I posted an entry on why most Internet Entrepreneurs fail at their Internet Business one year ago and now I think this would be a good time to revisit and add some guidelines to improve your Internet Business.
There are many people who started their websites just for a hobby and if you are one of them, you may find the following reasons relate to you. The following are three reasons why I find most people fail to do well over their Internet Business:
No goals, no target, no results…
I used to run more than 10 websites at a time without any goal settings, not to say targets to reach whatsoever. But I figure out that setting a goal is extremely important towards success. One strong reason for setting a goal is that you will be able to track progress. Once you started to track progress, you will know where you are going.. at least. From there, it is much easier for you to shift focus on certain areas to achieve your goals.
Setting goals can be as easy as targeting a specific amount of income coming from your website. For example, I used to set a goal of $300 monthly passive income from Adsense from one of my sites and following that goal, I gain clarity on what are the actions I can take to bring me closer to the target. To elaborate further, assuming now that site is generating $150 from Adsense, the only way to increase the revenue is to either increase the traffic, or increase the click-through via testing all sorts of placement.
I hope you can see how powerful can goal setting be especially in helping you to derive the action plan.
Lack of movitation
Over the past 12 to 18 months, I have been actively involved in networking events and hosting some Internet Entrepreneurs activities as well. And through these events, I find that one of the common reasons why people give up is due to lack of movitation. I am not surprised by this because I lose movitation at times..
If you started out alone, chances are you will be losing movitation and giving up eventually especially if there are little or no results before you hit the one-year anniversary. The only way to overcome this is to get yourself a group of like-minded people to meet and interact often. This will not only keeps you motivated, but also put you accountable for one another.
Not taking enough actions
Most people who started an online business do it just for hobby or another source of online income. This mindset rarely would get the person far. If you are not doing something full-time, chances are you will not taking enough actions to see success.
Entrepreneurship is all about actions, we really need to take tons of actions to see what works and what didn’t. Keep exploring and doing different things is the only way to a successful business.
The following 7 steps will definitely help you in your Internet Business (no matter what level is your business at right now) if you follow them diligently:
1. Think of a reason for people to visit your site – If you treat it like a business and really want to see it take off, you must come up with a strong compelling reason why people must visit your site? Do you help them to save time? Save money? Or entertain?
2. Become friends with Bloggers or Entrepreneurs who is targeting the same market as you – Meeting and get to know other Business Owners is as important as marketing for your business. You must form a inner circle so that you can reach out to more people via other people’s network.
3. Form mastermind group – Mastermind not only give you ideas for your business but also movitation when you see success among the members. If you just started, simply join your local forum to arrange some meetups to see if there is anyone who is interested in meeting on a consistent basis. I personally have several mastermind groups every month and every time I meet the members, I get ideas or new resources to grow my business.
4. Set goals as a team – Do this with your mastermind group. For me, I am more discipline when I set goals with the others and I make sure I must do something to achieve it.
5. Go network and meet more people – Successful business owners have a rich network and hence if you want to double or triple your online income, a good shortcut is to know the right people. I can promise you that if you start to attend networking events even once per month, your business contact sphere by the end of the year will be extremely beneficial for your business growth!
6. Collaborate to do less and earn more! – Once you start meeting other business owners, you will see many opportunities for all of you to work together. One good example, is to work by referrals. You can simply give away some referral commission for every successful sales that comes from your business partners. This reduces the time for you to look for new clients.
7. Help others! – Once you start seeing results following the above steps, it is now time to help others. You may know what I mean if you have truly experience what goes around, comes around.