10 myths about starting an online business
If 90% of all startups fail, why do we only hear about the successful ones? If you talk to an online entrepreneur, you’ll probably hear few stories about the unsuccessful startups they’ve worked for. That’s how the online industry works: some of the projects achieve incredible success, but most of them fail.
When we focus on the successful businesses, we get the impression that any idea can lead to success thanks to the huge online audience. That’s one of the greatest myths about online businesses. If you intend to give your idea a try, you should first bust that one, and then focus on revealing the truth for many other myths about online businesses. We’ll get into the details. Here are 10 myths that give you a wrong impression of the way online businesses work:
- You don’t need a huge investment to start an online business
If you have decent design skills, you can build a website without any investment. If you’re not that great at graphic design, you can always use a template, right? Wrong!
Yes, it’s possible to start a website without investing a great deal of money. But, is website maintenance equal to business maintenance? I wouldn’t say so. Let’s check only few of the costs you’ll have to deal with:
- Business planning
- Advertising
- Content development
- Customer service
- Taxes
- Accounting
- Project development
We can’t give you a definite number; each business is related to different costs. We can, however, give you an important tip that will save your business from failing: plan the costs and save money before you start. You think that $2000 will be enough? Have at least $4000 on the side, just to be safe.
- There’s a tool for everything
Thanks to technology, you can automate many aspects of your online business. For example, you can use tools like MailChimp to automate the email marketing campaign. However, that doesn’t make the human aspect of business maintenance irrelevant.
You cannot completely automate the content marketing campaign. Someone will have to write that content, and you’ll need a marketing team to plan the promotion of your brand. You cannot make the social media activity fully automated, and you’ll still need actual people in the customer support department. Online business maintenance is still dependent on people.
- You have to be good at writing
Neil Patel has started few successful online businesses and marketed their way to fame. His secret to success lies in his ability to develop a personal brand and convince people of the value of his products. Does that mean you have to do the same if you want your online business to be successful? No; that’s a myth.
With the right team on your side, you can always translate your great ideas even if you’re not that good with words. You can easily find great writers to hire from the writing service, and you can outsource the marketing part to professionals. When you’re a good manager, you’ll always find the right people for the right job. And, you’ll make your online business successful thanks to that crucial skill.
- You can keep your full-time job and start an online business on the side
If you have a great job and you’re not 100% sure your idea for an online business would work, then that’s exactly what you should do. Don’t quit that job just yet. Give this idea some time to develop and start working on it in your free time. During this period, you’ll have enough adrenaline to keep you going.
If you intend to make the online business successful, however, you’ll have to accept the reality: it will need your full-time commitment. At one point or another, you’ll probably have to choose.
- If you’re passionate about your idea, you’ll do just fine
Business gurus keep telling you that passion is crucial for the success of your project. They are right… to some extent. In reality, passion will not inevitably lead to profit.
If you want to start an online business, but you’re still not sure about the niche, you should definitely pick something you’re passionate about. However, you should also make sure the market is ready for your idea, and the competition is not already offering something too similar.
There is a link missing between the find your passion and profit points. It’s work. A lot of work and commitment! When you combine that aspect with passion, your online business will have chances for success.
- Online businesses are so flexible that you can work only part-time
If you go for an online business idea like selling photographs or freelance writing, then yes, you can work part-time. If, however, you plan a startup company, then forget about part-time work that leads to full-time wages.
An online business is just like any other business. SEO itself is a full-time job. You’ll be focused on finding the right keywords and implementing them in high-quality content that you’ll feature at your site. You’ll contact influential blogs to feature your guest posts; you’ll review guest posts for your own site; you’ll contact influencers to promote your products or services, and you’ll be very busy with social media marketing. Let’s not forget the customer support system, which is supposed to work 24/7 when we’re talking about an online business.
- You’re not successful if you’re not making money
What’s the most important parameter that measures the success? Profit, of course! However, the claim that successful businesses are making millions right from the start is a pure myth. Every business needs some persistence.
Maybe you won’t be making money at first. You may even face some losses. Before you decide to quit, give it one more change. Change the aspects that don’t work. Promote the business a bit better. Do everything in your power to keep things going. If you have good chances to become profitable in future, don’t give up until you give the business every chance for success.
- Just follow the pattern and you’ll make it work
You think that learning from the experience of others is all it takes for making an online business successful? Well, you may do everything that Neil Patel tells you to do, but that doesn’t mean you’ll bring your brand to stardom just because of that. That is a myth.
The key to developing a successful online brand is being open-minded. Make your own risks, even if that means making your own mistakes. If you want to have a unique business (and that’s a definite requirement), then you’ll have a unique journey.
- Social media marketing is free
You wish! Facebook, Instagram, and other social media platforms won’t charge you anything for creating a profile for your brand. In fact, that’s one of the first things you should do as part of your marketing campaign: develop a presence not only on Facebook, Instagram and Google+, but on many other platforms as well. While we’re at it, don’t forget to create an impressive LinkedIn profile for yourself – the founder of the online business.
Your profiles will be there, but what will you do with them? If you want real traffic and conversions, you’ll need to pay for some advertising. Effective advertisements cost money, but the good thing is that you can set a budget that works for you. You’ll have to invest in the design of the ads, too. They can be in the form of videos or images with messages, along with content that attracts the viewers to check out your offer. Bottom line, social media marketing is not as expensive as TV advertising, but it’s far from free if you want to use its full potential.
- You still need traditional advertising
Well, you don’t! Traditional advertising involves media like TV, radio, newspapers, and street banners. Those platforms can surely contribute towards the growth of an online business, but they are not necessary. Content marketing is a cheaper alternative that still has potential to make your brand very successful.
There; we just busted 10 of the most common myths about starting an online business. Did we change your point of view? Are you ready to make a change in the online world? Good luck!
