5 Myths About Your Online Business That is Costing You Money

With the rapid growth of technological ability, there is a lot a misconception about what it takes to create and market your online business.

Myth #1: Build it, and they shall come.

There is a common misconception people have – they think that once their website is launched, visitors will magically show up – this is a myth. Truth is a website that gets traffic work at driving traffic. I am frequently asked when I am hired if I could do, “some of that SEO stuff” to get traffic. And I must explain to my clients that SEO is not a magic pill that automatically drives traffic. Just building a website will not get your traffic.

Myth #2: Don't need a lot of money to start your online business.

You can indeed find cheap web hosting plans and build your site for less then $100 if you have some technical abilities. But as I started in Myth #2, business who are success are successful because they have spent money on activities that helps grow their business. In other words, they are spending money on online marketing and advertising, they are focusing on content development, and creating a strategic marketing plan.

Myth #3: It does not require a lot of your time.

Anything that does not require effort and time to build is not worth building. It takes time to research your

  • target audience
  • create a logo
  • Design and build your website

Create content to attract your target audience. A lot of people wanting to start an online business think their passions and ideas are enough to make them successful. Unfortunately, they are not. You will need to take the time to learn things you do not already know if you want your online business to be successful. Unless you have a lot of cash readily accessible to hire an entire staff to launch your business quickly.

Myth #4: You do not need a business plan or strategy.

As the old saying goes, “If you fail to plan, you plan to fail.” According to Investopedia, most businesses fail because they do not have a solid business plan.

You will want to create a business plan so that you will have a clear path to follow, and it outlines realistic goals and expectations.

Saying you want to grow your business and replace your income in 9 months will not work. How exactly will you do that? If you’re going to replace your income in 9 months, how much do you need to make per month? Then you want to back-track to plan out each month’s activities that will allow you to achieve your goals.

Myth #5: You do not need a marketing strategy.

Having a marketing strategy is as essential as a business plan – without them, your business will never grow. If you want your target audience to find you AND hire you or purchase your products, you need to find them and market them. This is accomplished with a marketing plan. Doing business “by the seat of your pants” will only cause you to lose a massive amount of money. It does cost money to have a successful business but be smart and don’t waste money by not having an effective marketing strategy.

It’s Hard Growing Your Online Business

I know how hard it is to build an online business. The rules are always changing. A ton of information is thrown at you every day, but you don’t know what to do first to get meaningful results. You are uncertain about how to grow and scale your business, which leaves you feeling discouraged.

Menu