Find out the 4 reasons why most online businesses fail, and success is slipping through their fingers. Here I will be giving you my personal experience which I have tracked in order to build a successful online business. So please bare with me as I am going to walk you through the entire shocking facts below!
4 Deadly Sins that Fail Online Businesses
It is sad to know that the majority of businesses fail. I was never understand why, so I made my way jumping into Entrepreneur world. As we know, there are many successful stories all over the web, but only a few can recall their exact failures. I have listened to them, and my story was pretty much the same. Hope that you can relate it after reading the 4 deadly sins which I have been paid attention to lately. They are as follow:
Sin #1: Unprepared Budget
There are nothing more stressful than losing all of your investment but get nothing in return. This is what exactly happen to most of internet entrepreneurs. Many are not aware of this, and think that they should fall back. But this is how business works! You MUST invest into something which later can give you bigger ROI(Return on Investment). It just like an education where you spend money to get a qualification, then you earn income by applying for a job using it. The same applies to any type of business!
In order to survive from failing in the online businesses, one must know their budget. You have to predict the cost for a month, a year, or even a decade. Ask yourself this “Can I do this business for X amount of time and keep spending X amount of dollars?” How long can you keep doing that? What will you do if the cost go up? Be prepare of this and plan it out!
Sin #2: Bad Online Business Strategies
Once you are comfortable with the spending, the second most vital aspects in online business is the right strategies! There is no better way to know whether your strategies are in the right path other than checking out your competition.
See what they are doing, what kind of method those successful people are implementing, follow them but do NOT copy their move. You must have your own voice and be original if you want to stand out in the market and last longer.
I often notice that people do the things that they don’t like. They force themselves anyway. This is BAD and can lead to burnout. These people will get exhausted before even half-way to the finish line. So make sure you love what you do! Here is my saying goes “What’s the meaning of successful business if you despise it?”. Besides, it will not grow since you are reluctant to water the seed. It is best to build an online business based on your passion!
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Sin #3: Learning & Application Take Time
This is no doubt, great things always take time to achieve. You can’t expect to build a skyscraper by lying down only few bricks. I personally know the feeling of impatient. We want fast results. Let me tell you! It is completely normal. But you should understand that having a successful business takes learning, effort, dedication, improvements, and reward come at the end.
The best to think of this process is by imitating a baby. Learn how to crawl first, then walk, to eventually running. Now, depending out the type of online business you are into. Trust me, you should at least give it a year to see the light. Keep increasing you knowledge every single day about reaching your audience. Think out of the box!
Sin #4: Improper Mindset
The last but not least, having an appropriate mindset is critical. Success comes from your head first, then it turns into reality. I have never seen a successful online business had negative mindset. They all BELIEVE on their FAITH to SUCCEED! Nothing is more powerful than self-confident. No matter what you do, where you go, having a belief is the only thing you should embrace.
There is a horror fact that one man who kept thinking he will die soon, and it really happened! Doctors had pronounced him dead due to Mental-suicide. What you have in mind is a powerful thing. So don’t you ever mess around with it!
One more interesting fact regarding mindset. In India, there is an ordinary man called Mahatma Gandi. He has no money, no authority, nothing! In fact, he is a very poor individual who have only A DREAM. He had dreamt to free his citizens, and he did it. Gandhi led India to independence and inspired movements for civil rights and freedom across the world. The way he succeeded is by implanting his belief to his fellow citizens to become UNITED. So make sure you get your mindset right! Think positive about your success, and believe me.. The day you have always dreamt, will turn into reality!
Here’s a quote from Mahatma Gandhi:
The Conclusion
Remember! As an online business owner, you should know your budget. How much are you willing to spend, and how long. Once you are comfortable with the expenses, you should plan your strategies by following other successful entrepreneurs. Then, be patient. Success doesn’t come overnight. It may take years to see result, but as long as you do the first-two point right, then you should be fine. Lastly, make sure you have the FAITH to succeed. This can only be learnt through motivational books or videos. Find them!
The best thing about all the process is that we make mistakes. We don’t study, we LEARN! School system punishes their students who make mistakes. Perhaps, this is the main reason why many online businesses fail. But the system can be changed! We are all human. If one can succeed, that means others CAN too!
That’s all I have to share for the topic Why Online Businesses Fail. I hope it benefits you in any way possible. If so, please share this information and comment below as well. I’d love to hear from you. 🙂
P.S. One more thing, you can join me and many other online business owners within My #1 Recommendation platform. After all, we have the same mission. Let’s Network together!
Your friend,
Edy Chandra
really interesting article – mainly because I made one of these crucial mistakes myself when I first started out – I didn’t have the correct budget in place so I fell into deep deep trouble within the first two months. I also think it’s important to keep in the time side of things – you are not going to have any sort of spare time once things get up and running. Good article
Hi Chris,
I am glad that you found this article is interesting. Not having to plan out your budget can be devastating. This could end up to freeze your business or even drown it at once. I myself had been thinking to save a couple of dollars everyday to fund my online business. Luckily, things are affordable now! As little as $50/month, you can already get your own business going all over the web!
I thought there were 7 deadly sins lol. Hey good article here. You’re right. A lot of business fail because they don’t budget, they don’t plan, they don’t give the time to develop and they quit too early when things aren’t going right. I think you hit the most important points.
Yes Andreas, I come up only with 4 most common ones. 🙂
Having a plan is very important. I see some people adopt the mindset of profiting in one business, but they forget to anticipate for the worst case scenario. I personally would never jump onto something that I can’t afford. A small mistake might lead to financial suicide. So make sure to have a clear vision forward plus having the sufficient fund will greatly eliminate the risk.
Your title of the post got me very curious and I am glad I found your post. I like how you explain the importance of preparing a budget and doing something that you have a passion for it. In order to build a business where we will be spending long hours working for it we must make sure we have a passion since it will not feel like work.
Someone once told me if you love what to do, you will never have to work another day in your life. Thank you for this very interesting post.
This post is really god in explaining the basic mistakes that most of us would be making when starting a business online. Even i made some of these mistakes when i first started my website and later learnt them. This post can help many people like me from commiting the same mistake again.