One of the great things about the world wide web is that it makes starting an online business accessible and affordable for more people. The downside is that many people jump in and start an online business without a clear plan or idea of what they want to do. Unfortunately, this means that it is fairly common for online businesses to fail but the good news is: there are steps you can take to avoid becoming another failed online entrepreneur.

 

On today’s episode, I share the top ten reasons businesses fail and share actionable advice on how you can avoid those mistakes. I share the four criteria a business idea needs to meet before you move ahead and begin implementing your idea and explain why a business model and business plan are crucial to your success. I also explain why I believe your mindset is the most important piece of the puzzle.

“If you run a business without measuring anything, it is unlikely to be successful because what we measure, we focus on.” - Sigrun

 

In This Episode of The Sigrun Show:

• The top ten reasons online businesses fail.
• Why I believe the failure rate of online businesses is higher than traditional businesses.
• The four criteria your business idea needs to meet.
• Why your business model needs to include the right combination of products and prices.
• How your business model should serve you.
• Why having a business plan is crucial to your success and what it should include.
• How your business plan can help you decide what to focus on.
• Why you need to know how to measure success in your business.
• The importance of knowing your unique selling proposition (USP).
• How knowing your USP makes you better at communicating with your ideal client or customer.
• Why it is important to focus on every stage of your funnel.
• The benefits of mastering your launches.
• Why you need to master launches before you begin to automate.
• Why you should invest in tools for your business.
• The difference between an investment and a cost.
• Why I believe your mindset is the most important piece of the puzzle.

 

4 Criteria for a Successful Business Idea:

1. You need to love what you do and be passionate about it.
2. It needs to be something you are good at (your zone of genius).
3. There has to be a need for what you are offering.
4. Someone needs to be willing to pay for it.

 

Resources Mentioned:

 

• Episode 25: 7 Stages of a Profitable Online Business

 

 

Access Your Free Plan Your Profits Success Guide

Are you avoiding making a business plan or don’t know where to start? I can help you quickly and easily create a business plan that suits your needs and enables you to build a profitable business that you love. Download your free Plan Your Profits Success Guide today and get started!

 

Please share, subscribe and review on iTunes

Thank you for joining me on this episode of the Sigrun Show. If you enjoyed this episode, please share, subscribe and review on iTunes or Google Play Music so more people can enjoy the show. Don’t forget to follow and connect with me on Facebook, Twitter, and Instagram!