Your Mindset will define Success or Failure
First, you need to understand that starting a business is not easy and never will be. It takes a lot of planning, and hard work — the failure rate for both physical and online ventures is very high.
I have mentioned in earlier articles that 90 to 97% of all businesses fail. That seems very high, but it is no worse than the failure rate of brick and mortar businesses. The cost in dollars lost is extremely low when you compare online startups to offline ones.
Look at the Offline Failure Rates
- 80% will survive their first year in business.
- 70% will survive their second year.
- 50% will make it to their fifth year.
- 30% will make it to their tenth year.
The consistency of these numbers over time suggests that year-over-year economic factors have little impact on the survival rate.
Important Note: Both Women and Minority-owned businesses do better. They demonstrate the effects of their strength and perseverance. They tend to stick with it through the hard times because they hold to their hope of a better life.
With an offline business, there is usually a cash investment that everyone cannot afford.
Yes Online Failure Rates are High
Many of the so-called, “failures,” never really started. They may have bought into one of the many scams out there promising over-night riches with little or no work or even built a website, but they never committed to building a home business.
With an offline business, there are usually huge cash investments, (I put up $150,000 to start and then invested much more). From that investment, I made a good income, but nothing like what I have online.
Most online businesses start with very little invested and therefore have very little to lose if they decide to drop out. Can we call it a failure when a person does nothing and expects to gain great wealth or just stupidity?
I don’t want to be rude, but if you do not have a mindset to succeed than you will not. You are going to face many temptations to quit before you become successful. Your family and friends will tell you that you are wasting your time and should try something real.
If you are not committed, you will not succeed online. Your dream of working at home and having a good life will soon disappear. You will join those who are telling their friends that you can’t make a living online because you tried and failed.
Mindset is Critical to Your Success
The internet has opened up a whole new world of possibilities to everyone who has a connection. You don’t have to have a lot of money; you can get a great start with as little as $50 to $70 a month and with that small investment you can make as much as a person who invests $1000’s in a brick and mortar business.
These three things will make you a success
- Commitment – You must make up your mind from the start that you are going to stick with your home business until it is successful. You must be willing to invest both time and money for maybe months before you will start earning a real income.
- Training – You will need to learn some basics of online marketing. There is nothing hard about internet market, no guru secrets, but there are several things you will need to learn. If you go the affiliate route, you will learn a few of the steps, but you will need some in-depth training.
- Support – You will need someone you can go to when you hit a spot that you can not figure out. Many will sell you high-priced training with limited support, but you need somewhere that you can always get help.
Have You Made Up Your Mind To Succeed?
If you have, I want to go one step further and recommend a program that I have been with for several years. I do get an affiliate commission from this program if you should decide to upgrade, but Wealthy Affiliates provides points 2 and 3 for free. They help you establish a good business mindset.
Wealthy Affiliates will give you the use of one of their domains, hosting and the training you need to get started making money online in whatever business you decide. They will even show you how to pick a niche to market to, and it is all for free. Take a look at, “Build Your Website Free – With Free Help.”
You receive ten free lessons that teach you all the basics of building your website and internet marketing and if you decide to upgrade there is training to take you all the way. Lack of training is the reason for failure.
To go along with the training, you will have access to the owners and a community of entrepreneurs who have been through the same problems that you will face. They will be glad to offer you the advice and support you need.
This program is so good that it has an unheard of the conversion rate of 12.5% of those who take the free training. I love this program so much that I am an affiliate.
There are Many Other Ways to Make Money Online
There are many thousands of affiliate programs that you can become a part of and make some money and some like Amazon where you can sell many types of goods. One of these may be just what you want.
Your mindset will still be the key to your success. My honest advice to you is don’t even start unless you can be committed. Your failure will reflect on all of us and will contribute to the idea that online businesses will all fail.
It is true that only 3% become wealthy online, but many others make their living.
You can be one of those! It doesn’t take a college education or 10s of thousands of dollars invested. You can get started very cheaply.
In fact you can start with a program like Wealthy Affiliate absolutely free. There also many affiliate programs that will furnish you a site and all the sales materials. Many of these programs are very good, but most build the owners list and pay you a commission.
Building your list is still the most important thing you can do to insure your success. You will change programs and if you have developed a good list you will still have a business.