FINANCE SOCIAL MEDIA Tips

5 Tips To Help You Succeed In Any Online Business

Studies have shown that 90 percent of online businesses fail within the first four months of operations. Another study reveals that only 1 out of 5 small businesses survive past their first year of operation.
If you observed the last paragraph, the first statistics only talked about online businesses while the other refers to all businesses (online and offline.) In essence, the fact that you want to work online doesn’t mean you will automatically succeed because the online world is just as competitive as the offline world.

Nevertheless, there are many people who succeed online and perhaps, it was their success story that gave you the push to want to earn online. So it’s not all gloomy. It just means some succeed and some fail.

If you don’t want to end up frustrated out of the world of making money online, you need to develop these 7 qualities.

1. Passion

Passion is a necessary ingredient for online success. Passion simply refers to enjoying what you do such that you can either do it for hours at a stretch or even do it for free. This is one of the top reasons online businesses fail as discovered by research.

When you discover a business opportunity, it’s natural to get excited and even start calculating potential gains. This is what drives many people into starting something. However, you excitement will fade with time and you will be confronted with reality. When that happens, your passion for what you do will keep you going. If you don’t have the passion, well, another business is getting set to fold up.

2. Thirst for knowledge

The world is evolving at an alarming speed. According to knowledge doubling curve theory, knowledge is doubling in every field every 12 months. This gets interesting when you consider that if you are completing your second level in school, what you learned in your first level is already becoming obsolete.

It is pretty much the same in internet marketing. You need to continually learn to keep yourself updated. Unlike offline businesses, you are competing mainly with other people across the globe. It is therefore imperative that you have a thirst for knowledge. Obsolete knowledge rarely rake in profit online.

3. Consistency

Making money online sounds simple but you will need work hard to make it and that’s something you won’t hear often. Since there’s lot of competition, it can be frustrating to see that you’re not hitting your goals easily as you thought.

Many people quitted because doing business online was not what they expected. If you want to really earn online, you must learn not to quit but continue what you do. As the motivational folks say, success is not the result of a single step; it is the combination of many steps.

4. Determination

There are plenty things that could possibly discourage you once you begin working online. The common ones include exclusion of Nigeria from some lucrative opportunities online, payment channels that are inaccessible to Nigerians, power challenge, poor internet connection etc.

It can equally be unnerving if it is your first time of working online. Nonetheless, you must remain resolute to succeed. True success doesn’t mean it should be easy from the beginning to the end; it means sticking to a course in spite of the odds. You will feel like quitting several times but you need to be determined to finish what you started.

5. Love for puzzles

No matter how much you earn online, there will be times when you need to reinvent yourself or rework your strategy. There’s no status quo in the world of internet marketing; everything is subject to change which can occur too quickly for you to grab.

You must be prepared to solve all puzzles that may arise when you sense that things are not going the way you expect. It’s just like a puzzle where all you need is to find just one missing piece.