There are various studies that have shown that 90% of online businesses fail within the first four months of operation. This statistic might seem drastic, but sadly it’s true. If you are thinking of starting a new business, its essential to try and be in the 10% that find long-term success. So what can you do to keep your e-commerce from failing? And why does 90% of online businesses fail?
Most of the business owners might have decided to start selling products or services online because of the wrong reasons. The thought that it might be easier and faster to gain money in this platform might be one of the ways why they fail. To be prosperous is a long-haul process, it’s not an overnight thing.
The assumption about internet businesses its that a person no longer has to get up and go to work. They think they can simply work when they want and still make a good living. They do not process that any type of business requires hard work and sometimes even having to work long hours.
It takes a lot of effort and time to learn and be able to have a strong presence in any market, as all of them are so competitive. This is why it’s important to set small, realistic goals and work towards achieving them.
It’s essential to have a positive mindset and focus on the finishing line of each goal. Sadly, not everything works out the first time, it’s definitely a trial and error before thing starts to become successful. It’s important to keep focus on learning and growing from mistakes while focusing on the process and not giving up.
For many online business startups the most difficult part is drawing in the attention of customers. This may happen because they don’t have the right tools and education to correctly function. Is not only important to have a positive mindset that impulses you forward, to be educated in the market is also essential. It takes work and a lot of learning for someone to self-grow and keep motivated in such a tough market.
It’s true that its far more exciting to have an online entrepreneurship as you are able to own your own hours and be your own boss. But you should know that surviving in an ever-so-competitive market, is not as pleasant.
So now you know some of the problems that you may encounter that would lead you to failure, so you can try to avoid them.
Success happens because people educate themselves about marketing and various businesses background. If you are still not sure you will be able to do it on your own there are options online to get more educated.
We are here to help and guide you through your journey of online business, we invite you to check and read all of our articles and recommendations to be able to become successful in your journey of becoming a digital nomad.