Every day, millions of people drag themselves from comfortable beds, performing morning rituals of washing and having breakfast, and then heading off to their jobs. This is the reality of brick and mortar businesses around the world, where people feel as if they are stuck in their boring, same old nine to five jobs that don’t pay good money as well. There has got to be a way out, while still being able to earn money the easy way.
Wait, there is a way! Home based online businesses are sprouting up from everywhere it seems, and are rapidly becoming a reasonable option for people to make a little extra money on the sideline. For some, working on an internet based startup is even actually allowing them to put into practice their business ideas, products and services, and make this line of work into a permanent one.
Whatever the reason, more than 90% of all online based business startups fail during the initial stages according to sources. Why does this happen? Let’s find out.
If There Are Right Ideas, There Are Also Some Very Wrong Ones
The failure rate of internet based business startups isn’t very surprising, considering the people who decide to start home based businesses and depending upon whether their ideas are sound or not. A misconception that most people have regarding the subject is that being successful in the internet marketing business is very easy once the website is built and running; but reality is very far from this belief.
- It requires self discipline and determination to run a successful home based internet business
- You cannot expect your new found online based startup to run on auto-pilot mode.
- As with everything else, this won’t happen overnight.
They Do Not Have a Business Background
All businesses have two things in common, whether they are large, small, online based or brick and mortar type businesses. First of all, they must be treated as a business because they are one; and second, you must understand the accepted business practices and norms that are a part of every business.
To make it more easy, the person running the show must have some basic knowledge of business concepts, such as profit and loss, and should be equipped with enough know-how on how to deal with any scenario. Of course, you can always hire an accountant to do the bookkeeping.
Learn from the 10% who do succeed, here’s how:
- It’s very important to come up a business plan, before starting the actual online business. A good idea often doesn’t perform well, simply because it’s not executed in the right way. So, think about the entire plan in greater detail and include a reasonable budget to complete each step.
- Get rich quick schemes are a farce, the end. The world of the web is full of those who make it their mission to prey upon gullible and innocent people who are looking for just such ways. This goes both ways, so be alert.