Why Most People Fail in Online Business

minimum_wageHow many years do most people spend earning an hourly wage, with tiny annual pay rises if they are lucky, and some even getting a small promotion after five, or even ten years? Working 35 to 40 hours a week, over 2,000 hours in a year. Then if it takes ten years for a promotion, that’s 20,000 hours for a promotion or pay increase that probably doesn’t even give you as much as the rate of inflation. So you are actually losing money as your career goes on. Scary when you actually think about it!

A Distorted Reality of the Online World
So how about starting your own business, working for yourself, being your own boss. People starting their own get-rich-quickbusinesses have varying expectations, but those starting online businesses tend to have higher expectations than those with traditional offline businesses, expecting things to grow a lot quicker. After all connecting with people online is instant, messages are sent at a click of a button and a simple search on the internet can get us access to most information we need. So success in an online business is often expected to be instant. Misleading information and offers claiming instant riches, only make this worse, and those expecting overnight success, are almost certainly going to fail, when the realisation is that success doesn’t happen overnight, and a lot of hard work is needed in the early days of a new online business.

Rewards are Proportional to Efforts
So let’s look at what you are investing in your business. Let’s say you are advertising or blogging on your website a couple of times a week. Researching, creating and publishing your content might take a couple of hours a time, tops. online-businessSo 4 hours invested in the most critical aspect of your business. Obviously you’ll have other things going on that will be associated with your business, for example watching training videos, doing some keyword research, working on building yourself a following on social media etc. So even if we say you’ve put in 7 hours, that should cover your activity for the week.

So 7 hours invested in your business could get you some decent results, however the problem is that your expectation of results will more than likely be higher than what you are achieving. And probably higher than that of those that invest 40 hours a week into a regular job.

Working One Day a Week
In reality you could eventually earn a full-time income from 7 hours effort a week, but don’t expect this to happen quickly. Why would you expect to equal a full-time wage, when in effect you are working one day a week? To be honest making any income from such little effort in the early days would be a bonus. But yet people still expect this. And we know some of the reasons why.shiny
We’ve seen the companies claiming overnight success, their videos show them living in big houses, with fancy cars, and earning huge commissions on a daily basis. ‘Shiny Object Syndrome’ draws us to the idea of instant success.
But putting 7 hours a week into your business, means at the end of a month, you’re only close to one weeks work. This amount of time is just getting the foundations of your business in place, so don’t expect a decent income by this point.

social networkImagine Investing 20 Hours a Week Into Your Business

Imagine if you ramped up the production side of your business. You’re creating more posts or ads, putting some time in each day, managing any engagement or social activities. You will begin to get more recognised, you’ll be getting more traffic and your business will be taking shape. You’re moving towards being able to generate a full time income and your business will be in a position to be scaled far beyond this.

Now Imagine Doubling That to 40 Hours a Week
Everything you are doing can be duplicated and multiplied. More ads or more detailed articles. Start prospecting and bringing others into your business and teach them to do exactly what you’re doing.
Building on your online presence will bring a massive boost to your business. Build yourself a brand, one where relationships are naturally being made in the industry. You’ll have clout in an industry within a year, not to mention the foundation to continue growing your business from. That’s the point where you should expect to bring in a full-time income and more.

Now You’re Earning, You Can Start Scaling…
So you’re now at a position where you are known in your niche. Make yourself the go-to-guy. Help people wanting to online-successstart out. Use your experiences of starting out yourself, joining a sponsor you thought would help you earn that massive income, only to be let down. Guide them away from the shiny objects and the sponsors who will entice them down that road to nowhere. Make sure you deliver ‘what it says on the tin’.

Focusing on the success of others can be the making of you. It will do your reputation, your business, and ultimately your pocket the world of good. But you’ll deserve it. You learnt the hard way, but do your utmost to ensure you steer others down the correct path. You’ve made it!

Imagine, Imagine, Imagine…
Put 4 hours a week into your business, and Imagine, is about as far as you will get, and that’s the truth of the matter. No flash car, no expensive holidays, no never-ending pot of money – you can dream on!

Be realistic about what is required of you in order to build an online business, and the reality of that business will materialise. Make yourself one of the minority, and enjoy being different – Failure isn’t in my vocabulary – how about you?

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