Since 2007 there has been a massive shift of people buying goods and services online and this is good news for people who want to start an online business from home. But sadly, statistics show that more than 90% of all online home business ideas end in failure within the first 120 days. These home based entrepreneurs plunge head-first and try to start an online business with no preparation, no knowledge of what they are doing, no training and no hope of success.
Success is, of course, possible. There is that minority of internet businesses that do achieve great results. Success for an online home business does not come about by accident and there are 3 major factors that commonly causes them to fail.
1. Wrong Perceptions about the Internet.
Good results are reached by people who have the right ideas about how an online home business operates. They don’t assume that they will get rich quick or be able to make it big right away. For some strange reason, a lot of people think that when you start an online business you simply build a website and then settle-back and wait for the cash to come rolling in. They couldn’t be more wrong.
A legitimate online home business requires self-discipline and hard work. Some people think that they can make a living by just pushing a few buttons on their computer for a couple of hours each day.
Even though established internet marketing experts don’t have to put in the long hours on their business, it didn’t come about overnight for them and it won’t happen overnight for anyone. You have to be ready for the time and investment required to make your online home based business successful.
2. Not Dealing with It Like a Business.
All businesses have two things in common. They are a business and they must be run like businesses! And this includes an online home business. A college degree in business is not essential for an internet business entrepreneur to be successful but if you have a hard time balancing your personal finances, you may struggle when starting your own online business.
The fact is that all successful businesses operate on sound business principles. Successful businesses aren’t accidents. The proof is in the numbers. It is not even reasonable to expect to make a profit from a new business enterprise for at least a few months.
You must have adequate resources and finance available to launch your online home business and look after your own personal requirements for a reasonable period of time. It’s known as ‘capital’ and there is no escape for the need for enough of it.
3. Having the Wrong Mindset.
Your mindset and attitude is important when you start an online business. A good mindset can’t ensure success but a bad attitude and a bad mindset can certainly guarantee failure.
For instance, you may imagine that you’ll get rich quick. Even though it is possible to generate a very comfortable living via the internet, if anyone ever tells you it is fast or easy, they’re not telling you the truth.
Another poor mindset and attitude is that you don’t need a business plan. A work from home online business is still business. All of the same business principles that apply to brick and mortar businesses also apply to online businesses. It is imperative that you have a plan for success that is based upon sound business principles.