Most people who start an online businesses fail.
Morbid statement, I know.
But WHY is this, and how can YOU avoid failure?
The #1 reason WHY most people fail online is this:
IT'S TOO EASY TO START!
Hang on, Hang on.... Too easy??
Let me put this into perspective....
Starting An Offline Business -
If you were to start an offline, bricks and mortar style business, you're going to need a large financial investment.
In fact, to start your own McDonalds Franchise in the US, you're looking at around $1,750,000 start up capitol. Thats a lot of money!! (correct me in the comments section if you think this is incorrect)
Aside from the financial investment, It's a LOT of work!
You'll have to:
- employ staff
- manage cashflow, pension schemes and payrolls
- provide training
- deal with suppliers
I'll stop there..... I'm not even going to carry on pretending that I know what it takes, because I don't!
My point is this -
IT'S A SH!T LOAD OF WORK AND MONEY.
If this is the route that you're taking to start a business, you're sure as hell going to do everything you can to NOT let it fail in its first 12 months of trading.
There's too much on the line!
I'm also confident that you'll carry on doing everything in your power to avoid failure into the future.
So how does this differ to Online businesses?
Let me use this blog as an example.
This blog makes me money, its a business.
It has the ability to make a lot of money too, and I'm confident that it will this year.
But what does starting a blog like TheManSetWorld require? -
- Register with Bluehost and picked the domain name
- Got web hosting for 1 year and installed WordPress
- I found a WordPress Theme that I liked.
- Created some content and shared it to Pinterest to start getting readers.
Realisticly, I could have done all of the above in under 30 minutes, and for less than £150
Having compared the two business models above, there is FAR more responsibility, consequence and accountability with the offline business model, because there is so much at steak.
Whereas starting a blog is super easy, so it really wouldn't matter if I were to quit tomorrow.
I wouldn't lose much financial investment, other than the cost of the hosting and WordPress theme.
And I wouldn't be failing any staff members who's livelihood is at risk from the failure.
If I were to quit, the worst case scenario is that the blog would receive fewer visits each month until the hosting ran out, and eventually disappear into the blogging stratosphere along with the millions of other failed or abandoned blogs.
So What's The Punch Line? Why Do Online Businesses Fail?
Its boils down to a lack of effort.
The consequences of failing an online business are so drastic, therefore you're far more likely to invest a much greater effort into making it succeed.
Whereas starting a blog is very simple and inexpensive, you're far more likely to walk away from it when the going gets tough, which it will!
I didn't write this post to mislead you into thinking that running a blog as a business is EASY, because it certainly isn't.
Starting a blog is very easy, but making money blogging isn't.
There's a common misconception that if something is easy to start, then it must be easy to succeed at. And this is never the case!
Starting a blog as a business requires just as much time, effort, emotion and dedication than an offline business.
In fact, it often requires more of these attributes because you're a 'one-man-band' so the buck starts and stops with you.
Is The Hardship Worth It?
Perhaps you should ask Pat Flynn, the Founder of SmartPassiveIncome.com who earns over $200K per month from his blog.
There are MANY bloggers just like Pat who earn multiple 6 figures per month from their blogs.
The key to their success is that They Didn't Give Up!
So yes! The hardship is absolutely worth it and thats why YOU shouldn't give up on your venture either!
If you’re interested in starting your own blog as a business, join my free blogging course by adding your name and email to the form below. I’ll show you how to start a blog just like I did!
- How To Start A Blog -
FREE 4 Day Email & Video Course For Complete Beginners