Your Business

Why Online Businesses Fail

To build a successful Online Business is relatively easier to achieve than a traditional brick and mortar business. This being due to less upfront capital requirement, however, brick and mortar businesses have a big advantage in other respects, such as foot traffic.

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The Biggest Online Business Pitfalls:

  1. Not capping your spend

It’s relatively easy to get caught up in a product development cycle that consumes thousands before you have made even one sale. 

Create a budget from the start and work accordingly. Use free resources and tools and only spend when absolutely necessary.

  1. Not having a clear plan

You might know what you are going to sell, but have you thought further.

  • Where will you sell?
  • Who will you sell to?
  • How will they know about your product?
  • How much will this cost?
  • How many sales do you need per month to cover costs and still make a profit?

Define these questions from the onset. Write on paper how you will address each and how much it will cost. This will give you a clear indication whether your business will be viable.

  1. Not being consistent

In order to achieve success you have to go through cycles of review and improvement. Your first cycle or developed product most likely will be a flop, that’s okay.

By your 10th cycle you would have solved most of the underlying problems keeping you from success.

Wake up every day and make an effort to improve. Never stop doing this.

Read our FREE 5 Steps to a Successful eCommerce Business eBook here.

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