Profitable Business Ideas

Starting Home Based Internet Business : Reasons Why Majority Fail

Author: Dele

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Reasons why majority of those starting home based internet business fail, can be broadly classified into two.

1) They are not involved in any online marketing training program.

It should be obvious that if anyone is not properly trained in internet marketing, he is not likely to succeed. “Newbies” fail to take cognizance of the fact that available statistics reveal that only between 3% – 5% of those starting home based internet business eventually succeed.

Before going into most professions offline, most people take time to receive adequate training. One is therefore amiss as to why they should think it will be different online.

Internet marketing is a body of knowledge which is acquired and so the advise to those starting home based internet business is to get involved in a good online marketing training program.

2) They are involved in an online marketing training program and yet fail for the following reasons.

a) The online marketing training program they are involved in does not possess the basic characteristics of a good online marketing training program

b) Quite a sizeable number of “newbies” when starting home based internet business, expect a “get rich quick scheme” and so do not expect to work hard to achieve success. Unfortunately, this is not usually the case with most homebased business opportunities. The exceptions to this rule gives only a temporary succour to this type of entrants but no lasting relief. They still come back to start learning the basics of internet marketing through an organized online marketing training program.

c)Lack of basic educational requirements..
Unlike most professions/jobs which require you to present your academic credentials before entry, those starting home based internet business, have a field day. The internet more or less has no formal regulator and so there is a natural sieving process whereby the “wheat is sifted from the chaff”.

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I will advise that anyone seeking greener pastures on the internet acquire some basic educational qualifications first of all, perhaps a minimum of a university degree in my view, to enable success online.

d) A corollary of the above is that a number of those with requisite educational qualifications are actually not involved in home based web business as they are otherwise too engaged in their professions and so are not even exposed to internet marketing. Unfortunately for them, they do not know what they are missing Those who try it in conjunction with their work and are very busy executives find out that they do not have the time it requires and so have to drop it to concentrate on their job. “A bird in hand is worth a thousand in the bush” you would say.

e) Wrong homebased business opportunities(s).
Some “newbies” starting home based internet business fall into the hands of fraudsters in their bid for “get rich quick schemes” and so get their fingers burnt.
The more reason why they should be involved in an organized online marketing training program which will “shepherd” them towards tried and tested money-making homebased business opportunities on the internet.

f) Failure to adhere to basic accounting concepts of matching, cashflow & profitabiltity.
I have written an entire article on this and advise that new entrants into internet marketing adhere to these concepts and terminologies of accounting as enunciated in Starting Up Your Own Business – Matching, Cashflow & Profitability

g)Failure to have knowledgeable and experienced mentors.
Even when involved in a good online marketing training program, you may find out that the size of the online marketing training program and the hectic busy schedule of the originator who obviously should be a much sought after “guru” will not allow the close mentoring needed for those starting home based internet business.

The system, if productive should have trained quite competent internet marketers who will still be involved in the online marketing training program and thereby pass down their own knowledge in addition to the originators’ as well as key ways to succeed with the online marketing training program. They will identify areas to cut costs and tools and resources to deploy to fast track your internet marketing success.

h) The time required in turning out a profit.
For those not even ordinarily looking for a “get rich quick scheme”, a usual complaint by those starting home based internet business is that the time required in turning out a profit which I label “the learning phase” is too long. This usually ranges from about 6 months to 1 year for a serious entrant and can even be longer for a lay-about.

Tags: home based web business, homebased business opportunities, homebased business opportunity, online marketing training, starting home based internet business

This entry was posted on Saturday, December 26th, 2009 at 11:05 am and is filed under Starting A Home Business. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.