foundation first, like I always say. The same is true for building an online business and you need knowledge to succeed
When I first started out looking for helpful information, I ran smack into a brick wall. Not that I wasn’t able to find what I was looking for, I FOUND TOO MUCH. You will have to deal with feeling completely overwhelmed.
Information overflow can in fact put a serious dent in your enthusiasm. The simple solution is to just concentrate on “the ONE topic” you want to base your business on. Try to cut all the other info for now (you always can come back later), and work with a smaller number of resources; not with hundreds of them.
For example: You picked your niche and now it’s time to do some research. Pick the first 15 to 20 results of your Google search. Look at their websites, read their content, observe their images and watch the videos (if there are any). Check out their products and which merchants they affiliate with. All that will give you knowledge how to attack your tasks.
Understand that this process is time consuming and somewhat boring. But this effort is an essential part of your venture and will pay off in the end.
But knowledge by itself is not enough. In the next chapter we will discuss another mistake that leads to failure in internet marketing.
4) Lack Of Necessary Skills
In fact, you don’t need many “technical skills” to become successful. You don’t need to be a skilled programmer to set-up your website. Building a website is easy by using one of the available website building tools. However, there are some other skill sets necessary for success.
Many start-ups either don’t know about them or simply ignore their importance. That’s why they fail.
What are the Necessary Skills Sets?
You must understand and learn how the Internet works. Putting up a good looking website is just the beginning. The internet is driven by supplying information people are looking for. This information must be valuable and helpful to your visitors.
You need to learn how to create quality content, which helps your visitors solve their problems. Quality content is comprised of your written word, supported by relevant images, and in some cases, media like a video.
Are you worried about your writing skill? Don’t be. You can learn becoming a better writer. Make use of the resources on the web, like my.copyblogger.com and study their free e-books.
Other imperative skills you need, have to do with the major search engines, like Google, Bing and Yahoo, and how they look for “keywords” in your content. The web is mostly “keyword driven” and you need to learn how to research and use keywords and keyword phrases. It is important that you understand SEO (Search Engine Optimization) to get first page ranking for your website.
These are the most important skill you should acquire during the start-up phase. It will take some time, of course, but the more you learn, avoiding failure will be easier.
5) The Lack Of A Plan:
This is something I do not understand. People starting an online business without a plan, are planning for failure. What do they think is going to happen? They build a website, but have no clue what the next step should be. You understand, hopefully, that an online business is like any other business.
Sure, it’s relative easy and inexpensive to start, but there need to be some guidelines (plan) how to proceed. Let me show you what a plan for an online business should contain:
Plan for an Online Business:
Starting out you must decide how much money you can afford without jeopardizing any obligations you have. Next, you will be planning the time you can put into your business.
Understandably, early on you need to spend more time on building your website. You will create your first pages/posts for your site, acquiring knowledge and learning the basics of the trade. I suggest that you split your time evenly between working on the site and studying.
Once your site is up and running, you need to schedule your content creation. If you are a fast writer, you should plan to publish one post every other day. Then you have to stick to this schedule. It’s very important that your visitors know when to look for new information on your site.
Having a set publishing schedule has yet another big advantage. Google loves sites with a lot of new content on a regular schedule and ranks them higher than others with a sporadic out put. It will crawl your site more often and realizes the value you provide to your visitors.
Now you need to plan the strategies how to drive traffic to your site. There are several possibilities:
Through organic searches, Pay per Click campaigns, paid for ad campaigns, Google AdSense, e-mail and social media efforts, etc. Some campaigns will cost you some money, so you need to budget the necessary funds.
Avoid distractions. If you are a stay-at-home-parent, plan your work hours around your kids schedule. Work a few hours while they are at school, or taking their afternoon nap. Only you can determine what works best for you.
And don’t forget: STICK TO YOUR PLAN.
6) Giving Up Too Soon
Most internet marketers fail because they simply give up too soon. This lack of persistence comes at a surprise to me. Obviously, they have not read my article. Otherwise, they probably would have started their business venture with the “Right Mindset”. However, let me point out to you some facts that may prevent you from quitting to soon.
I understand the frustration that sets in when several months go by without seeing the success we expect from our work. I’ve been there, done that.
I had the right mindset, educated myself, learned a lot, worked hard and long hours and still, my first website was a failure. But giving up was not an option for me. However, I realized that I needed help.
Joining Wealthy Affiliate University was the best thing I ever did. Working my way through two different courses brought me success. Building a solid internet marketing business takes time. Not just a few weeks, but sometimes several months before you see some success.
Achieving top rankings in search engines, especially in Google, can take months and it’s necessary to learn special techniques. Furthermore, it takes time to build a relationship with your visitors and create a customer base.
But the key to success is “Persistence”. Read the case study
“How a Stay-at-Home-Mom Built a Million-Dollar Business (from Her Living Room) through Passionate Online Marketing”.
This, of course, is the best example to support everything I said above. Sure, this woman picked the perfect niche and product, but it took a long time to make significant money. She was persistent, worked hard and stuck to her plan.
Let me conclude with saying again: Success will come. It will take time, hard work and your effort to make it happen.
Be persistent and don’t give up too soon!
The Biggest Mistake Of All
The Internet provides opportunities for all willing to take action and start their own business. If you are contemplating to start your own online business, the biggest mistake you could make is NOT TO TAKE ACTION.
But you don’t have to do it alone. Earlier, I mentioned Wealthy Affiliate, a college like community where you can learn everything you need to know. Not only that, you also will get all the help and support you ever could ask for.
Why don’t you take a look at my Wealthy Affiliate Review and join me on the other side. It’s free and you don’t need a credit card to find out what WA is all about. You have nothing to lose and a lot to gain.
My name is John, the owner of this website. Please let me know if my article was helpful to you. I am here to help and if you have any question drop a comment below or e-mail me at: firstname.lastname@example.org.