3 Reasons Why The Best Internet Businesses Bomb

It has been said that 50% of businesses fail within their first year and Internet businesses are no exception. Yet more and more people are starting up online, often seeing it as a quick route to making money, or an easier option than a traditional business. Very often, it’s lack of understanding about the internet industry as a whole that causes these businesses to fail. Here are my top 3 reasons why even the best internet businesses ideas bomb!

• You Start the business for the wrong reasons.

I discussed in my previous blog post that thousands and thousands of people every day believe that internet business models will allow them to work 30 minutes a day and within weeks the postman has to hire a dedicated van to deliver all the checks to your door. It is not true. Don’t believe it. The simple fact is that if you don’t have a bigger picture in mind, if your reasons for starting a business are not 100% true and clear then even the best business ideas are doomed to failure.

• Lack of Planning

An internet business is a business and should be treated as such. It is not a toy, so,

make a business plan. The purpose of the business plan is to guide you on where to go. To prevent you from repeating mistakes that will harm you, your finances and that might prevent your business from growing. There is a truth to the saying, “to fail to prepare is to prepare to fail”. If you do not carefully plan, then you are like a boat sailing with no direction. You will just continue on and on burning valuable resources without actually ever reaching a destination.

A business plan will serve as your guidebook. It consists of your goals and how you are going to achieve them. At the very least it should contain:

• Your business strategy.
• Who are the competition?
• How are you going to compete with them?
• Who is your customer?
• How are you going to differentiate your business from others?
• Do you have a defined niche?

Without sufficient planning into your best internet business ideas you are almost guaranteeing your own failure!

• Bad Marketing

Build it and they will come. NO, No, No!!! Not in the brick and mortar world and not on the internet.

Let me give you an example.

You want to open a coffee shop. You need a good location, helpful and well trained staff and of course coffee to die for. Ultimately your aim is to be better than every coffee shop in the street.

On the internet, your “coffee shop”is pretty much next door to every other coffee shop in the world.

With a few clicks of the mouse, your potential customer is sitting in someone else’s shop. Effectively you are on the same street as every coffee shop in the world.

And it doesn’t stop there. Imagine that you are on the same street as every other coffee shop in the world AND each shop has an infinite number of seats available. Your competition don’t get too busy, they don’t need to take breaks, they don’t need to clear tables and make people queue up, they can serve all the customers in lightning quick speed no matter how many people show up and everyone gets a clean table.

… That’s the internet and that’s another reason why even the best internet businesses bomb

So how can you make sure that your best internet business ideas are a success?

• Don’t get stuck in the Mud -Take Action!

Once you have a business plan make sure you act upon it. Deliberating over each and every point will not get you to that desired goal. Yes the journey might be a little bumpy and you may take the wrong turn on the way, but if you are not moving forwards then you are not getting anywhere.

• Avoid Analysis Paralysis – Focus.

There are 35 hours of video uploaded to Youtube every minute. There is an abundance of information available to you and it continues to multiply on a daily basis. Don’t get struck down by analysis paralysis, filter out what information is relevant to you, leave the rest alone and put it into practice.

• Don’t go it alone -Find A Mentor

There are other people who have walked the path before you. People who have made the same mistakes that you will make, who have lost money and wasted resources doing it. Let them help you avoid the same pitfalls and help you reach your destination sooner.

• Rome Wasn’t built in a day-Patience

Success requires the consistent taking of action. You constantly need to be improving, updating and building your online presence to keep your potential business partners and existing business partners excited about working with you and your brand.

• Learn New Skills -Internet Marketing Training.

Without the skills, understanding and the ability to deliver your message to target demographics and niches on the internet you will be unable to sustain a profitable business. Your best internet business ideas are nothing without customers. When you know how to drive hungry clients to your business, positive results will follow.

• Make the system work for you. – Leverage

Going back to the coffee shop example, the only way that you can ultimately keep all your tables clean, serve your new customers and more importantly, keep your existing customers re-visiting and buying more and more from you, is by the use of a system that will allow you to leverage your time and resources. After all, if you have to constantly ask questions concerning the origins of your coffee, or how do you make a skinny macchiato, you may miss out on serving customers who are ready to buy. Leverage a system that will do the work for you so you can focus on increasing the bottom line of your successful internet business.

Even the best internet businesses bomb but if you follow these tips you will be on a sure fire way to make a success of your online business.

Take action today. I invite you to

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About

James Debono is a small business owner and Internet entrepreneur. James dedicates his time to helping other small business owners leverage the power of the Internet to drive business growth and positive change. Click here Join James Debono on Google+

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