Facts and Myths about Online Businesses
Avoid the Pitfalls of Getting Started Online
There are a lot of myths about running an online business. Many have come about as a result of hype in the media, real-life rags-to-riches stories and sharp marketing practices.
In this article, I hope to dispel many of these myths, because many of them, if believed, can end up costing you a lot of money.
Myth #1. “You can get rich quick on the Internet”
No you can’t. The odd, one or two people might have done it, but the majority have not. In fact, something like 95% of all people who attempt to start an online business end up failing and losing money.
Myth #2. “You can make $14,372 in one month”
Well, yes you can make that much money in one month, but you won’t make it during your first month. Nor during your second, third, fourth etc. Marketers who plug systems that have made them that much money have probably been around for a few years, and have built up huge, responsive mailing lists.
Myth #3. “You only need to work for 1 hour per day on an online business”
It is true that some people are in that position, but it is only after spending a lot of time setting up and perfecting their system. Some online businesses are almost completely automated, so they require very little manual input. However, it is very rare for a “set and forget” business to provide you with enough income to live off. So in reality, you set up a number of online businesses. And if you spend one hour a day on each of those businesses, you’re approaching a full-time job.
Myth #4. “Build it and they will come”
If you set up a website, people will visit it, and some of them will buy things from you. Think again! There was a time when that was true, but now the competition is huge. You will need to put in a lot of effort to get your site seen by anyone, let alone a lot of people.
Myth #5. “It costs nothing to run a website”
There are costs involved. They are covered elsewhere on this site. With care, you can keep costs to a minimum. If you’re clever, you can ensure that any costs are quickly repaid by your customers.
Myth #6. “You need a product to sell before you can start a business”
Well, yes, you need a product, but you don’t necessarily need your own product. Sell somebody else’s product instead. Go to any shop or store and see how many products are their own. I’ve never seen a Heinz shop, but I see Heinz products in every supermarket and grocery store.
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