Pitfalls of building a successful home-based online business

If anybody can earn on the internet, why home-based online business has a very high failure rate? The primary reason is preparation. Are you prepared in terms of knowledge, skills, aptitude and determination before you embark your home-based online business? Do you have a clear road map to guide you from point A to point B of your internet journey? Do you have the means (system) to achieve them? Do you have a clear direction and goals to measure your success or setbacks as the case maybe?

You need a solid foundation before embarking your home-based online business.

As with any business, whether a regular brick and mortar or online business, the quality of knowledge base behind that business is what sets it apart from other business and competition: from success or failure. All other considerations are derived from it, including the methods of your preparation. The good news is YOU had found this site. All of the above questions will be adequately addressed to put you ahead of the pack and competition as you build your home-based online business.

 The absence of good and solid business plan for home-based online business also causes lots of business to fail. A good business plan does not only serve as a guide for daily activities that needs to be done but more importantly, it’s your only means to adopt to the rapidly changing and evolving internet environment, and so with the opportunities that go with it. Without a clear business plan you will be groping in the dark and ascertain failure. The old adage about “Those who fail to plan, plan to fail!” applies more to online business than the regular brick and mortar business primarily because of the rapidly changing nature of the cyber world: what’s hot today could just be an old news tomorrow and history the following day. Meaning, what works best today, could be an old relic tomorrow. Failure to adopt with a super dynamic environment could put you behind your competition.

For online business the lack of focus is an incessant trap. If you Google home-based business, online income or any other related keyword, millions of website will be returned by the search engine. That’s lot of websites dealing with a single field on interest. If you open some website there are still numerous links dealing with same subject. It’s so easy to get lost on this cyber jungle. Before you know it, you are overwhelmed by the sheer volume of unorganized information, getting you more and more confused than ever before you started your internet journey.

 If you register your email address on one or two opt-in forms you will be inundated with mails promising immediate cash on auto pilot requiring just a few clicks and some copy paste skill to get started. The sales page are so enticing that you end up joining one program to another without even trying your damndest best to see it work, simply because you found out that you really don’t know how. Its way-way beyond the cut and paste skill required from you.

Finally, and foremost of them all is the wrong mindset and perception of the internet relative to home-based online business contributes to a great extent to the high rate of failure.

In a nutshell, the primary reasons why majority (98%) of new Internet entrepreneurs fails could be sum up as follows:

 1. They don’t have the right mindset.

2. They do not lay a solid foundation.

3. They do not have the key to unlock growth and expansion.

4. They do not plan for success

If you are still with me and are still apprehensive to venture the business of cyber world, nobody could blame anybody about it – there are millions of hyped get-rich-on-auto-pilot programs out there, most of them end up being scams. Some even say that the ratio is 30:1! No wonder that millions had been duped and burned on their desire to earn some money on the internet.

Besides those that had already been burned, the general apprehension stems from lack of understanding of the basic workings of the internet and the preponderance of scams, spywares, virus and host of other fear-provoking STIGMA circulating on the web. If you come across any “get-rich-quick” scheme that will cost you money, STOP, unless you know what you are doing. The cyber world has lots of such schemers who prey upon the uninitiated that are looking for quick and easy ways to become rich. Those ways do not exist. It takes lots of preparation, planning and hard work before you get there.

 Starting a home-based online business indeed is daunting. The statistics points a losing proposition with only 10% success rate. But as pointed earlier, the reason for such depressing statistic is the inadequacy of essential success factors of online entrepreneurs before embarking on their home-based online business. Acquiring those success factors could very well reverse the statistic in favor of the entrepreneur: 90% plus success rate.