A whopping 90% of online businesses will fail in the first four months since their launch, surveys showed. Are you surprised by the number? Don’t be. There seems to be a huge population of workers now who think that running a business online is like a work-from-home scheme where you can earn money while in your pajamas. Literally, yes, you can work in your pajamas. Who’s going to stop you? Figuratively? Running an online business is more work than you can ever imagine.
The fact is that if you’re not ready to embrace all its demands such as an SEO service in Denver or other cities, you will lose the golden opportunity of making it work. And honestly, when it comes to starting a business, you usually only get to do it once. Whatever money you have now will only be good for one business. If you fail, you have to go back to step one: find the startup capital.
You Have No Idea How Digital Marketing Works
Yes, you do have a great product line up. Your services are impeccable, too. But here’s the thing: running an online business is very different from running a brick-and-mortar store. With an online business, you have to know about copy, SEO, AI, and sales. You might even have to tinker with the idea of influencer marketing. There is a lot of competition on the Internet. If you don’t understand how your business can rise above these competitions, you are not going to survive it.
Your Social Media Skills Are Lacking
You have personal Facebook and Instagram accounts, but you have never fully understood how to use these platforms for your business. What you know about FB and IG is that you browse through them, share, like, love, and comment. That’s not why these social media pages are important. Sure, sharing and commenting are all part of the game plan, but this is not your only focus. Social media ads are powerful. Posting a steady stream of content on your Instagram stories, for example, can make or break your business.
You Don’t Have a Business Plan
What’s your goal for the first month? How do you intend to reach that goal? How much do you need to make a month to break even? Do you have money to run ads for the next three to six months while your business is picking up? So many startups have no clear business plan. There are no clear and measurable goals. There are no approach and strategy geared toward reaching those goals.
Your Pride Is Getting in the Way
Online businesses are not easy. You have to take your pride down a notch and ask for help. Hire someone to build a professional-looking website. Consult a digital marketing specialist about strategies to raise brand awareness. Ask someone to produce content for your site.
If you want your online business to be successful, you must be willing to share the tasks and admit that you cannot do it all on your own. Whether you have the money to hire someone to do these tasks or simply ask a friend to help you out, what’s important is to learn how to reach out when you need to.
There are going to be a lot more challenges than the ones mentioned above. Being an entrepreneur is mentally and emotionally distressing. But there’s no other way to test yourself than try being one. Surround yourself with people who believe in you. Listen to criticism. Learn from your mistakes. Deal with problems as they arise.