9 Reasons people fail with their online business…
So many people get fired up with the idea of making money from home and yet so few succeed!
Why is this?
First let me say that this is not restricted to an online business, it is home business in general and the massive failure rates have been the same for many years even long before the Internet was available.
I have been involved in the Home Business Industry since the 1980's and generated some great cash but the figures you see quoted of 90% failure are in my experience understated.
I have tracked the success rates for over 30 years in a wide variety of businesses ranging from MLM and affiliate marketing to more conventional home industry types and I have also been a business consultant to a wide range of businesses....
The fact is the failure rate is about 98% if we take success as developing an income that is sustainable and able to support a family without scrimping and saving!
Knowing the figures though does not help unless we seek the reasons behind the figures, which are many and varied but I am listing here the most common...
I want to eliminate those who have no intention of working and feel that they are owed success just by joining a business and this accounts for a staggering 86%. So often I hear people saying, "I joined xyz business and I never made a cent!" On analysis the vast majority never made anything because they never did anything. There are a few who halfheartedly placed an ad and expected their bank account to magically overflow with cash. This gets us to reason number 1...
Not Understanding That A Home Business Is A Business Not A Magic Formula
Any business requires sales to be made. No sales means no income and no income means no profit! This leads to reason number 2...
Not Understanding That You Must Become Good At Selling If You Want A Profitable Business.
This does not necessarily mean you have to sell one on one, but there MUST be an efficient way of making sales. This does involve marketing and leads us to reason 3...
Not Understanding That Marketing Is Trial And Error. There is no perfect system, no perfect product, no perfect client and no perfect advertising source! Even the most experienced marketers do not know id a campaign will succeed or not before they test it.
Not Understanding That Most Marketing Campaigns Lose Money. It is not unusual for 19 out of 20 campaigns to lose money, but the one that makes money makes up for all the ones that lose money.
Campaigns that lose money are tweaked and may lead to a winning campaign.
Campaigns that lose money can be stopped before breaking the bank.
Campaigns that make money can be scaled up to make thousands of dollars. The figures may be that 10 campaigns lose $20 each ($380), but the winning campaign can make $30,000+
Following on from above...
Not Understanding That In Most Cases You Will Lose Money Before You Start To Make Money. A winning campaign will probably look like this....
Notice it is losing until 4 or 5 and then as it starts to win it is scaled up resulting in high profits. Most people don't understand this and give up at point 2, 3 or 4. Numbers 1 to 5 may be days or weeks or whatever the frequency of your tests may be and after each test the campaign is reviewed and tweaked. If test 4 continues to lose then maybe it is time to stop the campaign, this only comes from experience - sorry there is no exact formula!
Only 1 person in 7 (statistically) ever joins a business and puts in a serious effort and that means that...
If You Are Building A Matrix 5 Wide You Will Need To Sponsor At Least 35 People.
Only 1 person in 7 (statistically) of the people who put in a serious effort ever stays in a business and generates a serious income and that means that...
You Will Need To Sponsor At Least 250 People To Find 5 Who Will Make You Rich. These are the REAL figures ~ 1:7 means you will get an initial 14 from 100 sponsored (item 6 above) and that will drop down to just 1:7 of those 14 ~ just 2 that will stay and make money for themselves and for you. These are the 2% who succeed and make 98% of the cash achieving the "Laptop Lifestyle"!
There are 3 pillars for success;
Unless you have all 3 in abundance you will not become one of the 2%!
Even in passive opportunities such as Revenue share programs these figures will apply. People will join a Revenue Share plan that pays out but will not buy an Ad Pack to participate in the income. Even fewer will sponsor anyone to make commissions from upgrades.
To become one of the 2% you must learn the above principles and apply them. If you are doing this consistently and yet not seeing results then you need a mentor who can guide you and help you get the right level of belief.
The only thing that stands between you and success is....
ONLY IF you are REALLY serious about making money online and understand that it takes financial investment then click here to join our Facebook Group
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Graham Frame (Fram to my friends) Yahoo IM geframe