It is estimated that there is a 90% online business failure rate. Of the 10% who “succeed” about half probably fail to make significant or life-changing income. So only about 5% experience any great success with their Internet business.
That’s a sobering statistic. And without strength of will, it can dampen the spirits of those starting out or facing challenges along the way.
Is The 90% Online Business Failure Rate A Credible Statistic?
If you’re anything like me, you might have tried to verify this figure. Or at the least, tried to find its source in order to determine its credibility. The search is futile, despite the statistics being discussed all over the internet. The best I can offer is some figures supplied by Fortune Magazine for venture-capital-funded business start-ups (NOT just Internet businesses) which, as you might expect, cites a much lower, but still quite high, statistic of 60%, peaking to 79% start-up business failure rate during the dotcom bust:
I suspect, however, that the online business failure rate for home-based Internet marketers is much higher. That’s because it’s so easy to start up that anybody can do it without any business or marketing skills at all. You can get started on a whim, simply by signing up to an affiliate program and posting a few ads on the Internet.
Focus On The Successful 5%
That makes it much more likely that the online business failure rate will be much higher than the figure for business start-ups that are big enough to attract venture capital.
Even so, while you may be put off by such a high failure rate for Internet marketers, your focus should be on the 5% who actually succeed. They are no more intelligent than the rest of us. If you are willing to learn how they succeeded, and apply what you learn to your own business, you too can do too.
Indeed, a willingness to learn from successful exemplars, and to apply what you learn is one of the key traits of successful Internet marketers. Training – and being trainable – matters.
Join The Top 5% By Training Yourself To Succeed
Considering all the Internet marketing training and coaching programs, the 10% success factor should indicate the extent of ‘mis-education’. While there are many ways of achieving success in internet marketing, the legitimate ways share common basics.
Just as any structure is as strong as its foundation (base), so is an online business. Thus, respecting online marketing basics when starting a business is the chief ingredient of success. Any successful website or other online marketing business builds upon these basics, otherwise it crumbles.
When you’re looking for advice on building an online business, be extremely careful whose advice you take. It is easy for someone to repeat what they’ve read somewhere else. But that’ll not qualify them as an expert.
My personal recommendation is to do what I do and use Wealthy Affiliate to train yourself for success. You might prefer to read my recent blog post, How To Use Wealthy Affiliate In Your Business before you check them out.
The Big Lesson: Learn To Create Your Own Reality
The statement about 90% of internet marketers fail is meant to be an indicator of general industry trends. Its job is to awaken you to the difficulties that Internet marketers face. But don’t take it as a message of doom and gloom; otherwise the odds of success would be heavily staked against you. Instead, understand that you can follow in the steps of top 5% to create your own success story.
Building an online business is about defining your own path and then following it. Doing so will often take you away from the crowd. That is called branding. And brands are seldom created out of doing what the crowd is doing.
So, don’t go out looking for copy and paste solutions and expect to become successful through them. Rather, learn how to turn your unique business idea into a thriving online business. That is the basic ingredient for online success.
To achieve that, you may want to be guided by the those who enjoy success. You can do so on platforms such as Wealthy Affiliate where both successful and aspiring Internet marketers gather. That’s important, because such support can help guarantee your own success. Most importantly, you quickly determine what NOT to waste time and money on.
If you think having access to such experts is a preserve of a few super-rich folks; you’re dead wrong! What if I tell you that for less than the price of a cup of Starbucks coffee a day, you can gain access to all that plus plenty more…?
David Hurley
Top5Programs.com
#InspiredFocus
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