Home Based Internet Business ~Top 5 Reasons Entrepreneurs Fail

With over 200,000 people a week joining the home-based business industry, there are several excellent statistics out there that identify why few will ever make any significant income in this industry. My goal is to talk about what I feel are the top 5 reasons that most will fail and miss the mark.

Reason #1 – Not knowing their target markets needs and desires.

This is the business of providing solutions to people. You need to know precisely what your potential customer wants in order to begin the task of connecting with those people. You cant sell a product or service to somebody who has no want or desire for what you are offering.

In order to achieve success in the home based business industry, the initial step is to obtain a sheet of paper. Start describing the individual you want to to attract to you. Describe what their age is, what type of clothes they wear, movies they watch, what they eat, where they vacation and what sort of home they live in. Do they have children? You ought to have a very clear picture of your respective target to be able to hit your mark when you pull the trigger in your marketing to them.

Reason #2 – Creating programs without doing market research first.

Not doing market research is like committing business suicide. That would be similar to someone opening a restaurant in a very remote area with no traffic. Determine where your target market is. Where do they hang out online? What websites do they visit. Don’t assume your target market needs to be on Facebook because there are over 400 million users.

Always test before you decide to launch. If your doing pay-per-click, CPA ads or banner advertising, you want to carefully test your campaigns before you ramp them up. Once you have done your research and you have data, you can then make an educated decision.

Reason #3 – Not Establishing Enough Trust

It’s a must to connect prior to deciding to pull. Establish trust through offering VALUE FIRST. This is the difference between the seasoned veteran and the newbie who thinks that their product is so hot that everyone will be dying to grab it if they just shove it down peoples throats. Wrong Pal…. Very Wrong.

People want to do business with people they know, like and trust, PERIOD!! Case Closed. You should establish trust over time by giving away your best knowledge, tools or systems. Provide individuals with solutions to their problems and you will become a trusted advisor and leader.

Reason #4 – Pitching their offer prematurely.

I am sure you have seen your share of people blatantly pitching their business opportunity, product or service to you. How did you really feel about that? Uncomfortable? Mad? Did you feel sorry for that person because they don’t have any godly idea how to market. Slow down and don’t forget, provide value on the front end and everything else will fall into place.

Reason #5 – Not enough confidence in themselves or their product or service.

If you’re the kind of person who gets stuck when people ask you whether your in MLM, Direct Sales, or whatever, it is advisable to prevail over it. You are in whatever business your in because you chose to be and you had better exude confidence when talking to people. Support your decision to be an entrepreneur.

Your home business won’t outgrow your self esteem, ever! You had better be on a reading program and putting good stuff in that head of yours. Leaders are readers. What you put in always comes out of your mouth. Ever hang around a group of folks that swear and cuss regularly? I watched a film just the other night “Pride and Glory” with Collin Ferell and Ed Norton. Boy was there some language in that movie. Well soon after I caught myself swearing over some situation that arose. Why? Because I let that crap in my ear gate.

You must counter balance the negative you receive on a daily basis in your head. This is done by being diligent about reading positive books that will help you grow. Mindset, self help and PMA books are the best to put in the memory bank.

If you truly want to be successful in a home based business of any kind, you have to learn how to master the basics. Know your target market, do your research, establish trust, don’t be so quick to pitch your offer and be confident in yourself and your product or service.

To Your Success,

Joshua K. Boxer