6 Reasons Your Online Business Won't Make Money Any Time Soon You need to understand that an online business is all about real people.
By Kimanzi Constable •
Opinions expressed by Entrepreneur contributors are their own.
When you think about the opportunity to make money from an online business, you should get excited. From the comfort of your home, you can sell digital information products and create passive income -- you literally can make money while you sleep. 2.5 billion people worldwide log onto the Internet every day and that number will only increase as the world grows, and access grows in different countries.
While the opportunity to earn an income online is real, most people that start an online business quit before they reach $1,000 in income. There are many online businesses and entrepreneurs talking about the same things and going after the same audience. If you want to make sustainable income in your online business, make sure you have mastered these six areas.
Related: How to Maximize Your Online Sales Leads
1. Your website is confusing.
When someone comes to your website, you have about seven to thirty-seven seconds to convince them to stay and look around. If your website is too confusing, they are gone and possibly forever. A simple and clean website without too many tabs is the best for conversions. It should be very clear what you want people to do once they visit your website.
2. Your about page turns people off.
More than anything, people are looking for a real connection. One of the best places to make that connection is on your about page. When you write your about page in the third person, and make it one long lost of your accomplishments, you miss the chance to make that connection. Most people will know you wrote your about page, so they will think you're putting yourself on a pedestal. Write your about page in the first person and tell the story behind your business -- you will make a connection that turns into business later.
3. You are not building your email list.
Nowadays, building a huge social media following and social media marketing are a priority. While social media plays a huge role in marketing and in business today, it is not the best way to build your audience online. When you rely on social media, you are setting yourself up disappointment when the social media platforms decide to make a change. When someone is signed up for your email list, you have a more intimate and controllable opportunity to talk to them. The organic reach of email is a lot higher than social media.
Related: 5 Steps to Building Your First Online Sales Funnel
4. You are not actively building an audience.
The lifeblood of any business is new business -- it works the same way online. You have to actively build your audience through methods such as getting interviewed on podcasts, writing for large media publications, getting exposure on YouTube, and so many more methods. There are some great options for anyone to build a following and to do it quickly.
5. You are not selling enough.
Selling doesn't feel natural at times, but is necessary and especially with an online business. The reason too many online businesses don't make money is because the entrepreneurs don't sell enough. Keep in mind that it will take someone seeing what you offer more than a few times before it clicks in his or her mind. While it feels like you are always selling, the reality is you don't really know who has seen what.
6. You don't have multiple streams of income.
Relying on any one thing for your income is dangerous. The most common way for online business entrepreneurs to make money is actually through services such as coaching. The passive side of an online business is a mystery to many online. When the coaching clients stop coming, your business could die. Having multiple streams of income helps you deliver stability and peace of mind. As much as possible, diversify the way you make money online and grow each part.
Related: 3 Tips for Converting Sales Online
Making money online doesn't have to be rare. You can start and grow a profitable online business and scale it. Online business is great because it allows you to live a location free life. I am writing this article from a café in Medellin, Colombia. Next month I'll be in Germany and the whole time my online business will be generating income for me. This can be a reality for you if you build your business avoiding these six mistakes.
