It's no news the internet has made many millionaires. This fact has led to an increase in the number of bloggers springing up daily. People taking a shot at creating online businesses in an attempt to expand their income through the virtual community. But it's not as easy as the media portrays it to be.

While many go ahead and succeed in their online business, a larger majority throw in the towel even before getting halfway into the journey.

Here are the core reasons why most online businesses do not succeed:

1 . No set-out plan:
The basic success requirement for an online business is to have a definitive plan that pilots the direction of your business. Many people jump into any trending online business and invest money without drafting a precise plan on how the management of the business should operate. The online business is just like any other business, it operates basically the same way as a physical business and must be treated with the same approach.
Before beginning an online business, you must devise a business plan and carefully calculate the risks involved to better plan your investments and weigh your returns.

2 . Insufficient knowledge:
The success of an online business is largely hinged on your knowledge about your niche and how regularly updated you are concerning recent information. The online world is very dynamic and things are subject to quick snaps and frequent changes. As such, new concepts are birthed every day which demands the incorporation of new strategies to keep a business on sail.
An online business would definitely hit the rocks if the owner(s) fail to maintain constant learning. The tendency for a strategy which worked 2 years ago to yield the same result today might most likely be very slim.
You must take out time daily to source for new information and refresh your knowledge.

3 . Lack of clearly defined goals:
Goals are a prerequisite for success in any facet of life. Otherwise, how would you track your progress if you have not set a target to hit? This is quite the case of many aspiring online earners, they have no cut out goals or visions on where they want their business to be over a stipulated period of time.
To succeed in the online world, you must be deliberate on what you want and precise in your actions. Create actionable goals and closely monitor your progress.

4 . No proper investment:
Many well-meaning folks set up a website, come up with a good design, put up nice articles and then hope somehow a visitor would land on their page. Well, Good luck with that!
An online business doesn't flourish on hopes or wishes, it develops solely by precise planning and deliberate actions. No matter how good your contents are, you won't be getting any sales or clicks unless you go out and source for them. The best way to get this done is by making sufficient financial investment in digital marketing, classified Ads and SEO.
Many online entrepreneurs are slack on this concept and that’s why their online campaign never seem to fly. A proper investment would get you results in months which would otherwise take years to attain.

5 . Expecting magic success:
The media loves portraying sugar coated success stories of individuals who have attained highly in their respective field. We hear stories of Linda Ikeji and Osewa who have achieved significant success in the online world and begin to think the process was a smooth ride.
Many venture into the digital workforce with that deluded mindset and then quickly get slapped by the reality that success doesn't come cheap.
This is basically the primary reason why many who have ventured into the online business end up quitting. An online business which is just starting would definitely need time to grow before it begins to yield a substantial profit. There is, therefore, a need to exercise a great deal of patience and persistence.



https://geeflix.com

Ok

correct

I totally agree with the Op..May God bless you.

hmm

Ok

Hmmmmm

To sm extent u re ryt.

Buhari sef

If you into a business venture because of profit and not because of your affinity or flaw/likeness for it you are most likely to fail woefully.

it makes sense

Nairaland Review about my Services really help my online Business..

Good words,pls what can some do to start online business Pls no abuses just need an info

neonly:
Buhari sef

naa buhari wake u up dis morning?

Gone are the days when one person can claim monopoly/rights to a very used product except with govt backing eg dangote. Even dangote, has to spend a lot to keep his businesses operating; he has to be knowledgeable about his business that is engineering knowledge, mining knowledge, sales/marketing knowledge, pr knowledge, etc

If someone with an online business is not knowledgeable in marketing and online/web programming then that business will not be successful for long. This stated opinion and semi fact is credible because if your business starts doing well, it is true that you can payoff your tech but the tech will increase his pay without your approval due to sales and just hope it is a sincere tech that don't have your system replicated somewhere else in other to access your customers information. The competition is real and encroaching, there is broad knowledge and accessible knowledge except in Africa especially Nigeria because of unreliable power supply.

In conclusion, all op said and the technicality of being online is also essential.

Correct one

weh done sir. There are many more.

Oga OP is just a typical motivational writer or speaker. They don't run or own businesses but they advice business owners.

Agimor:
If you into a business venture because of profit and not because of your affinity or flaw/likeness for it you are most likely to fail woefully.

Stop regurgitating what you read in a book. Nobody goes into business because of passion. It is always for the paper.

Be your own boss, register for quickteller paypoint today and be financially buoyant. for more info 080 621 624 37

Fingerprinter:

Stop regurgitating what you read in a book. Nobody goes into business because of passion. It is always for the paper.

tell them
Wen doing it, all that matters is quality and nothing more. It doesn't matter if it's your passion or not, the quality you offer determines whether you will last long or fold up immediately

#speaking from experience

Chetimah:
Good words,pls what can some do to start online business Pls no abuses just need an info

learn a skill oga.

Forget all that something for nothing people present to you online - there's nothing like that. To earn something you must sacrifice something. Like me, I write because I can write and I read books and articles almost everyday to improve my writing skills-I can't afford to be left behind. You can decide to learn how to make white board animation videos, learn Photoshop, set up a blog and start affiliate marketing but you'll have to hire writers to write quality content for your blog. There are lots of skills you can learn that will be profitable to you online. But the bottom line is - offer something that people will pay for. It will be stressful to learn but it always pays.

Get a professional business plan, Feasibility Study, Business evaluation, Business Idea Packaging for your business idea.
also get 100 sources of funding for business (Free, Equity or Debt)

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Fingerprinter:

Stop regurgitating what you read in a book. Nobody goes into business because of passion. It is always for the paper.

As much as I want agree with you that a larger percentage goes into a business because of the note, a handful of them venture into business cause of passion.

Fingerprinter:

Stop regurgitating what you read in a book. Nobody goes into business because of passion. It is always for the paper.

It's not only passion, it's affection.

like you said its paper but in link With available opportunity....

If you see a paperable problem (problem that can be paid for) , and you are capable to solving that problem... you are in business

I really agree with the poster.

One MAJOR reason is lack of mentorship and trying to learn it for FREE. Many people knows that money can be made online but some simply don't know how.

A good example is good money can be made from expired domain names; ie buying and selling of expired domain names. some people know about this but without proper mentorship and tools, no matter your capital, you may not make a huge impact.

GeeStaff:
It's no news the internet has made many millionaires. This fact has led to an increase in the number of bloggers springing up daily. People taking a shot at creating online businesses in an attempt to expand their income through the virtual community. But it's not as easy as the media portrays it to be.

While many go ahead and succeed in their online business, a larger majority throw in the towel even before getting halfway into the journey.

Here are the core reasons why most online businesses do not succeed:

1 . No set-out plan:
The basic success requirement for an online business is to have a definitive plan that pilots the direction of your business. Many people jump into any trending online business and invest money without drafting a precise plan on how the management of the business should operate. The online business is just like any other business, it operates basically the same way as a physical business and must be treated with the same approach.
Before beginning an online business, you must devise a business plan and carefully calculate the risks involved to better plan your investments and weigh your returns.

2 . Insufficient knowledge:
The success of an online business is largely hinged on your knowledge about your niche and how regularly updated you are concerning recent information. The online world is very dynamic and things are subject to quick snaps and frequent changes. As such, new concepts are birthed every day which demands the incorporation of new strategies to keep a business on sail.
An online business would definitely hit the rocks if the owner(s) fail to maintain constant learning. The tendency for a strategy which worked 2 years ago to yield the same result today might most likely be very slim.
You must take out time daily to source for new information and refresh your knowledge.

3 . Lack of clearly defined goals:
Goals are a prerequisite for success in any facet of life. Otherwise, how would you track your progress if you have not set a target to hit? This is quite the case of many aspiring online earners, they have no cut out goals or visions on where they want their business to be over a stipulated period of time.
To succeed in the online world, you must be deliberate on what you want and precise in your actions. Create actionable goals and closely monitor your progress.

4 . No proper investment:
Many well-meaning folks set up a website, come up with a good design, put up nice articles and then hope somehow a visitor would land on their page. Well, Good luck with that!
An online business doesn't flourish on hopes or wishes, it develops solely by precise planning and deliberate actions. No matter how good your contents are, you won't be getting any sales or clicks unless you go out and source for them. The best way to get this done is by making sufficient financial investment in digital marketing, classified Ads and SEO.
Many online entrepreneurs are slack on this concept and that’s why their online campaign never seem to fly. A proper investment would get you results in months which would otherwise take years to attain.

5 . Expecting magic success:
The media loves portraying sugar coated success stories of individuals who have attained highly in their respective field. We hear stories of Linda Ikeji and Osewa who have achieved significant success in the online world and begin to think the process was a smooth ride.
Many venture into the digital workforce with that deluded mindset and then quickly get slapped by the reality that success doesn't come cheap.
This is basically the primary reason why many who have ventured into the online business end up quitting. An online business which is just starting would definitely need time to grow before it begins to yield a substantial profit. There is, therefore, a need to exercise a great deal of patience and persistence.



https://geeflix.com

Not just online... Most entrepreneur fail serially because lack of having a well detailed and executable plan.

They only "buy" business plan from people like kp3tech so as to use it collect loan and grants from BOI, US embassy, Coca Cola and Co.

once they get paid, they would ditch the plan to the dustbin and squandered the money

I really like online business, especially online hair business.

Visit : jumia. com .ng/allure-trading/

That's my online store, I didn't start with a dime but making up to 250K monthly. It can only be God

Oh