With the boom in internet based businesses and ecommerce, everyone out there seems to think of it as an easy route to become an overnight millionaire. Sorry to burst your bubble, but there is no such thing as “instant millionaire”, even when you are going this so called “easy earning route”. You have to drill, you have to use your brains and you have to give it more time that you give to your routine job.
Thousands of online businesses have failed simply because they thought an online business was just a piece of cake. Well, if you’ve just gone through something similar and are in the midst of “licking your wounds” this article might just be what you need right now!
Started Business on Impulse
Lesson – You need to Plan
Most of the time people start business on an impulse, an inspiration or on an extra dosage of positivity. While these factors are definitely needed, you also have to be realistic. Yes, you can do it, but if you don’t plan, you aren’t getting anywhere anytime soon. You need to think strategies and develop a strong business plan. Your business must have failed simply because of the fact that you didn’t bother to create a strategy. Did you think it would be that easy to create a website, put on some Google ads, do some social media and you’re all on the route to riches? If it were that easy, we all would have been billionaires by now!
Lack of Research
Lesson – Do your Homework
You may be an expert in your domain, but that alone isn’t going to cut it. You have to dive into the world of online marketing and conduct an extensive research on the trends and demand. Are people interested in the kind of products or services that you may be offering them? Who is your target audience and how do you plan to reach out to them? From keyword research to social media penetration, everything has to be thoroughly studied and understood before you move on with the plans. Instead of hiring professionals for a hefty amount, spend some time or learning as much as you can about the ins and outs of ecommerce and internet marketing.
No Idea of the Market
Lesson – Need to Understand the Market
What purpose does your product serve for the customers/users? Why would people want to buy services from you? What makes you different from your competitors? And what exactly is the level of competition? These are practical but hard hitting questions that many entrepreneurs make the mistake of ignoring in their eagerness. Take an example. The internet is abuzz with tech blogs having bloggers behind them wanting to be a millionaire through Google ads. The problem is that readers are already getting high quality information from Mashable, Engadget, Gizimodo etc..Why would they need to visit your blog which apparently rewrites all the same info over and over again? Think about it.
Following Trends Blindly
Lesson – Need to be have a USP
Online business is all about being crafty, innovative and being aware of the bait that will bring you some fish. If you don’t know the art of fishing and instead you are like one of those fishermen standing at a specific point and casting their rods aimlessly, you should forget about taking your business to satisfactory levels. Following the trends has been the most common reasons of failure. Stop doing what thousands of people are doing! If you can’t be better, cheaper, or more innovative than the majority, then you shouldn’t even bother trying your luck. Online entrepreneurship is an extremely competitive and demanding field where you have to make a mark amongst millions of competitors competing from all four corners of the world.
No Professional Advice
Lesson –Sought Professional Help for Marketing
Unless you’ve been a practicing veteran at online marketing, you should not be adamant in your approach when it comes to asking help or even hiring. Initially you may need professional help and though it may cost you a little, it will give a much needed impetus to your business. Internet marketing might not be rocket science and pretty easy to understand if you can spend enough time, get a reality check: experts know how to do it fast and without making blunders, Investing a little on hiring professional help will turn out to be a good bargain!
While the online world is viciously competitive, it is also a hub of opportunities, provided you push the right buttons and know how to play your cards. Like any real time business venture, online ventures too need 10 or 12 hours of rigorous labor and endless struggles to make it successful.
Proper research and understanding a market never fails.Hard work and confidence is also require to get ahead in internet business.
I think what’s really important is to never stop learning and learn from our experiences. All business had experience failures before they succeeded on their business.
I totally agree with you about, “Need to Understand the Market”. When I just started out but didn’t know anything about the market or my competitors. I didn’t do so well cause it turned out that niche I was in was too saturated with competitions. Now, when I pick a niche, it will be very specific with not so many competitors.
“Most of the time people start business on an impulse, an inspiration or on an extra dosage of positivity. ”
Guilty. I just quit my regular job because I felt I was just spreading myself too thin. So I decided to work fulltime at home so I can spend more time taking care of my family. I have been working online for quite awhile now but I haven’t started on my own business. I have inspiration and positivity I haven’t done any of the dirty work yet like research and market study. But I will be working on that.
Very Informative Post Roberto This Really Help To Increase My Knowledge Thumbs Up For This Post 🙂
Yep, planning is very important in any venture to achieve specific goal. This is the foundation of any organization. Planning and implementation goes together.
I think it is important to assess what products or services that you are going to market. Ideally, you do not want to have to sit with inventory. You also want to market products that are needed every month. This way you do not have to keep finding new clients each month.
I think what’s really important is to never stop learning and learn from our experiences thanks for sharing