It might seem strange that, when there are so many ways to make money online, so many people fail in their attempts to start an Internet based home business. Can it be that all these people simply choose the wrong business or is it just not possible to make money online? Statistics tell us that half of all home businesses fail within their first year and 90% end withing five years.
According to these statistics, the failure rate is at the same high level for any home business and is not just confined to Internet based businesses. There are many reasons for the high failure rate of Internet based home business ventures, here are a few of the main ones.
Picking The Wrong Business
Even experienced business people can make mistakes. It is not surprising that wrong choices are made, considering most people signing up to home based business opportunities have no previous experience of running a business or working on the Internet. The Internet is full of lurid advertisements urging people to sign up to have their own lucrative home based business. Fortunately, most legitimate home business programs offer a free trial period or money back guarantee so a mistake need not be costly if it is recognised early.
Many people who start an Internet based home business are first time business owners who are drawn to the idea that you can make money online but donâ€™t stop to think about what might really be involved. These people pick the home business opportunity that offers the highest income for the least effort, sign up, sit back and wait for the truck loads of money to start arriving. Some people just donâ€™t seem to understand that if you want to make money online, you have to work for it. Working online is not hard compared to things like coal mining or fire fighting; you donâ€™t exactly risk life and limb sitting in front of a computer. Even so, it is still harder work than a lot of people expect.
The Hobby Mentality
A good way to make money online doing something you enjoy is to turn your hobby into a business. If you are passionate about cooking, you could write a cookery book or start a catering business from home. Unfortunately, it does not work the other way around. You canâ€™t take a home business opportunity and treat it like a hobby. An online home business is the most flexible way to make money imaginable. An Internet business has completely flexible hours but that is not to say you donâ€™t have to do any work at all. Any home business must, if it is to be a success, be worked at in a consistent and businesslike manner.
Loss Of Focus
The distractions waiting for anyone trying to make money online are a day to day problem. Maintaining focus on vital tasks requires real effort. Getting led off course can happen even to experienced Internet based business owners. Even though the first time home business owner might spend long hours working online, their business can still fail if they allow themselves to be distracted.
Giving Up Too Easily
Persistence and patience are two of the main keys to Internet based home business success. Overnight success with a home based business almost never happens. Anyone who claims to achieve overnight success is probably omitting to mention the preceding months or years of work put into planning, preparation and testing. You need patience to await results and persistence to keep trying. If a thing does not work the first time, it might work if you try it another way and then another and anotherâ€¦
â€œOur greatest weakness lies in giving up. The most certain way to succeed is always to try just one more time.â€ – Thomas Alva Edison