Millions of people turn on their computer every day with the hope of making a good income online. Many do so for the very first time because they’ve heard stories of people making money online and they want to capture their share. The statistics are rather alarming as to the failure of many of these start-ups as it’s been said that 90 percent of these new businesses fail within the first 120 days.
People are making money online, but in order to be sure that you are not one of those who fall into those statistics, let’s look at three myths and how to avoid them:
Myth #1: When I work for myself I have total freedom; I no longer have a boss:
- True, when you work for yourself you do enjoy more freedoms, but freedom is relative, not total. You will have freedom to choose the hours that you work, but you do have to work at and in your business. You may find that in the beginning you may need to put in almost 40 hours in working for yourself to get your business to the point where you can work only 2-3 hours per day.
- Regarding the myth that you no longer have a boss, you would be highly mistaken. YOU are your boss! You will no longer have someone else prodding you and telling you what you need to do, but you will need to adopt the mindset of a boss very quickly. You will be required to make decisions that will affect your business, yourself, and your family, if applicable. Developing management skills like, time management, decision-making, and goal-setting skills will be essential to your success.
Myth #2: I’m not starting a business in a store or other brick and mortar location so I do not need to have a business plan:
- Not having a business plan is a roadmap for failure right from the get-go. I can confirm this from my own experience. When I first started online in 2008 I had no solid plan for where I wanted my business to go. I had a successful business offline and was not sure whether I wanted to bring this business online or go in another direction. As a result I floundered for about six months.
- Starting a business online is like any other business and the principles and guidelines of business must be followed in order to succeed. You need to determine what your goals are for the business that you are starting online and what your focus area or niche will be in so that you will know where you’re heading and what steps you’ll need to take to get there.
- It’s understood that if you are new to making money online you may not be able know what to expect and what you need to do in all areas. That is why it’s important to spend some time doing research before you decide to develop a plan and launch a business to make money online.
Myth #3: The Internet offers a level playing field for ‘anyone’ to get rich quickly:
- It is possible to make money on the internet. Many people with legitimate businesses do so every day. What you may not be told by some of these people that it did not happen overnight. For some it took years of hard work to build their income to where it is today. You will not know what stretegies they may have had to implement and how many thousands of dollars they lost before they finally saw success.
- The Internet does offer a playing field but it’s only level if you have all the facts and are willing to do the work rather than fall victim to those who would readily help you to part from your money. Do not allow the promise of making fast money to lure you into parting with your money. Only a very minute percentage of people make it big overnight, and these are usually people who were already successful offline and has just transferred their skills and network to the online world.
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