Why do so Many People Fail to Make Money Online?
You have probably heard that rather alarming statistic that 95% of people who try to start a business online or make money online fail. I’m not sure where that online business failure rate of 95% came from, but based on what I have experienced since I got started online in 2004, I think that number is probably quite accurate.
Here are some of the most common reasons for failure online
- It’s a lot harder than it looks – a lot of people think that making money online is really easy. This is no thanks to all these internet marketing product launches that make you believe that you can earn thousands of dollars within the next few weeks. In reality, building a business online takes consistent effort and a lot of persistence. Many people get started and then quit when they realise how much time and effort is involved.
- Not giving it enough time – starting an online business, e.g. an affiliate website will not make you money overnight, or even within a few weeks, unless you are already very experienced. It took me around 4-5 months until I was making a profit, but it may take some people less time than that or more time. I frequently get emails from people telling me that they have tried xyz for 1 month or 2 months and not made any money, so they are quitting.
- Lack of Traffic – if you have a website you need to be getting good targeted traffic. If you are not getting traffic, you will not make any sales, it is as simple as that. I’ve received emails from people who have had a website for months and are wondering why they are not making any money. A closer look reveals that they are only getting 1 or 2 visitors to their website per day. You must focus on traffic generation as your #1 priority.
- Poor Conversions – a conversion is a visitor who comes to your website and makes a purchase. A typical sales page on a website may convert at around 1%, which means that 1 person in every 100 will make a purchase. If your website is converting lower than this you need to take a close look at the copy and try to understand why it isn’t converting.
- Lack of Help – trying to succeed alone can be hard but your chances of success will improve if you have someone to help you along the way, someone to ask questions to and someone to look at what you have done and tell you where you have gone wrong.
If you are experiencing any of the above, you may want to try the Affiliate Power Group where you can get help and support from experienced coaches. We can review what you’ve done so far and tell you where you have been going wrong. Together we can make sure that online business failure is not an option!
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Filed under: Internet Marketing
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