The fact is that according to many sources, more than 90% of all Internet business start-ups end in failure within the first 120 days. Yes, you read that right. NINETY PERCENT!
This failure rate should be a warning to those who are considering trying their hand at making a go of working on the Internet rather than at a job in the brick and mortar world.
Of course, success is possible. There is that other 10% (ten percent) that do succeed. The thing is, success doesn’t happen by accident. Success happens because people have the right ideas about internet marketing and how it works. They do not expect to get rich quick or be able to make a killing overnight and retire to a tropical isle.
Wrong Perceptions about the Internet
For some unknown reason, most people think that running a successful internet business is as easy as getting a website built and hanging out an ‘open for business’ sign. They couldn’t be more wrong.
Running a successful internet business of any kind requires self-discipline. People will start an internet business and think that they can party all night, sleep until noon and then make a living in 3 or 4 hours sitting in front of a computer. They somehow think that the world is just going to line up on their website and hand over money. It isn’t going to happen.
No Business Background
All businesses have two things in common. They are BUSINESSES and they must be run like businesses! The people who are in charge of a business need to understand the accepted practices of business.
They need to understand simple and basic ideas like acceptable over-head expenses in relation to projected income. Internet entrepreneurs need to understand profit and loss and what constitutes each.
It is true that you can hire accounting firms that will tell you WHEN you must make tax deposits, for example, but these firms will not be able to tell you IF you need to make them.
Accounting firms can tell you whether or not you made a profit but not how to make it. If you have no business background you need to, at the very minimum, get some good business advice before you even consider opening an online business.
The Right Mindset Just Isn’t There!
Here are some wrong attitudes that will absolutely guarantee failure:
1. I can work when I want to. Wrong, wrong, wrong! You can’t just work when you feel like it. You have to expect to put in many long and very tedious hours of very hard work to make a new internet enterprise succeed.
2. I can get rich quick! There are bazillions of crooks out there on the internet who are waiting for their next easy mark and if you are looking for a quick way to get rich, you the next trap for them.
3. I don’t need a business plan. Internet business is still business. All of the same business principles apply to online business as apply to brick and mortar businesses. It is imperative that you have a plan for success that is based upon these sound business principles.
4. When you have an internet business of your own, you don’t have a boss. You are your boss. If you aren’t a good boss who sees to it that work is accomplished on time and in full, you will doom yourself to certain failure.
How You Can Avoid Joining the Failing Masses
You can optimize the possibility of success by:
1. Having a good solid business plan in place BEFORE you launch your online business. There is an old saying: “Those who fail to plan, plan to fail”. A detailed set of plans for success needs to be made.
2. Expecting to work very hard to accomplish your goals. You must never expect anything to be easy. You will be right most of the time because things are rarely as easy as they look. Each step toward success requires work, time and patience.
3. Not falling for ‘get-rich-quick schemes. The internet woods are full of those who prey upon those who are looking for quick and easy ways to become rich. Those ways do not exist.
Remember those statistics! Ninety percent of all new internet businesses fail in the first 120 days. You don’t have to be part of that majority. You can become a part of that 10% minority of successful internet business enterprises. You can start step by step by following an authentic presentation.
This is a guest post from Sanjay Mishra, if you would like to be considered for a guest post please contact me.