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Home Based Internet Business ~Top 5 Reasons Entrepreneurs Fail
With over 200,000 people a week joining the home based business industry, there are some really good statistics out there that identify why very few will ever make any significant income in this industry. I am going to go over what I feel are the top 5 reasons that most will fail and miss the target.
Reason #1 – Not knowing their target markets needs and desires.
This is a business of providing solutions to people. You have to know what it is that your potential customer wants in order to begin the process of connecting with those people. You cant sell a product or service to someone who has no want or desire for what you are offering.
If you want to be successful in the home based business industry, the first step is to take out a sheet of paper. Start describing the person you are looking to attract to you. Describe what their age is, what kind of clothes they wear, movies they watch, what they eat, where they vacation and what kind of home they live in. Do they have children? You want to have a very clear picture of your target so that you can hit your mark when you pull the trigger in your marketing to them.
Reason #2 – Creating programs without doing market research first.
Not doing market research is like committing business suicide. That would be like someone opening a restaurant in a remote area with no traffic. Find out where your target market is. Where do they hang out online? What websites do they visit. Don’t assume that your target market has to be on Facebook because there are over 400 million users.
Always test before you launch. If your doing pay-per-click, CPA ads or banner advertising, you want to carefully test your campaigns before you ramp them up. Once you have done your research and you have data, you can then make an educated decision.
Reason #3 – Not Establishing Enough Trust
You have to connect before you pull. Establish trust through offering VALUE FIRST. This is the difference between the seasoned veteran and the newbie who thinks that their product is so hot that everyone will be dying to grab it if they just shove it down peoples throats. Wrong Pal…. Very Wrong.
People want to do business with people they know, like and trust, PERIOD!! Case Closed. You have to establish trust over time by giving away your best knowledge, tools or systems. Provide people with solutions to their problems and you will become a trusted advisor and leader.
Reason #4 – Pitching their offer too quickly.
I am sure you have seen your share of people blatantly pitching their business opportunity, product or service to you. How did you feel about that? Uncomfortable? Mad? Did you feel sorry for that person because they have no godly idea how to market. Slow down and remember, provide value on the front end and everything else will fall into place.
Reason #5 – Not enough confidence in themselves or their product or service.
If you are the type of person who gets stuck when people ask you whether your in MLM, Direct Sales, or whatever, you need to get over it. You are in whatever business your in because you chose to be and you had better exude confidence when speaking with people. Stand behind your decision to be an Entrepreneur.
Your business will never outgrow your self esteem, ever! You had better be on a reading program and putting good stuff in that head of yours. Leaders are readers. What you put in always comes out of your mouth. Ever hang around a group of people that swear and cuss all the time? I watched a movie just the other night “Pride and Glory” with Collin Ferell and Ed Norton. Boy was there some language in that movie. Well shortly after I caught myself swearing over some situation that arose. Why? Because I let that crap in my ear gate.
You have to counter balance the negative you receive on a daily basis in your head. This is done by being diligent about reading positive books that will help you grow. Mindset, self help and PMA books are the best to put in the memory bank.
If you truly want to be successful in a home based business of any kind, you have to learn how to master the basics. Know your target market, do your research, establish trust, don’t be so quick to pitch your offer and be confident in yourself and your product or service.
PS. To Learn The Skills Necessary To Be a Successful Online Marketer And Gain Access To A Complete System To Assist You In Becoming A Successful Entrepreneur, Visit Internet Wealth Pros.
Hey Josh,
I'm a firm believer in pulling the prospect to you, rather than pushing a product toward them.
Once a solid relationship and trust is created, building your business is almost effortless.
Great Article!
Anne Theriault
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Market research is always essential for the succes of any kind of business.,-.
Nice to see some original content for once. I’ll subscribe to your rss feed to get future updates.
Thank you. I pride myself on producing original, thought out content for my readers. There are way too many “traffic junkies” that care not about their audience and just throw up a blog and rip off or feed in other peoples content for traffic only purposes. I believe in developing a relationship with my readers and giving them useful insight on life, liberty and the pursuit of happiness. – Thank you for the response and enjoy the PR 4 backlink.
Well that was an interesting read.
Thanks. CJH taste year
I believe that this reasons are all correct. Home Based Businesses fail not only because no one believes in them but also because sometimes and most of the times trust and confidence has not been built from the start.