July 11, 2010

Starting An On-line Business – Why the High Rate of Failure

thinking manique Did you know - 97% of people FAIL in Internet Marketing.
Why is that so high?
The answer is because for most an Internet Business is the first time they will have worked for themselves.
Now - there is NOTHING wrong with this - in fact it is to be applauded that many have the entrepreneurial bug...
...but it does mean the majority enter this business needing to learn some new skills first.
Most online at one time or another believe that just HAVING a product - means they are in business (this is not helped by so many so-called gurus who scream from the roof top how easy it is to make money online...)
Now please don't berate yourself if you once thought this - I did when I began! (in 2009)
But I have to tell you...
...a product is not a business.
There are a ton of people with great products - making no money.
And let me add to this.
A website is also not a business - again - there are millions of websites making nothing.
So if a product is not a business - and a website is not a business - what IS a business?
The answer?
Robert Kiyosaki once said 'The rich build networks, everyone else looks for work.'
Look at all the really successful online ventures - Twitter - Facebook - Linked In....
They have all built networks.
Look in the offline world. Sprint - TV networks - Ralphs...
Call it a database - customers - list ...it really doesn't matter.
They have built networks.
Those that are successful - in ANY industry - have an INSTANT SOURCE of customers - that they have collected over time.
And 80% of your income - will come from the SAME 20% of your customers.
The very best thing you can do right now - is stop trying to sell something - and build your own list.
Just 40 people buying a $27 product from you - is over $1000/month.
Imagine getting 80 people. 100. 200. 500...
How do you build a list? Easy.
You choose a profitable market - and then offer something of value for free.
Free used to be a gimic - now it's a fully fledged economy.
Why is this?
Because there is no money in the front end any more. 10 years ago maybe - but certainly not now.
It's all in the back end.
We build our list first - by offering something of value for free.
Every successful business is in the SAME business....
...and that is the business of improving their customers lives.
You need to adopt a greater passion for what you are GIVING (your free gift) - than what you are receiving ($$$).
Stop asking yourself 'How can I make more money' - and start asking yourself 'How can I help? How can I serve? How can I solve?'
Every successful businesses understands this.
It's not what you sell - it's what you stand for.
If you spent the next three months doing nothing more than building your list - that would be time very well spent.
By Chris Farrell


  1. This is very useful article! As for my experience from MLM I would like to say that a business is not all about product it's more about you!

  2. How right you are, thanks for commenting