An online business is now a great way to make money. With unemployment at such a high rate, more young Kenyans are looking towards alternative sources of income. Now, everything is at the click of a button, so why not make some money on the side. Whether it is selling clothes online, or creating an e-commerce platform for various traders, an online hustle is more popular than ever before.
Here are a few reasons why many online hustles flop after launch:
1. Adopting a “do-it-yourself” mentality
Many entrepreneurs are keen to save on costs. In a difficult economic climate, the fewer people on the payroll the better. However, as an entrepreneur, it is important to appreciate that you can not do everything yourself. The power of one is not enough to keep a business afloat. To find true success, it is critical that when running a business one is able to delegate some responsibilities to professionals. For example, you may not be able to execute a social media strategy that increases your sales Therefore, it would be vital to contract someone else more versed in online marketing and its execution. No one is Superman, delegation is the smart thing to do.
2. Lack of commitment
The difference between those who succeed and those who do not, is in follow through. The execution of one’s dreams requires commitment. As an entrepreneur, the crippling fear of failure is common. However, such fear should drive you to strive for the best and reach to achieve your goals. Putting in the right amount of effort as entrepreneurs will see your business grow and bring in revenue.
3. Incorrect audience targeting
As a new business, research is key. In fact, research should the basis of all business decisions, the backbone of the business plan, informing decisions made by a business’ managers. When starting out with an online hustle, the market is highly saturated with various other enterprises looking to gain the attention of the large audience available. Nonetheless, what sets you apart from the business is the proper analysis of your target audience. If nothing else, it is essential to know what demographic your products are targetted to. To be successful, an entrepreneur must clearly define the target market and tailor products accordingly. Do not be fooled, the right targetting is the key to great success online.
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