With today economic situation, venturing into online home business is the best option for people with low start up costs. If you’re reading this article, most probably you are one of them too. How many e-venturer can really turn into high successful earner as Eric Rockefeller or Stone Evans?
According to many sources, statistic shows that more than ninety percent (90%) of new start-up homebased business failed within 120 days. Don’t be surprised. Yes, more than 90% of failure rates.
Take this failure rate, people may hesitate and reconsider the option of starting a homebased business or rather continue their regular job will be more secure to them.
But what happened to the ten percent (10%) of successful online home business? Success is something possible. Learn from others mistakes, can increase your chances of success online.
There are 3 myths that contribute to home business failed.
Myth #1 – Wrong Perception towards Online Business
New start up homebased business failed because they are switching business model too often. They are trying and hoping to find one business model that will give them quick and easy money.
1. They are hopping and hopping, hoping to find the right boat.
2. They never contribute to make the boat move faster towards shore.
3. Stick to one online business model, don’t give up easily, you’ll get result later.
If your answer is the same as the model answers above, you are perfectly wrong. You’ll be in the 90% group if you remain these concepts about online home business. The rightful perception about online home business is completely different.
New start up online business required long hours of learning and trying in the initial stage. Online home business may require less hours once it is well established like Rich Jerk or Ewen Chia.
Get rich quick is scam. There are sale pages telling you how successful they are by showing their luxury home, branded car or fancy vacation and by joining their get rich quick scheme, you will be like them. These sale pages will never stated their hard working process before they can present their business to you. This sale tactic gave the online home business newbie a wrong perception on online home business is easy, quick and without any tough work.
Myth #2 – Shifting from one business model to another too soon or too frequent
Changing business model too frequent can cause homebased business to fail. They get distracted by new business model too often and hoping to find quick and easy business model. By hopping from one boat to another, they try to get a boat that can fetch them to shore. But they forgot to paddle the boat to make it move faster. Consistency is the key to success in any home business.
Myth #3 – Short of Business Plan
Most of the online business failed because they don’t have proper business plan. You should treat home business as normal business. The same rules from brick and mortar business will put on online home business. You should plan it before start up. It will make thing easy to have a written business plan to follow and show you when to do and how to do it to reach your goal.
The best business plan is to follow a ready successful business plan. Find a good quality mentor online and learn from their experience and track record.