“If you’ve never failed before in life means you’ve never tried” Unknown
I for one love to learn by my mistakes, but sometimes I wish the younger me met the present day me to ask questions and learn from my mistakes..
Today, I will tell you three reasons why your internet venture failed and what you can do in the future to prevent that from happening.
Lack of persistence – Running an kind of business requires a tremendous amount of time, energy and will power. In my experience as a web designer, when people first call me to build a website for them – I could hear the excitement in their voice ( like a kid who just got a box full of candy ) I’m passionate about helping people grow their business with technology, in most cases I am as hyped as them. ??! I’ll listen as they narrate to me their ideas and how they think what they’re about to start is going to totally change the world.
Fast forward to 6-7 months after we’ve delivered to them their ecommerce website, I start noticing a decline in their energy. They stop posting on Instagram, I barely see their tweets on Twitter, they are M.I.A from Facebook and then finally, the business collapses. This is a common trend I see amongst young entrepreneurs.
Solution: Remember that nothing good comes easy, you have to keep pushing. Every once in awhile try to remind yourself why you started your venture and how you felt when you first thought about your business idea.
Over estimated success – This is the mother of all failed businesses, especially online based ones. One of the great things about the internet is the easy access to millions of potential customers and sometimes this can give the wrong impression about how successful your business could become in a short period of time. Most newbies are too optimistic for their own good, they start their business with a week on week growth mindset while in reality that is close to impossible to achieve.
A wise man once said “Progress doesn’t move in a straight line”. So after they hit a few walls they completely give up becasue things aren’t working as they projected causing them to abandon the business.
Solution: Always remember not everything goes according to plan, expect to fail at some point, learn from your failures, improve yourself and keep pushing.
Little or no ads – If you have a good product that nobody knows about, the truth is you probably won’t be able to sell it. I’m sure you must have come across this expression “You spend money to make money”. Companies spend billions of dollars to advertise themselves and their product because planting an idea in the minds of your potential customers has its own rewards. Running an ad campaign doesn’t equal to instant sale but a future sale for when a potential customer is in need of your product or services.
Solution: Join Twitter , join Facebook, Instagram and Pinterest, these are the best places to advertise your business whether it’s paid or free ad you can’t go wrong here.
Conclusion – There are many more reasons why online businesses fail, but I thought I should tell you about the common ones that won’t require an expert or for you to break the bank.