With millions of people every year turning to home businesses as their main source of income, it pays to be aware of some of the biggest problems with that means of revenue. In general, a business is expected to take 5 years to show a profit. However, a home business often does not have that leeway. Here are 4 reasons that home businesses fail.
Failure to Go Online
Regardless of your line of work, your business simply must have a web presence. Not only that, you need to market yourself online. Basically, if you are not using the internet, you are losing sales.
These days, most people who shop online do it with their handheld devices. And of those people, 80% of them will make a purchase the very day they do their shopping, This includes plumbing, mechanic, electrician, and pedicure services – you name it, and people “Google” it. If you do not have some effort put into an online presence, chances are you will not make the sales you need to stay in business.
Even if you have a print campaign advertising your business, it should have information for the customers to follow to find you online. If they can’t they will not trust you, thinking that they cannot take your business seriously.
Failure To Track Results
You have probably seen discounts offered by various businesses related to advertising. You may see “10% discount if you mention this ad”. This is to track results of ad campaigns. If you do not track the results of your ad campaigns, you have no idea which ones are working and which ones should be pulled.
Tracking goes even further. As you develop your web presence, you can track where visitors to your site spend their time. Do they pop in, then leave immediately, as if they discovered they were in the wrong place? Do they shop your site, but leave without buying anything? Any of these can indicate a problem, and you need to deal with it immediately.
Failure to Work
Many people think that owning a home business and “being your own boss” is an easy job. If you think this, then your business probably won’t make it. The fact is, a home business requires constant attention and regular effort. Without it, it will not thrive.
Failure to Keep Up With Changes
Markets change, and you should, too. When I started out copywriting for online customers 6 years ago, there was an entirely different set of algorithms used to rank internet content. Those algorithms changed a couple of years ago, and many of my clients disappeared. It was because they could not adapt to the changes in requirements for SEO. They had to start over from scratch.
I, too, had to change. Up until then, an accepted way to get the attention of search engines was “keyword stuffing”. It made for unintelligible copy, but ranked highly in algorithms. I had to change, or die, when the Penguin and Panda came out.
If you can keep these 4 things in mind, your home business will do much better.