Have you ever wondered why so many online businesses fail?
If you look at the statistics, you’ll see that over 90% of all online business failures happen within the first 120 days of being launched.
Seriously, 120 days – that’s only 4 months!
To me, that’s absolutely mind blowing!
Especially when you consider the fact that an online business is probably one of the easiest businesses to start when you compare it to a traditional brick and mortar business.
The initial financial investment and the ongoing overhead costs of an online business are usually quite a bit lower than they are when it comes to opening a traditional brick and mortar business. Also, there tends to be fewer steps involved, so the amount of time it takes to go from idea to implementation, is typically a lot shorter. Which of course means that you have the potential to go from launch to profit a heck of a lot faster.
Now the caveat of course is that this obviously depends on what type of online business you’re starting.
For example, starting a software-based online business will take a lot more time and money than starting a digital online business. A digital online business being one in which you are selling your services and/or information-based educational products and/or courses.
Although what I’m sharing in today’s post relates to all online businesses, for the purposes of this post I’m going to be specifically referring to digital online businesses. Simply because they are the easiest, fastest and least risky of all online businesses to start, and they also happen to be my particular area of interest and expertise. Read more