Failure and the art of success for online entrepreneurs

Nov 18, 2018

Online start up businessToday we are discussing why some of our website clients fail where others succeed.  As we meet with a new client, the first thing we normally ask is to explain why those online would benefit from the service they provide.  The answer to this question could reveal their chances for success.  “Find a need and fill it” is a saying which all new entrepreneurs should understand.  Don’t try to sell things people can use and don’t want.  Listen to the market.
If there is no need for a product or service, there is very little chance for success.  However, if there is a great need and the competition is daunting, it could be hard for new businesses to stand out in the crowd.

Know your competition:

Some business owners may have overwhelming competition while others having a product or service not well-known has no competition at all.  In both instances, the chance for quick success is very low in the beginning. As an example, a law firm might be competing with many of the same competitors online.  Some of these competitors may be larger firms and some may have been online for a very long time, giving them a marketing advantage. Further, depending upon the area the law firm is targeting, the competition could be stiff.
Every new business must understand that it will take time to get their fair share of the online business.  That being said, every business needs a website.  A professional looking and functional website is not only for attracting search engine business.  A great website builds online brands and helps to make your business look professional and worth doing business with.  We refer to a website which has not been promoted as a “calling card site.”  It serves to introduce the business and services offered.

Failure is an option ….  It happens to 8 out of 10 startups:

There are many reasons why an online business fails.  The top reason in my humble opinion is simply that there is no market need for the product or service offered.  We meet with all types of entrepreneurs and many of them come up with great ideas which they feel will make them a fortune.  Unfortunately, if they don’t think it through and research the need for the product or service, they may be sorely disappointed as their big dream fails.

Start up businessThe importance of market research:

Before moving forward with any business, it is not a bad idea to do some market research.  This is how a business idea can be  analyzed and how it can be validated.  Do I have a great idea or not?  A research project can be expensive and it can be time consuming as well.  But in the end, it will help the new entrepreneur to avoid starting a business which could fail.  The business owner could discover through this research, that there  was very little need in the market.  You would be spending money in the beginning rather than to lose more by taking the leap.

Discovering a target audience:

Another reason to do a market research is to educate yourself on the target audience around you.  By doing this you could identify a gap in the market and come up with another way to fill this gap.  This research cold lead you in a totally different direction which could be lucrative.  Online businesses who start out not knowing if there is an actual need for their product or service are more likely to fail than those who do their due diligence.

New start-up businesses are a work in progress:

Every new start-up company, is a work in progress.  Promoting an online business is a task which does not end.  Every company must work hard daily to promote the business through media, search engine optimization techniques and other methods.  Building a brand takes time, money and effort.  Part of building the brand will also depend upon finding the right marketing team to gain market share of the ever changing online business opportunities.  Hiring good people and continuing to build the business is not something done once and done.  It must be done on a permanent basis.

Website start upThe right steps will bring about the art of success.:

  • Choose a product or service needed online
  • Research your target audience through market research
  • Hire an innovative marketing team
  • Look for a great website design firm
  • Cover all bases before launching the site

Prepare for your future success.  There is no one reason why your online business may fail. Listen to peers and do your best to educate yourself before taking the plunge.  Contact  our team for a website proposal.  We also have a complete list of marketing professionals and others to help you in your new venture.
Happy Thanksgiving 2018 and hurry back for more from the Design Wizards at Inside Design Orlando.


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