In my 2015 posts I’ve focused on providing solid, valuable information for business success. Today, let’s explore the other side – business failure. There are many reasons why a business fails, but here are three important ones.
First, unrealistic expectations. If a businessperson like yourself expects to earn six or seven figure income instantly and it doesn’t happen, discouragement can set in. This is when the great majority of internet marketers, 90-95% of them, within four months of start-up give up.
So, let’s start with realistic expectations. It will take some time, effort, and financial commitment on your part to make your internet business profitable. This is why I focus on making your first $1,000. Once you make your first $1,000, you have learned an approach that can be scaled to $10,000. Once you’re at $10,000 you can scale upwards to $100,000 and so on.
Take it one step at a time, learn each piece of your internet business thoroughly, and scale your business upwards as you hit realistic benchmarks.
Second, overly complex plans is another reason by businesses fail. Keep it simple. This is why I talk about 3 steps to your first $1,000. Unfortunately, too many business plans look like a Rube Goldberg invention.
Complication can breed problems that you can do without. Start small, grow your business, but keep it simple. Too many moving parts means too many potential problems and too much maintenance. Too much maintenance means that your time and creativity will be squeezed in ways that will hamper your ability to move forward. Again, keep it simple.
Third, is a partial commitment. Yes, many people start part-time in internet marketing and build out into full time work. However, the number of hours you can put into your internet business doesn’t have to mean that you have a partial commitment to it. Fully commit to your business, put the available time that you have into it, and keep moving forward no matter what the obstacles.
In summary, set realistic business goals. Keep your business plan and your business simple. Give your full commitment to getting your business profitable even if you can’t commit to going full-time for your business. Follow these three road markers and you are taking the ramp to success!