With today economic situation, venturing into online home business is the best option for people with low start up costs. You may be one of the new online home business e-venturer yourself. But not all can be successful as Ewen Chia or Rich Jerk.
According to many sources, statistic shows that more than ninety percent (90%) of new start-up home business failed within 120 days. You may want to check out this figure again. It is more than 90%, a very high percentage of failure rates.
Considering this high failure rate, you may pause and rethink about having home business and keep your 9 to 5 job.
What differentiate between success and failure in online home business? Success is achievable. Study the reasons behind this high failure rate in online home business should be able to help you avoiding falling into the trap.
Below are the 3 myths that cause the home business failed.
Myth #1 – Wrong Mindset about Online Home Business
Changing business model too frequent can cause home business to fail. They are trying and hoping to find one business model that will give them quick and easy money.
1. By hopping from one boat to another, they try to get a boat that can fetch them to shore.
2. They forgot the main point is to help paddling the boat to make it move forward.
3. A successful home business should stick to one business model and work consistently.
If your answers are similar to the above, you need to adapt a new mindset again. You will be in the 90% failure group if you keep these mindsets on your 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.
Business that sell get rich quick is a scammer. 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. They’ll never mention how many nights they have spent or how long they’ve been working at their business prior to present their business to you. This selling tactic is misleading many newcomers in home business.
Myth #2 – Shifting from one business model to another too soon or too frequent
Most of the failed home business newbie are hopping from one business model to another too frequently. They get distracted by new business model too often and hoping to find quick and easy business model. They are hopping and hopping, hoping to find the right boat. 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
Any business including online business will fail without a proper business plan. Online home business is still a business. The same principles shall apply to online home business from conventional business. All business should have plan in place before commencement. 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.
Plan your online business can help discipline yourself and keep your business on right track. Find a good quality mentor online and learn from their experience and track record.
Remember, successful earner learn from mistakes and make changes toward success. Study these myths and you could be a successful home entrepreneur one day.