Why Your Online Business Isn’t Working Out

Friday, July 19, 2019, 6:00 AM | Leave Comment

Let’s say you’ve set up your own online business – you’re doing what you love, you’re doing it comfortably from home, and you’re making some money.

But things aren’t really taking off the way you thought they would.

It’s not that you’re not good enough at what you do, that your idea is unpopular, or that you don’t have clients.

It’s the mistakes you’re making that are holding you back from reaching your true potential.

Here are some of the reasons why your online business isn’t working out.

  • You’re not marketing yourself

    Simply having a great idea, putting out a quality product or service, or having a great business are not enough, sadly. Doing a good job is the bare minimum and a good starting point – but there’s so much more that you need in order for your business to thrive.

    Especially in the online world, marketing is the name of the game, because otherwise people won’t discover you. No one can find your product on the shelf, so it’s up to you to make people aware of your existence and how great your business is.

    Now, your online marketing avenues are diverse, and you can opt for any strategy that feels organic or that’s right for your business.

    Here are a few that produce results:

    • Social media – Social media reigns supreme here, and there are numerous places where you can advertise and market yourself, depending on what your business is: Instagram, Facebook, and LinkedIn are all staples and will be more or less suitable, depending on your audience.

      If you’re targeting the younger crowd, go to Instagram, if you’re going after stay-at-home moms, Facebook is the go-to, and if you want to attract professionals, LinkedIn is perfect for that. YouTube can also be a great way to make a splash and show people what your company is all about.

    • Blogs – No matter what your business is, you need a website and a blog. This is your space, and your little corner on the internet where potential customers can come and check you out. A blog is necessary because it’s an excellent way to attract people and get them coming back again and again by posting regular content.

      It’s not a bad idea to also reach out to other professional bloggers who may agree to a partnership, a sponsorship, or who will accept products or services from you that they may then present to their audience.

    • Email marketing – Good old email marketing is still around, and it still works, so if you’re not using this trick, you’d better start now. Email marketing is so effective because it’s a great way to keep in touch with customers and potential customers.

      Offer a discount, a special sneak peek, free pass, or exclusive content for an even better chance at growing your engagement and securing some new customers.

  • You’re not charging your worth

    This is a huge problem with people working online, especially freelancers – they charge too little. We know the thought process all too well: “If I charge the least, I’m going to be offering the most competitive rates/I will get the most clients”, but we’re sorry to break it to you – that’s a horrible strategy.

    And we’ll tell you why – you never want to be “the cheapest” anything, whether that’s peanut butter, wine, graphic designer, or programmer.

    First of all, because people equal price with worth, so the less your services cost, the worse they’ll think you are at your job. They will dismiss you or avoid you, thinking you’re a beginner, that you’re not serious about your job, or that you don’t do it very well.

    Second of all, you don’t receive a medal for charging less than you’re worth. No client is ever going to be grateful or appreciate you more for overworking yourself for miserable pay. If you don’t value yourself, your time, and your hard work, no one else will, either, especially if they have to pay for it. Don’t be afraid to charge as much as you’re worth, because otherwise, it’s all just a race to the bottom, and that doesn’t benefit anyone.

  • You’re not offering anything new/different

    Too many people who are starting businesses are trying too hard to fit in, but doing what everyone else is doing won’t do much to boost your popularity. On the contrary – you’ll get lost in the sea of other people who are offering exactly the same thing you are. The secret is to allow yourself to be creative and do things your own way, even if that method may be unusual, unorthodox, or out of the box.

    When it comes to business, standing out is so much better than blending in, and it’s what makes you different that will help you generate a buzz and create interest in your brand. No matter what you’re offering – whether it’s a product or a service – you’ve got to make things interesting. Think about yourself and what YOU are looking for in products and services: is it the same old thing as always, or is it something new and exciting?

  • You’re not investing in it

    It’s the first rule of business: you have to spend money to make money. Don’t go into business if you’re not keen on investing in it, because it’s probably going to fail. You see, in order to grow and become successful, any business needs capital, and investing in its growth is going to beget even bigger growth and an even bigger profit.

    Sure, you can probably carry on as you have been for a while, but your business is never going to reach its maximum potential.

    If you can’t afford to invest your own money back into the business – or don’t want to – what you need to do is secure financing, and that’s not always easy. You can do that through several different avenues, including getting investors, setting up a gofundme, or getting a business loan.

    Your success in securing financing will depend on how old your company is, what kind of revenue you’re making, etc. But there are things you can do to improve your chances of getting financing.

    Having a great business plan is essential, regardless of the type of financing you’re going for. It’s what shows your potential investor or financing body what your plans are for the company, how you’re planning to grow it, what they can expect short-term and long-term, etc.

    Your financial documents also need to be in order, but that goes without saying. Preparation is the keyword, here. The more thoroughly you do your homework, the more likely you are to get the money you need.

  • You’re limiting yourself

    Starting small is perfectly fine – we’ve all gotta start somewhere – but continuing to think small isn’t. When people start to work online, they usually stick to one platform while they’re looking for clients, establishing their business, and finding their feet. But the mistake is to get too comfortable and not look for other possible avenues.

    Sticking to what you know is comfortable, because it’s familiar, it’s easy, and after a while, it’s almost second-nature. But when you continue to do the same thing you’ve always done, you are not leaving any room for progress or improvement.

    That’s exactly why you should be constantly looking to expand and improve: look for new platforms where you can sell your products or provide your services, introduce some new techniques, or find a different way to make things interesting for the clients, whether that’s setting up offers, including other services, etc.

Conclusion

Most businesses fail within the first two years, for all sorts of reasons. If you see your online business going the same way, then it’s time to take a look at why it’s not working out. Whether it’s because you’re stuck in a rut, not putting enough money in it, or not marketing it properly, they’re all things you can work on and improve in order to give your business the chance it deserves in order to succeed.

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