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The #1 Reason Your Online Business Will Fail – Getting Started Series

I’ll tell you right up front:

 

Starting a business online is easy…

… Being consistent is the hard part.

 

Why is consistency the key?  Because you need to stick with your plan long enough to see results.

 

How Offline Businesses Work

 

Did you know that for an offline business it often takes 2-3 years to see a profit?  Sometimes even as long as 5 years?

 

This is why new business owners plan to stay open for at least 5 years to make profit.  Just to have a chance at making it.

 

Something that needs to be cleared up is the concept of “making a profit.”  Gross income and profit are related, but different things.

 

Gross income is the money that comes in from day one, with the very first sale.  Profit is what’s left after you’ve recovered your investment money.

 

For example, if I buy a widget for $9 (my investment), and sell it for $10 (my gross income), it means I’ve made a profit of $1.

 

The reason it takes so long to make a profit is because of the investment a business owner has to make just to get started.

 

Think about it… There are office/location rents to pay, signage, inventory, employees to hire, equipment, and a host of other things.  Most business owners have spent substantial amounts of money before they even get started.  It takes years to recoup that money and turn a profit.

 

3 Reasons Blogging as a Business Model is Better

 

As an online business entrepreneur you have a HUGE advantage over offline businesses:

 

#1 – Low Overhead:  The cost to start and maintain an online business are nowhere near as high as they are for offline businesses.  At minimum, all you need is to buy a domain name (www.yourbusiness.com) for about $10 and pay for a monthly hosting account (ridiculously cheap at Bluehost – only $6.95 a month for UNLIMITED domains).

 

Note: Bluehost currently has a special where hosting only costs $4.95 a month will give you the Domain Name for free!  Seriously… Less than $5 to get a business up and running.  Beat that offline businesses!

 

#2 – Flexibility:  For an offline business, they have to spend money on printed fliers, billboards, TV ads, newspaper ads, etc.  Most of these cost hundreds, if not thousands to produce, with no guarantee they will work.

 

For an online business owner?  It’s easy to change your marketing strategy and most of your business components.  Some can be changed overnight, if you wish.

 

#3 – Time:  Time is your most powerful asset… and a double edged-sword.

 

Offline businesses don’t have the luxury of waiting around to see what develops.  They have to decide whether to pull the trigger on a business plan, come up with the money required to start it, and produce results as quickly as possible.

 

You on the other hand, have all the time in the world (or so it seems) to start working on your idea, tweak it, and set it up just right.

 

Which brings me to my initial point about consistency.

 

Why Online Businesses Fail

 

Just because one has time, it doesn’t mean it’s a good idea to slack off and pick it up when you feel like it.  Working on your business one-week-on/one-week-off does NOT work.

 

Come up with an idea, grab your Domain Name quickly (an all associated social site user-names), put up the site, and work on it consistently.  Every day if possible.

 

Consistency is the key.  Small progress, however small, is still progress.

 

Most people fail because they don’t work at it hard enough, long enough, to see results.

 

Are you ready to make things happen?  What’s holding you back?

 

Ready?

 

Set…

 

Go!

 

 

What’s keeping you from getting started?

 

I’d love to hear your feedback.

About Rich Polanco

Fan of dogs + all things tech. Love a great pizza. My goal is not to travel to every country in the world. I only want to get to know my favorite ones REALLY well. Check out the big bio here. Follow @RichPolanco and connect on Facebook.
Currently exploring: Guatemala.

Comments

  1. JC Marks says:

    Nice, concise post. I’ve owned non-internet businesses and many of the same principles apply like they do to internet business. But there are definite advantages to doing business online.

    jcm

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