Heres Why 95% Never Make A Single Penny Online
Before you launch your own online business, do make sure that your business has what it takes to succeed in the very tough world of e-commerce
. Although there are many ways for you to become a dot-com-millionaire, there are also more ways for you to become part of the growing percentage of unsuccessful Internet entrepreneurs.Do consider the following disadvantages before going ahead with your business plan:
Spur of the Moment Decisions
Many people, inspired with what theyve read about the overnight success enjoyed by many Internet based businesses, usually make a spontaneous decision about launching an online business without fully considering the alternatives.
The result? Instant failure, of course!
This is not to say that instant success is possible for you. Just make sure, however, that youre opening your business with both eyes open. Dont simply focus on the opportunities you can enjoy from the Internet. Focus as well on the many threats which are unfortunately often hidden that can cause the downfall of your fledgling business.
Think well, think hard and think long before making the final decision.
Wrong Identification of Target Market
Heres a wake up call for aspiring Internet entrepreneurs: each and everyone of you has just one target market to focus on, whatever type of product or service youre selling and thats the whole world!
Thanks to the Internet, the world has evolved into something much smaller a global village, for instance. And for that very reason, your business success will depend on how effective you can market your product to the whole world in general.
If your marketing and sales strategies are focused on a local population, they cannot completely guarantee the success of your business. You NEED to focus on the whole world as your target market in order for your business to profit. You need to remember that in the World Wide Web, each and every company who produces products or offers services similar to yours represents competition no matter what country theyre from!
LACK OF INTERNET KNOWLEDGE AND TECH SAVVY SKILLS
For your business to become lucrative, you need to be knowledgeable about the ins and outs of the world youre occupying. What applies to land-based businesses does not necessarily apply to the Internet as well.
You need to understand the basic theories of e-commerce and how its different from traditional commerce. You need to understand how the design of your website can help achieve your sales objectives. Pay per click advertising and search engine optimization, for example, are just some of the things you have to know if you wish for your online business to succeed.
If you dont have any knowledge about the Internet or any tech-savvy skill to boast of, theres still a chance for your business to succeed BUT only if you hire the right persons for your company.
The associated expenses however may cripple your company and bring it much closer to bankruptcy.
BUSINESS IMITATIONS
Be aware that the moment you launch your business, theres a very good chance that someone unimaginative or unethical can just as easily copy your business and become competition.
Even today, there are still too few rules to ensure that online businesses act with fairness towards each other and their customers. Because of this, you have little legal defense to rely on once someone has decided to copy your business and consequently cause your company to suffer losses.
Prepare yourself for this eventuality if youre really determined to start up an online business.
SECURITY OF TRANSACTION
If you cant afford to promise your customers first-class security when it comes to the privacy and safety of making transactions with your company, theres little chance that youll be able to have a customer base to rely on for a steady source of income.
PRICE EROSION
In traditional cases, a customer will base his buying decision on the price and quality of the product, the brand name, the quality of customer service and other after-sales support provided as well as the stores ambience.
But in the land of Internet businesses, nothing but the PRICE matters. Unless you can offer the lowest price to your clients or be able to drive home the fact that yours is the best in terms of quality, your business is doom to failure.
If youve considered all the alternatives and disadvantages and you STILL think youre ready for the challenges that lie ahead then we simply wish you good luck!
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