3 reasons why new Online Businesses fail
1. Tools for Online Businesses
Rule Number One: Spending your days evaluating the next "greatest thing of all time" will not help you with your business.
Tools have certain functions and some are better than others. Some systems work better than others - but no system you do not follow consequently will work.
Driving a slower car steadily towards the destination will get you there faster than stopping over and over again to test drive the next fast car.
It´s a great idea to stay up to date. But many get lost in the sea of claims and promises.
Every "free presentation" takes away from your time and your focus. Every new trial takes away time from getting proficient with the first tool - and focusing on your business.
An Online Business is very different from a brick and mortar store. But it still follows the same basic rules. Let´s say you opened a bank. To be efficient and profitable you need products and clients, right?
You would not spend days on playing with the best lighting before you made sure you had products. But that is just what many new Online Marketers do.
Your first and single most important task is to deliver value to your clients. Your client does not care if you use a twitter automation tool that is 96% or 98 % perfect.
Your clients do not buy from you because you have the best plug-in installed. They buy from you because you have the best recommendations/products/content/service.
By all means, if you have set the foundation and have time on your hands - go ahead and tweak. But first things´s first.
2. Information Overload/Shiny Object Syndrome
Are you the type that is constantly logged on to his social media sites and follows links with promising titles?
Here is the problem with this: You lose way more time than the time you spend following this new information (and probably that article has another interesting link that you follow).
Every time you get distracted from your work and lose your train of thought, you need some extra time to get back into the groove.
Also, the likelihood of making mistakes grows.
There is a lot of information on the internet. Most of the people that publish information want to sell you something. They provide information with the purpose of influencing you.
Now, if you have a task to finish you do not want to be influenced by anything that does not aid you in achieving your goal.
Here is how I recommend you do it: When you work, stay focused only on your work. Reserve some time, for instance, an hour per day (or three) that you use for research.
You will see that you get your work done faster and also take in the new information more effective.
The shiny object syndrome
That is also a very common threat to the success of a new online entrepreneur. Every day new awesome products to promote can be found on the internet.
And maybe you had a great idea for another niche today.
It´s totally fine to enhance your reach and add new topics when you are seeing the results you are looking for from your first project.
For instance, if you are a new blogger, you will find that it is hard enough to produce good content for one blog. At least in the beginning until you have more routine.
It takes time and effort to build your list and attract followers and viewers.
A lot of new online businesses fail because their owners keep hunting one great idea after the other. But they never see one through.
And I can only repeat: Everyone is trying to influence you - most of the times into a buying decision.
Even people you trust. Maybe you just bought this awesome tool and part of the package is "weekly support calls". In the calls you soon notice, that the presenter brings new exciting offers to your attention.
Stay focused on one project and ignore everything else.
If you notice that the first project is not working, that is a different thing - trash it and start a new one.
Many new online entrepreneurs will never know if their initial idea would have worked because they give up to easy and get distracted too much.
They say: "The grass looks always greener on the other side". I tell you what: it´s still green when you have reached the finishing line.
PS: In case that you wonder how I am trying to influence you: I just want to convey that I care (because I do!), earn your trust and build a relationship with you (;
3. Being a social bug
For some reason, that is still unclear to me especially many of the people who claim to be experts in social media marketing make these crucial mistakes.
Now, let me make it clear: I am not a social media expert. At all. Never claimed to be one. My business is training and coaching and that is what I am passionate about. Most of all I am a person.
Sadly, we often forget that "social media" contains the word "social" and that it is about people.
Obviously you are going to want to keep people informed about your new posts, products you love and such. That is ok in certain limits.
Social Media is not: "Show me as many advertisements in my news stream as you possibly can". Or "Misuse our new connection and send me a copy of your standard swipe."
Let me give you one example: It happens to me on a daily basis:
Someone follows me on twitter. As I am a nice person I will follow them back. Before I know it I have an automated marketing message in my inbox and the super clever ones additionally post their ad on my timeline.
Now .... make a guess. Will I follow the link in the advertisement or unfollow that person?
How about if that person at first would have just texted me "I am happy to connect". Then interacted with me for a bit and then presented me with an offer. Could have worked, right?
There are actually two crucial mistakes here:
- The person does not position themselves as someone I trust and want to receive advice from in the first place.
- The marketing information is not offered but forced upon me.
Do you know the one thing that survives every google update? Exactly. Unique quality content.
- Market, don´t harass.
- Advertise, don´t spam.
- Invite, don´t force.
Be careful which advice you follow. As always: If it sounds too good to be true, it usually is.
You will come across all sorts of offer that can actually hurt your website. From auto surf traffic to fake backlinks, fake followers to "click for click" offers.
- An outlet to inform people
- An opportunity for people to get to know you better
- A great way to connect
- A place where you can position yourself as someone trustworthy and knowledgeable. Sales will follow automatically
Here is my suggestion:
- Treat people like people and like you want to be treated.
- Do not send standard messages to people in your network you have never interacted with. Do send personal, individual messages if you think you have something to offer someone needs.
- Use autoresponder wisely. Imagine you meet someone in a bar. You introduce yourself, you exchange names. It would be pretty annoying and awkward if the other person would be like: "Hey, I am Mike. Nice to meet you. I have a limited time offer for you for a killer tool - but you need to act NOW".
- Promotional links should only be a part of your postings. The bigger part should be the content of others.
- Build relationships. Interact with people, share their content, pay it forward.
When you start out and you promote a product, rest assured, there will be thousands of people doing the same. Instead of copying and pasting swipes there are two great ways to stand out:
- Add value
- Be your unique self