[Last Updated June 11th 2009]
To new readers: For better understanding of this blog, it is best to read from the beginning. Please start from Article 1.
90% of startups fail in the first year. Are you in that 90%? Most likely, as the probability is statistically stacked against you.
Does this mean you should give up? (No. At least not at this stage.) there are many reasons why businesses fail
Read through the following rules and guidelines to why businesses fail before you make a decision.
Though there are some people who are hopelessly not suitable for business, why businesses fail are due to not knowing exactly what to do and what not to do.
The following rules will guide you through your self-evaluation process to find out if you are ready to venture into business. If you are already in business, these guidelines will enhance your skill and enable you to run your company more efficiently.
RULE 1: Personal Commitment. One of the many reasons why businesses fail.
a. Have you done enough research to start an online business? If not, you should start right away. Going into business blindly or without being fully prepared is courting failure.
This blog “Sell Online And Profit” will guide you step by step and in sequence to build a profitable business. First, by identifying whether you are going to fail, thus allowing you to give up before you start. This will save you lots of time, money and heartaches.
If you are suitable for business, the upcoming articles will then guide you through product selection, costing, profit calculation, sales and marketing etc.These steps must be done to give your new venture the best chances to be successful. So take sometime to carefully study this article and upcoming articles to understand each aspect and to know why businesses fail.
b. Are you able to fully commit to seeing the new business through to success?
c. There is a lot of hard work in front of you. Do you feel it is a chore or are you excited and eager to go forward?
d. Do you have the patience? It takes 3, 6 or even 9 months from starting the business to seeing results (this will be explained in later articles).
e. Do you have the money to start the business and pay expenses until the business brings in sufficient income? (look out for the section “Fixed Cost” in our future post called “Product Costing”)
f. Are you energetic, innovative and determined, self motivated and focused to **Sell Online And Profit**?
g. Can you persevere?
h. How many hours a day (including Saturdays and Sundays) can you set aside for this business? If you are currently working full time or part time, you have to seriously consider this point. It could mean the difference between Success and Failure.
i. You have to set aside at least 3 to 4 hours a day, everyday, solely for the purpose of working on your new business. (if you can’t do it in the day, do it in the evening or night.) Initially, you will have lots to take care of (these will be covered in up coming blog posts). Gradually, you will spend less time on these things as you would have taken care of most of them. But, by then, you will be getting busy as sales start to come in. By which time, you have to start running the business. You will spend time taking care of orders, sales, packaging, stocks, customer service, delivery, marketing etc.
After going through the above points, you should now evaluate your position.
If you are still unsure, give yourself a little more time. Work out your time commitment. Re-evaluate your other options (e.g. looking for a job, or starting a physical store or furthering your education etc). Talk to your family members (maybe you can get financial or work support from them if those are the problems). Address your fears and doubts. Rework your financial commitments to ensure that you have the money to sustain your business through the start-up period.
If after all this, you find that you still have 50/50% doubt, we suggest that you scrap the idea altogether.
Reason being, your may not be passionate enough, not have enough time, is unwilling to make time, is unwilling to sacrifice or unsure of yourself etc. These are some of the reasons why businesses fail. These factors will most likely affect you and your business. So it is better to walk away now then suffer failure in the future.
However, if you are sure you are ready at this stage to **Sell Online And Profit** from it, please read our upcoming posts. There are still pit falls to avoid and rules to follow and more reasons why businesses fail. If you are interested in our up coming articles, please leave your email address with us and we will inform you of new updates via our newsletter.
If you are currently running a physical operation (be it wholesale, retail or a Mom and Pop store), you probably have some kind of connections with the web. There are alot of opportunities for you to improve your sales and profitability by making use of the web. You will come to know many good practices and reasons why businesses fail.
There are at least 2 areas of the web that your business can take advantage of.
1. Bring in more sales to your physical operation
2. Reach a much bigger market online and achieve even more sales.
The above 2 features will bring in better sales and profit for your business.
We will address “1. Bring in more sales to your physical operation” in a later article. This could be an important read for you.
For “2. Reach a much bigger market online and achieve even more sales.”, please continue reading our next and subsequent articles. You are sure to find very good pointers to improving your business skills and bring in more sales and profit. If you are already selling online or if you are thinking of starting a {successful online business,} read on. Learn more reasons why businesses fail and avoid them. Our next article will be up soon. If you want us to remind you, please leave us your email address. We will notify you when the next article is published.
Good luck to you and your venture.
Now, go Sell Online And Profit from it!
[Last Updated June 11th 2009]
Thank you very much for this wonderful blog post.