Will you have a successful online business in 2013? Time and time again I keep hearing about this exceptionally high failure rate percentage for online marketers. Usually 95% – 98% depending on who talk to. I have no idea if this statistic is real or even where it came from but the hopeless feeling of overcoming this lopsided number can be a huge motivation killer for newbie marketers. Assuming these numbers are accurate; why is the failure percentage so high? More importantly, how can you prevent becoming part of it?
If we were to look at why most online businesses fail, many people might put the blame on factors like:
- targeting the wrong niche
- lack of traffic
- low conversions
- too much competition
- lack of a good product to sell
It’s true, these are important to the success of most online businesses but the fact of the matter is most of these are things that can be tweaked and altered once the business is properly established. The biggest problem often comes before all these factors and exists within the building blocks of the business itself. Similar to the construction of a building, if your business doesn’t have a solid foundation from the start then how can you expect it to stay standing in the future?
Take a look at these 6 action steps that you absolutely cannot ignore if you want your online business to BOOM in 2013.
Action Step #1 – Stop trying to make money online
Huh?! Isn’t that what we want? Yes. This is what I mean: Don’t think of internet marketing just as a way to make money online. Instead think of it as a real business because that’s what it should be. Making money online should be no different than making money offline; it’s just a different platform.
If you started a traditional brick and mortar business without a good business plan, how long do you think you would stay in business? If you’re like most people, it probably wouldn’t be very long. Why should an online business be any different?
Action Step #2 – Set, record and follow good business goals
Setting and following goals are extremely important for the success of any business. If done correctly, goals generate the motivation and direction needed to turn future visions into reality.
When you are actively following goals, your time, effort and attention will be focused on activities and tasks relevant to completing those goals rather than wasting time doing things that are not goal relevant.
Do you ever feel like there are not enough hours in a day? According to research, people who have written goals are 80% more productive than those who don’t.
When setting goals, be S-M-A-R-T. That is, set goals that are:
Don’t forget to record your goals on paper and give them deadliness and due dates. If you don’t record your goals then they are not goals at all, they are just thoughts and hopes and you will not hold yourself accountable if you fail to achieve them.
Be sure to keep your goals in a place where you will regularly see them. Read and review them often and update them as necessary.
If you skip this step of setting and following goals then you don’t have a business, you have a hobby. What’s wrong with having a hobby you ask? Nothing, but hobbies don’t make money, they cost money.
Action Step #3 – Get your family on board with your business
Running an online business can be very rewarding but you could have a major roadblock if your spouse or family won’t buy-in to your decision to start a business.
Online businesses take considerable amount of time, especially during the planning and start-up phase. Make sure your family understands why you will be spending countless hours on the computer and be sure they will support you for the long haul, even if the money doesn’t start flowing for several months.
It may help to show your spouse your business plan complete with your written goals and deadlines. Explain your plan well and let your spouse know how you will be making money. If you have a well written business plan it will prove to him or her that you are serious about this and your decision to start the business is not just based on a whim.
Most importantly, don’t neglect to include plenty of family time in your schedule. If you cheat your family out of the time they deserve then it will be difficult to get their support for your business in the future.
Action Step #4 – Remove all distractions
Online business owners are constantly surrounded by distraction of all types. Email, social networks, analytics, video games, etc can all contribute to a huge loss of productivity.
Be disciplined and keep focusing on your goals. During work time, remove all possible distractions by turning off the TV and cell phone. Set all instant messengers to “busy” and remove any other potential distraction that you can think of.
Also, schedule undisrupted work time with your family and make sure they know they are to leave you alone during this time. If you have noisy kids and are unable to work in a quieter room, consider investing in a set of noise canceling headphones and listen to relaxing music while you work.
If you struggle with internet self-control, you may want to check out the Blockr extension for Google Chrome. It lets you set writing goals and will block you from the internet until those goals have been completed.
Action Step #5 – Stay away from shiny objects
In other words: Stop buying all that stuff you don’t need. Online business owners are always tempted with everything from the next great software package or plugin to info products showing undiscovered traffic generation techniques. These products are created to generate sales and many of them do that very well; so well in fact that many people become addicted to buying them.
Don’t get me wrong, many of these products are actually quite good and they can be beneficial if they align with what you are currently working on and action is taken with them. The problem is if you are always buying these products and taking time to go through them, when are you actually going to work and be productive?
Many marketers may not like me for saying this but if you are stuck in “shiny object mode”, stay away from JVZoo and Warrior Special Offers. Unsubscribe from the products of the day for both of these services. Shiny objects can be very addicting and before you know it you have an empty bank account and a hard drive filled with info products and software collecting virtual dust.
Before investing in shiny objects, always ask yourself 3 things:
- Can I financially afford this product?
- Will I actually put this product into action?
- Will this product help me achieve my goals faster or will it just lead me off course?
If you cannot confidently answer “Yes” to all three questions then close the sales page and move on. You don’t need it.
Action Step #6 – Get in the right mindset
Never underestimate the power of your subconscious mind. If you are struggling with staying focused on your goals or maybe you have a lack of self-confidence, you can overcome these obstacles yourself by acquiring the right mindset for success.
In addition to business goals, set personal goals for yourself. Maybe you want that big house or fancy car. Maybe you want to travel the world or maybe you just want to quit your job and work from home. Whatever it is that motivates you, keep these thoughts in the back of your mind and don’t let anything stand in your way from making these dreams a reality.
If you are struggling to stay focused, consider writing a pledge or mantra for your business. This mantra should be written as a positive self-confidence booster. Include things like your work ethic, how you will accomplish your goals, how you will learn from mistakes etc.
Hang your manta on a wall in your office or work space and read it out loud in front of a mirror every morning before work and every evening when you are finished. Repetition is key to controlling our subconscious mind, so don’t skip a day of reading.
Hopefully these 6 steps will persuade you to put a fair amount of effort toward strengthening the foundation of your online business. Can I guarantee you success in 2013? Heck no! That my friend, is all up to you. However, if you put every bit of this information into action then you will significantly decrease your chances of becoming part of that 98% statistic.
Now grab 2013 by the horns and go make some money!
What changes will you make to have a successful online business in 2013? Leave a comment below, I would love to hear about it .
If you would like more information about how you can achieve success with your online business, just enter your email in the form below and I’ll send you my FREE guide titled “Beating the Failure Rate – An Internet Marketer’s Guide to Success”. It’s filled with great tips, ideas and strategies to help you grow the successful online business you’ve always wanted. If making money online has been difficult for you, this guide may just change your life.