Home Based Business Seekers? Why 97% Of Internet Home Based Business Entrepreneurs Fail & How You Can Join The 3% Successful Ones!
Sunday, July 5, 2009 at 10:30AM
Home based business is increasingly becoming a most sought after career option for millions of people, given the poor shape of economy today.Yet 97% of these home based business ideas fail.And that's a sad truth.
If you carefully examine the internet business data, trying to identify the reasons for this extremely high rate of home based small business failure, the following emerges as some key reasons:
Most people looking to start their internet based home business,have virtually no background or knowledge of any business, sales or marketing etc. previous to this venture.
Once on the internet,they are overwhelmed with hundreds of home business offers being bombarded to them & are unable to select the best home based business suited to their passion & liking. In all probability they invest their time, money & energies in to wrong business opportunities & end up frustrated.
Yet again, even those, who possibly have been able to shortlist a good home based business startup or have bought a computer home based business,may still not be successful. The reason why this kind of business entrepreneur fails is that he has no clue on how to market the home business opportunity online & therefore ends up winding up the business in no time.
So the million dollar question here is how does one ensure that he or she does make money online by starting a home based business.Well here's the solution. And this I have arrived at, after almost two years of struggling with various home based businesses on the internet.
Instead of buying just any home-based business opportunity on the net,you should strive to discover what your interests are, what are your hobbies or what is it that you enjoy doing. Then based on your passion, decide the home business of your choice. This is very important to ensure your home business success.If you dont enjoy your business, you are more than guaranteed to fail.
Having decided the niche that you would like to start an home business in, study the market where your product /service fits in.Is the market in which you propose to start your home business big enough? Look at the market competition? What are your competitors doing? Are there gaps that possibly you can fill up.
This preliminary niche market research is required,so as to be able to differentiate yourself significantly and achieve a unique positioning for your home based business.
Next look at the advertising budgets for the initial promotion of your internet based home business. Are they sufficient enough to run you thru the initial period of atleast 90 days of setting up your home business opportunity.
If you are like most, with limited marketing funds,building your business on a budget, then you need to invest yourself in learning mastering & implementing low cost yet very effective web 2.0 social mediamarketing techniques.
Beyond this you also need to optimize your business website with multiple income streams. This is important keeping in view the fact that you need to monetize even your initial expenses of setting up your home based business.
If you are an absolute novice,building up a home business website may sound a bit of overwhelming.But there is no need to worry. For really commited home based business entrepreneurs there is a lot of quality & free attraction marketing training available, so to empower you to start at virtually no cost to you.
The fundamental fact to remember is that once you have created the website, you have know how to market it so as to get an avalanche of qualified traffic to your business and then involve them in your marketing funnel at various stages.
The sales of your home business opportunity, would follow as a natural consequence and that be what you should aim for, should you want to be successful in an online home based business.
Empowering your success,
Rashmi Mehta
Attraction Marketing & Copywriting Consultant
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Reader Comments (2)
I believe it's actually a bigger percentage than that who fail. More like 95%. Many fail due to their own lack of ambition and laziness while others fail because they don't have the right guidance or information to be successful. Having a mentor to teach you all the ropes of marketing and advertising will give entrepreneurs a fighting chance at survival.
Hey Rashmi , what a great article and good looking lens. This site if chocked full of great information and it has been a real pleasure reading your article.