Every day, more and more people look for a way out of the daily grind and find a better source of income. Working at home and setting up an online business definitely fits the bill. That is why a lot of people have made the switch with hopes of making it big someday.
On the other hand, there is a ninety percent chance of failure in online businesses. Unrealistic expectations play a huge part for this figure. A lot of people start out with little to no preparation at all. Most of them seem to concentrate only on the rewards without thinking about the responsibilities that go with it.
Myths and Misconceptions about the Internet
The internet is seen by many as a wonderful thing that brings instant gratification. This kind of thinking is perhaps one of the worst that an online entrepreneur can have. In fact, this explains why so many people fail with the first few months of operation. Below are some of the most common misconceptions on online businesses:
Work Anytime
A lot of people fail because they think that setting-up and maintaining an online business is easy. They are often caught off-guard when problems start to come up. More often than not, they do not know what to do and how to cope with these and other challenges. Inevitably, the business fails.
Success in online business is not just setting it up and waiting for something good to happen. This only brings disastrous results. As with their offline counterparts, online entrepreneurs need to be disciplined and dedicated.
Working at your own pace is one of the most marketed advantages of this business. However, this could not be farther from the truth. You cannot expect to make a decent living with only a couple of hours work and partying and staying up all night. An online business is more like a child, you need to take and nurture them until it fully develops.
You might argue that the most successful online entrepreneurs do not put in long hours anymore. Some even run their businesses on auto-pilot with minimal input. You have to remember that these guys started out small just like everyone else. They may not work as much anymore but you can bet that they went through long and tedious hours as well.
In truth, your first few months will look more like the day job that you just quit. There really is no substitute for hard work and the rewards that come after. No work means no pay and that is a fact that you will have to live with.
With this in mind, you will need to put a lot more effort into your business. You cannot expect to rake in huge amounts of profit without lifting a finger. A fair amount of time should be spent on researching market trends and coming up with a plan on how to go about your business.
A happy-go-lucky attitude will not get you far in this field. Remember that the big boys have earned the right to live the life they do.
Get Rich Quick
Since they have become popular, opportunities for online businesses have multiplied over the past years. This translates to a wide range of options for you to choose from. Unfortunately, this also means that there are plenty of chances of stumbling upon a scam.
If you are not careful, you might be setting yourself up as the next target for these lawless elements. These kinds of schemes can be quite difficult to distinguish from the real ones. It may be difficult but there are tell tale signs to look out for.
Scam artists will try to lure in as many people as possible. In their bid to do this, they will say just about anything you want to hear. One of the most common gimmicks you will hear is how their product can help you get rich quick and easy. This is easily a trick that used a lot and if you did not know any better, you would have fallen for it.
The promise of getting rich without much effort is indeed a difficult thing to resist. It can easily put your guard down and open yourself into all sorts of devious schemes. It is no coincidence that scam artists use this to fool their prey.
Some scam artists even have an elaborate operation which involves giving proof and drumming up their claims. Keep in mind that anyone can create a website and fabricate so called proofs almost overnight. It is much better to look for opportunities elsewhere. Surely, there are legitimate sources of online income and this is where you should put your money on.
To avoid being scammed, keep a level head and remember to think first before making a decision. The features may look enticing but you will have to go out of your way and evaluate the product carefully. If something does not check out or seems suspicious, do not hesitate to walk away.
No Business Plan Needed
Another mistake that people make is the lack of a business plan or any kind of framework on how to go about their business. Most people just dive in and hope for the best without really knowing what they should do. It is this kind of recklessness that makes people fail and puts their business out of order.
A sound business plan is needed as a guide on how to conduct your business. It should help you set up your business based on a number of factors. This includes the scale of operation, the marketing strategy and identifies any risks that might come up along the way.
As you can see, the business plan gives you a heads up on what to expect. This allows you to draw a plan on how to manage any challenge. More importantly, it prepares you for the worst. Once you foresee a problem, you are in a much better position to deal with it in the future.
With these things in mind, a business plan may be seen as your guide to success. There is nothing new about this kind of plan. Offline businesses have been operating with a similar document. In fact, they are one in the same except for a few minor changes to reflect the online nature of conducting a business.
In the rush to make thousands of dollars online, many people simply forget or even neglect to come up with a business plan. Most people go in without even having the slightest idea on what to do.
Having a college degree in business or finance is not required but is definitely welcome. Anything advanced can be picked up along the way but the basics should be there from the get-go.
The truth is that some people are not cut out to manage their own business. It is surely more complicated than working your day job. If you cannot balance your own checkbook, you will have a more difficult time keeping your business afloat.
No Boss
It is no secret that a lot of employees do not like their boss. No one wants to be told what to do and yelled at if something is not right. It is for this reason that many online entrepreneurs make the switch. In fact, one of online business’ main selling points is the fact that you will not have to work for anyone anymore.
The boss is often cited as one the main reasons why employees are not satisfied with their jobs. Some are seen as authority figures who give all their subordinates a hard time. Whether it is assigning huge workloads or tight deadlines, the boss is always behind some of the nastiest things in the office.
But is there really no boss in an online business? Most people would be quick to the draw and answer yes. A closer look though would reveal that the boss is actually your own self. But how is this possible?
Apart from a few outsourced works, online businesses are essentially one-man operations. This means the owner, you, has to look after everything and see to it that it goes according to plan. Schedules must be set-up and goals must be fulfilled. This is all part of the boss’ workload.
In other words, you have to do everything by yourself. Being the boss means handling responsibilities that determine if the business fails or succeeds. Big decisions have to be made and problems need to be solved as soon as they come up. As you can imagine, not everyone can assume this title.
Having a slacker for a boss is certainly not a good thing. No work will ever be done which is just bad for business. Failure becomes the only option soon enough and nothing will ever come out of your investment.
If you do not think that you can handle the responsibilities, you are much better off at keeping your day job and working for your boss.
