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3 Reasons Why Most Online Businesses Fail - Business - Nairaland

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3 Reasons Why Most Online Businesses Fail by GraphiteeConsul(m): 8:34am On Aug 31, 2020
Passion is a key to success in business but it cannot guarantee profitability or business survival.
So many people have passion for selling but they still struggle to keep their business afloat.

As it is, there is no business that is not profitable, but without the right knowledge and marketing strategies required, it will not fly or be profitable.

Nobody wants a failed business. The pride of every entrepreneur/business owners is to see their businesses growing and making a steady profit.

There are 3 most common reasons why online businesses fail;

1. HAVING LITTLE OR NO KNOWLEDGE ABOUT YOUR BUSINESS.


There are certain businesses (if not all) that you should never start blindly.

No matter how informed you feel you are, once you want to start up a new line of business, it is very important that you seek thorough knowledge. Most times, entrepreneurs start up a business because they find others doing the business and profiting. This is the quickest way to kill a business before it starts.


2. LITTLE OR NO VISIBLITY.

This is, perhaps, the most common reason why online businesses fail.
The first question I always ask when Sellers complain of no sales is...'How visible are you?'
Like, how many people know you sell this particular product?

To sell your product, you need an Audience. But not just any Audience, you need an Audience that is INTERESTED.

Visibility is one powerful way to keep your business alive.

No or low visibility equals reduced patronage which in turn results in business failure.


3. FAILURE TO UNDERSTAND/ COMMUNICATE WHAT YOU SELL.


From research, only about 3% of potential buyers at any given time are "buying now".

Meaning, if 50 people view your product, only about 1½ of them are ready to 'Buy Now'.


This is to inform you that over 97% of your Sales is based on How well you can communicate your goods.

Because those 3% that are ready to 'buy now' probably won't buy without effective communication.

Does your market connect with what you are saying?




I'm opened to your questions.

You can aswell contact me on WhatsApp for further questions.

http:///2348085205089?text=Hello%20Joseph%20My%20name%20is%20;

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