These days, almost everyone opens an internet home business. But out of all start-ups, 50% will fail during the first 5 years and only one third of them will reach the 10-year anniversary. These are official numbers provided by the US Bureau of Labor Statistics. We may concede that, at a point, entrepreneurs find another career opportunity and are lured back into the employment world. But many entrepreneurs see their home-based business fail despite their best efforts and their full-time commitment to it.
Why does it happen? Many of them swear they’ve done everything by the book. However, in today’s online world, the book always changes. The rules of the game change permanently. And the paths towards failure are many, and paved with good intentions, dedication and playing by the book.
Today we want to help you steer clear of the most dangerous paths to take – the ones that spell definite failure for your internet home business. So, let us map them out for you so that you can avoid them.
1. I Am New so I’ll Start with Small Prices
Just like the new graduate who accepts the minimum wage, you decide to undervalue your products and services just because you are new in the business world. Let’s face it, every business – even Microsoft, Apple and Coca-Cola – was new in the business world once. But if they kept undervaluing their products, they would be among those 50% businesses which fail within 5 years.
Here’s a secret: unless you value your products accordingly, your potential clients will never trust them or respect you. Remember that saying, “too good to be true,” which makes you distrust an offer you see online. Your potential clients will think the same thing. And your business will never take off.
2. I Will Not Let Finances Stand in the Way of My Grand Plan
Yes, you have a vision, a plan… but do you have the money to execute it? Can you afford to invest every dime you have in your grand plan? Wouldn’t it make more sense to start small, with a business with generates revenues from the beginning and then scale it up? Remember that Apple didn’t start its operations in its current fancy headquarters, but in Steve Jobs’ garage.
3. Why Should I Upgrade My Internet Service Subscription?
Because it’s not just you and your family browsing the internet anymore. It’s your business, your website, your social media marketing strategy. You cannot afford to be out of business because your wireless router is fried, or the internet is down. You are running a professional business, so you need professional internet access services.
4. I’ll Worry about SEO Later
Later… when? Six months later? When you’re running out of patience because your business doesn’t take off? Search engine optimization is one of the staples of an internet home business. You need to be found on Google by people – your potential clients. You cannot leave it ‘til later, SEO is a part of your business from the moment you launch your website.
5. I Will Focus on Becoming an Expert for Now
Learning is good for you and your business. Great minds are never satisfied with what they know and they always want to learn more. But you cannot spend all your time learning about your business and doing nothing to grow it. You must find a balance between learning and working on your business, otherwise you will keep investing time and money and getting nothing in return.
So, these are the five most dangerous mistakes which you should avoid at all costs. Remember, these are not the only ones… but we will come back to this subject on another occasion.