You have tried everything and your online business isn't thriving.
What could be wrong?
What's missing?
In the real world people wake up every day, carry out their morning routine and then go to work. Whereas some have heard or read from popular and successful people how they made millions from their online businesses.
So the next thing that comes to their mind is, how can I start this online business and start making millions. They Google online and check for products, and they make up their minds that this is what they want to start selling. The first place they start advertising their online products is Facebook. When they don't sell much, they start getting frustrated. Am not saying it's wrong but currently in this 21st century, there is a high level of competition and is like almost every industry or niche is saturated. So before starting an online business there are many things to consider, so you won't get stuck and suck.
There are many mistakes many people make when they want to start an online business.
The first is:
1: lack of basic business knowledge
Ask yourself how many books have you read on internet marketing?
How intensive is your research?
Or you just saw that a lot of people are thriving in the clothing line and you decided that's it. That's what you want to sell, to start making millions.
You need to get all the Information about any niche that Sparks your interest. Not just the niche that Sparks your interest, but read on every niche. Here is one reason you need to research on every niche.
When you check online, you see a lot of articles that says you should do something that you have passion for. Different advices from different experts. Choosing a niche you think you have passion for isn't the issue or the problem but then when you choose a niche that doesn't proffer solutions to people's problems that's when there is a problem. Or when you choose a niche that isn't overtly marketable
What I am trying to say is that, you should choose what's marketable. Who cares about a passion that doesn't solve problems because logically when you start solving people's problems, you start making money. So the more problems you solve, the more money you will get. You can't come to me with something that doesn't solve my problem and expect me to give you my money.
In summary, before starting a business make sure you read basic books about that particular field you want to venture into. If you don't like reading books, there are audible you can listen to. You can also go to YouTube and download lots of videos about that niche. You get to know the pros, cons, and gather enough information about that niche.
It is strange but somehow the same people, who wouldn’t dream of starting a real world business, think they can make a go of an internet business even though they have no business background.
2: Some wrong ideas on the internet
That 90% failure rate of new Internet businesses really is not surprising when you think about the sort of people who start an internet business.
Most people seem to think that being a successful internet marketer is as easy as getting a website built and getting their own domain name, and they could not be farther from reality.
Being a successful internet marketer requires self-discipline. It requires a lot of hard work.
There is not a magic button to push to have instant massive traffic to their million-dollar-like website and fistfuls of cash in their bank. It is just not going to happen.
Internet marketing does not run on auto-pilot. And while established internet marketing types do not put in the long, boring hours they have built their businesses by doing that in the past.
It does not happen overnight for anybody. Most people are not prepared for the time requirement necessary for an internet business to achieve success.
Those success stories you read online weren't achieved in one month. They had to struggle, fail, learn, try again, fail and try again. They didn't stop, most importantly they were consistent and persevered. You shouldn't leave your business to luck or give up when it isn't doing well in the first six months.
3: The mindset of I don't need a business plan
I don’t need a business plan. Internet business is still a business. All business principles apply to online business as they do to brick and mortar business. It is imperative that you have a plan for your success based on sound business principles.
4: Heavy competition
Sometimes, the answer to the question of “why do online businesses fail?” is very simple: too much competition. Because there are so many businesses online selling the same items as you, or with a similar business model, it can be very difficult to differentiate yourself. If you want to beat your competition, you need to identify their weaknesses and take advantage of them as quickly as possible.
Competing against established businesses can be difficult, but it is not impossible.
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Books to read for financial freedom
To succeed, you need to have a very good idea of what they are doing wrong, or not doing at all. For example, if you are selling cloth nappies, you may notice that your biggest competitor doesn’t have a detailed “how to use” page on their website, which may be frustrating mothers and driving them away. Or you may notice that another competitor’s pricing is very high, even though the quality of their products is the same as yours. Identifying these weaknesses, and modifying your business model or tactics appropriately, can give you the edge you need to succeed.
Once you have started your business, don’t ignore your competitors and assume that you are doing a better job than them, even if your sales are very high. Keep a close watch on what they are doing.
You can do this by following them on social media or signing up to receive emails from them. Chances are, they will try to identify your weaknesses, too — so it’s crucial to stay ahead of the game.
5: Website lacking in SEO
SEO, or search engine optimization, is a crucial component of any modern website. SEO refers to a few ways by which a website is properly optimized to rank more highly in search results. Some common ways that a site can be optimized is through keyword-rich content (like homepage text or product copy), internal and external links, and the presence of special text like title tags or Alt text on images.
If you are new to selling online and don’t know anything about SEO, you should spend as much as time as possible learning about it before making your next move. Without a SEO strategy, it can be extremely difficult to rank in search engines for the terms that you associate with your business. For example, if your baby supplies business doesn’t optimize its site for “cloth nappies,” the chances of your ranking for it naturally are very, very low.
For new business owners, SEO can be a complicated and challenging component of their online activities. In many cases, it’s best to consult a SEO firm for help, especially if you are just starting your site in a competitive field.
Don’t think that you can ignore SEO, or rank highly in searches purely because you have a beautiful website or really great products. Even if it’s only at the beginning, you will need to take action to optimize your website, build links to it, and get your keywords on your pages and in other important locations. Without a knowledge of SEO, you may unfortunately find yourself among the 90% of businesses that fail online.
Tips that will help your Online business
1: Build Buyer Trust with Product Reviews
Reviews and ratings of your products boost your trustworthiness immensely. Online shoppers can’t meet sellers in-person, so they rely on other buyers’ feedback to assess merchants. Ratings on product pages save consumers’ time by quickly showing what other customers think about the product.
Product reviews are more convincing when they’re plentiful. To encourage more feedback, don’t be shy about asking your customers to leave a review after making a purchase.
Customers who are satisfied with your product often won’t consider leaving a review because everything is already fine. Give them a gentle push, and they’ll likely be glad to share their positive experience with others.
Here are a few actionable tips for using product reviews:
Indicate the average rating and number of reviews at the top of each product page and at the bottom where you display the content of the reviews to increase the feedback’s visibility.
Incentivize leaving a review by offering buyers a small discount after they make a purchase if they leave feedback.
2: Never stop learning and trying new things.
What's profitable now, won't necessarily be profitable next year or 10 years from now. So, don't let yourself fall into the “this is the way I've always done things” rut. Keep your eyes and ears open for new things.
Are there newer or better ways to market your products and services?
Are customers asking for something you're not offering?
Is there a different type of customer you should be targeting?
Get answers by reading everything you can about your industry and listening to your customers.
3: Make technology your friend
Especially if you are running an online business, it’s very important to keep up with technology trends so you never miss out on the latest tools, tips and tricks. For instance, if you still struggle with bringing your business idea to life, or you want to redesign your website, including the logo, check out this audible by Jason Scotts on how to create a beautiful logo for your online business by yourself.
4: Measure and test everything
The best way to find out what works for your business, in terms of content, social media, website changes, product releases or anything else, is to monitor all the changes you make to see how they impact your customers. This is the only way to make decisions that create a healthy business.
Disclaimer: Some of the links in this article are affiliate links that may provide me with a small commission at no cost to you. However, I have vetted every program in this guide and believe they are the best for generating affiliate revenue.
5: Making a business plan BEFORE starting your online business.
A plan for success is a requirement. Have the steps listed in great detail including reasonable cost estimates for completing each step.
Expect to work hard to achieve your goals. Never expect things to be easy. Most of the time things are not as easy as they appear. Each successive step will require its own work, time and patience. Sometimes things don’t go right on the first try. Be willing to keep going again and again until you succeed.
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