Home business income opportunities abound all over, especially on the internet. It is a known fact though that over 90% of people fail to achieve the success they so desperately desire, especially in these economic times. The lifestyle of financial freedom and exotic travel eludes them and there are a few reasons why this occurs and I hope to shed some light on it here. This list is by no means exhaustive but I hope, with this article, to set you on the right path to success as you explore these 3 deadly mistakes that could derail even the most seasoned online entrepreneurs.
Home business income opportunity killer #1: Lack of Diversity when it comes to marketing
For you to be successful with home business income opportunity, you need to be able to market your business. Of course without marketing, no one will know your home business exists online and no one will come into your virtual store. Consequently you will not be able to achieve your financial goals.
So to get noticed, most home business owners strive to learn how to market online. However, a lot of them learn only one marketing method. Lessons learnt from one of the recent ‘Google slaps’ as it is popularly called have taught us otherwise. A lot of online businesses went downhill because they relied heavily on one marketing method, Google AdWords, in this case. The same danger awaits others who rely heavily on one marketing method even if it is not Google AdWords.
The remedy is to have a range of marketing methods so that if one marketing method becomes non-viable you will have others in place to fall back on. If each marketing method contributes equally to your total business income then losing one of them will only put a small dent into your business income and not a big hole. 5 marketing strategies is a good number to strive for.
Home business income opportunity killer #2: Doing too much at once
The opposite of the above point is also true; taking on too many marketing strategies at the same time will kill your home business opportunity instead of growing it.
This issue needs to be addressed in two ways – first, having too many marketing strategies that you are trying to implement and the other is having the right number of marketing strategies to grow your business but trying to perform these all at once and in a haphazard manner.
I like to use an analogy here – when you direct the rays of the sun through a concave mirror you focus the energy to the point that you can start a fire (remember the science experiments at school). But this is unlikely to happen without concentrating the energy first. In the same way, to see the success you desire you need to concentrate on one or at most two strategies at a time. Otherwise you will dilute your efforts and it will take longer to see good results.
Home business income opportunity killer #3: Not keeping track of your marketing activities.
A mentor of mine used to say, anything that does not get measured will not be improved upon. This is true in all spheres of life and also in attaining success in your home business. With each and every one of your home business income opportunities you need to keep track your activities and measure the results you are getting.
There are numerous tools you can use for this purpose – some of them are free and other more sophisticated and not so free. Learning to track your marketing activities for example will highlight the weaknesses in your marketing campaign so you can concentrate more of your efforts on these to get them better.
Say for example you write two completely different articles, by analysing the responses you get you will eventually be able to tell which one performs better over time and produces the results you desire. You can then concentrate more of your efforts on the activities that are producing the results for you.