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6 reasons your online venture isn't making any money
Tons of people each day get drawn to the internet to make money online, and for good reason, because you can become extremely wealthy by selling the right things to the right people. But it's not all champagne and caviar here ladies and gentlemen. It takes a lot of work and you have to know what you're doing at the same time. Even if you figure everything out, there are still 6 reasons your online venture might not make any money, and I will go over them in this discussion
People start up websites with the hopes that they can sit at home and work a few hours a day while making $2,000+ a day. Now that's entirely possible, I actually know a few people who do this, but it's not likely. Sure you can get to $2,000 a day, but you should set your initial goals lower, much lower, at maybe $200 a day and then $200 a day so you don't feel like a failure.
Starting an online business is easier than ever with all the pre-designed themes and platforms allowing you to pay a monthly fee to set up a shop, like shopify. But did you know that most of these shops close their digital doors before they even reach their first $2,000 in profit? This is mainly because they are investing 40 hours a week, ever week, into their new business/website venture and they only make 1/4 of what they did at their 9 to 5 job. The main reason for this is because they have not put enough time and effort into the 6 points I'm going to cover below
1. Confusing Websites Turn People Away
Sure, you may think that your website looks amazing, but to your visitors it could be confusing. You know where everything is and hot to navigate through your pages, but your visitors may have a difficult time doing so which will eventually turn into less sales.
A simple design is always better than an overly complicated one. You can get a clean design using a WordPress theme or having something made for you, just be sure that you have everything looked over before you go live so that you know it's user friendly.
2. Your "About Us" Page is Lacking Something
People will want to feel like they're talking to a person and not a website when they're contacting you. To make your visitors feel this way, you need to have a stellar "About Us" page drawn up that covers a little bit about who you are and what your business is about. You can also show images and videos of past events you've attended as well as things you've sponsored. Your "About Us" page will be business focused, but that doesn't mean you can share credit with other companies and organizations as well. People will want to see that you're not trying to take all the glory because it's shows you're modest, and that goes a long way when it comes to online sales
3. You Aren't Building Your Lists
In today's world, you will always need to have an email list that you can send out updates and newsletters to. This is one of the easiest ways to bring people back in to make a sale and increase your profits. Not having an email list is just going to keep you one step behind your competitors, and they don't mind being one step ahead lol.
Some businesses rely solely on social media to push their updates, but what happens when their main platform changes something and now they can't post what they want? Yup, they're now screwed. You will need to be building your email list from day 1 so that you can send out whatever you want, when you want. Of course you won't be able to spam your members, which is pretty obvious I would assume.
4. You're Not Active When It Comes To Building A Following
Every business needs new business in order to stay alive, and it's the same with an online venture as well. No business will ever survive on it's first 10 clients alone, you will always need to be bringing in additional revenue through more sign ups and sales.
To actively build you following you will need to get interviewed on news websites, podcasts, niche related websites, etc. You can also build a YouTube and Vimeo presence which will help you with SEO later on down the road when your videos begin to rank high for select keywords
Building up your following isn't an overnight thing like some people like to believe. A good example of this is a client who hired me to build up their Instagram account and I got them 1,000 new followers in 2 to 3 days. Now to most of us that's amazing, but to this client it was not. They knew they could pay $200 and get 10,000 new followers, so they were pissed off when I only got them 1,000 lol. I then set up a new Instagram account, purchased 10,000 Instagram followers and showed them the difference. Their actual account got 150 to 400 likes for each image they were posting while the 10,000 follower account got 1-5 likes per post. I told them that these cheap Instagram services are usually fake account followers and they provide not value whatsoever. After I explained that it all takes time and that they actually have a pretty good momentum going, they were more than happy to sign up again lol
5. You're Not Selling Enough Of The Time
When you've been selling for along time like myself, you know when to sell and when not to. Of course, sometimes it just doesn't feel right to pitch to someone at a certain time, but you need to try it to figure out what works and what doesn't.
If you're not trying to sell whenever you can, you're just going to fall behind and that's never a good thing. You'll always be playing catch up on bills, subscriptions, etc.
Keep this in mind... On average it takes 6 email interactions to close a deal with a new customer. If you're always selling, you will get shot down 5 of those 6 times, but the 6th time will amp you up to pitch to the next 100 potential customers
6. You Don't Have Enough Income Streams
When you have only one income stream it's like you're living dangerously. If that one stream dries up, you're done for and have to close up shop unless you've been saving all of your profits, which likely you haven't been.
A lot of business owners will have 3, 4 or 5 income streams that all relate to their business in some way, shape or form. You don't have to sell all physical products through your website, you can actually write up an eBook and give it out to people but make sure you add some affiliate links within the book so you can profit from it You can also add that eBook to digital platforms like ClickBank where people will push your book via an affiliate link of their own and you will give them a commission whenever they make you a sale Now you don't have to do that, but it does bring in some sales so you might want to look into it. But if that's not enticing you to sell more, maybe you can offer some sort of coaching within your industry. There are loads of ways you can offer coaching, and it doesn't have to be too technical either. You can basically just help someone along the way and get paid for every step lol.
Just remember, you don't want to rely on one income stream because it could be gone tomorrow and you woudn't have any profits coming in.
When starting up an online business, you need to know that it does take a lot of work just like a physical store would. Sure you don't have to pay rent or a lease and move all your products into a physical location, but you will still have to manage everything and keep it in order all while increasing your sales at the same time
Avoiding these 6 mistakes can help you succeed in a shorter amount of time because you won't have as many hurdles to jump over. You will be able to know what you need to be doing just by reading through this discussion and implmenting strategies to avoid the mistakes others have made before you
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