In today’s article, we are bursting some of the most common myths about online business.
You must have heard something like;
Build it and they will come.
Or
Traffic equals sales.
Well, today, we are getting all records straight.
See, to start and grow a thriving online business, you need to have the right information from the word go.
Thing is, building a business based on unverified information can cause fatal consequences down the line.
#1. All You Need is Passion
This is one of the rampant myths about online business.
Everyone from the coaches to the business gurus tells you the money is in your passion.
Well, this is not further from the truth.
But assuming that only passion is going to work is a big mistake.
Why?
Think about it, if all you needed was a passion to live a good life, wouldn’t everyone be doing it already?
Here is the truth;
Passion alone cannot lead to a successful online business.
What does?
Passion plus business systems equal success.
Business systems include strategies and tools you have put in place to keep winning.
The reason why people preach about passion is because of two things;
One, ‘business systems’ is not ‘sexy’ as compared to profits, freedom, and success.
And that is why people avoid mentioning it.
Secondly, running a business will get hectic at some point.
And when that happens, many people choose the easier route; quit on their dreams.
But those who are passionate about the idea are more likely to keep going.
With that in mind, you indeed need passion to make money online. But you also need proven systems to keep winning.
#2. You Don’t Need Any Capital to Get Started
This is another myth about running an online business that trips a lot of people.
While you don’t need thousands of dollars to get started, you do need some capital.
Let me explain.
Running an online business involves a lot of things.
For example;
You will need a domain name, logo, web design, web hosting among other things.
Truth is, there are free choices available online today.
But what you don’t realize is that these ‘free’ services are meant to push you into paying for premium services.
Least to say, to start and run a successful online business, you need to have at least some capital.
Here is a good example;
Here at OLITT, you can create a free website.
It is a stunning service that anyone can use.
You even get a free domain too.
But to take things to the next level, you need to upgrade to a paid plan.
Why?
Because your website will outgrow the free plan at some point, it is inevitable.
With this in mind, make sure you have some capital stashed somewhere before if you are en route to creating a serious startup.
#3. Product first, Customers second
The excitement to launch an online business can push you to make grave mistakes.
And one of them is putting the product first and the customer second.
See, most entrepreneurs lie to themselves into thinking they know what the customers want.
Believing that is the fastest route to failure.
Solution?
The moment you get an online business idea, your immediate step should be to access the market.
Here, you are trying to understand more about the one to use your product.
Lucky for you, doing that is easier today than ever before.
For example;
Using a tool like AnswerThePublic.com can help you wrap your head around questions people are asking about your idea.
From these insights, you can now move ahead to develop a prototype.
When running an online business, data is your friend.
It helps you make informed decisions and understand what you are facing.
Launching a business without understanding the market is putting the cart before the horse.
#4. All You Need Is Social Media
This is another of the most common myths about online business.
Why?
It is easy to be carried away by the whopping numbers and statistics of social media users and success stories.
Social media is a powerful marketing tool.
First, it is free for all. All you need is to create business accounts.
Secondly, it is easy.
Anyone can do that.
As they say, numbers don’t lie.
But there is something you are missing that is critical to running a successful online business upon social media.
You do not own the platform.
Yes!
You do not own your Facebook page, Zuckerberg does.
Can you guess what that means?
You do not make the rules.
Recently, Facebook has been on the receiving end of public ridicule on how they handle user data on their platform.
To show their commitment to setting things right, they tweaked their newsfeed algorithm.
To cut the long story short, the changes killed organic reach on pages.
You can be having 10K likes on your business page, but whenever you update a post, less than 1% actually sees it.
And now, they are encouraging you to throw in some budget behind your posts to reach the rest of the audience.
Take a second and think about the businesses that relied upon Facebook to drive traffic to their websites.
Thing is, having social media as your sole strategy is recipe for disaster.
Instead, have other measures in place like email marketing and SEO.
#5. It’s Always Travelling and Holidays
You can work wherever and whenever you want.
Another one of the classic myths about online business.
Go to Instagram and you won’t miss seeing someone in a bikini with a laptop and #LaptopLifestyle on the caption.
On YouTube, someone is selling you the idea that owning an online business will make your life easier.
I mean, look at them, they are traveling a lot and partying like animals, that can’t be that bad, right?
Wrong!
When working for yourself, there is no one else to give a hand.
This means that, if things do not get done, no one else is going to do them.
In other words, you are solely responsible for everything in the business.
For this reason, you may find yourself working more than 13 hours per day just to get things going.
But why is that better than having a 9-5 job?
Having an online business means you make your rules. It means you have control of your schedule and projects.
Sadly, gurus focus on this alone and leave out the most important part of it.
It doesn’t come as a surprise to learn that 90% of businesses fail before their first anniversary.
You need consistency to grow.
If you keep moving around, there will be no enough time to scale your business.
#6. You Can Automate Everything
Other common myths about online business; the less you do, the better, hail automation.
It is easier to fall into the trap of seeking ways to dispense everything and let tools take over.
Everyone craves the 4-hour workweek, and that is why automation apps have flooded the market.
For example;
While it is possible to automate your customer service, it is not recommended to fully let the apps take over.
You can use chatbots to answer frequently asked questions (FAQs).
But then be on the lookout just in case the user needs a real human.
#7. You Must Do Everything By Yourself
Another myth about doing rounds is that you must do everything by yourself.
Be it web design, social media management, or graphics, they must be done by the business owner.
Well, that is not entirely.
Having that personal touch to everything pertaining to your business helps build brand recognition.
But you do not have to get your hands full in the name of creating a business.
Today, you can outsource your work to freelancers around the world.
For example;
Only work on projects you are 100% comfortable with and outsource the rest.
By working with experts, you are making sure that your business only delivers the highest quality possible.
For this to work, you need a team of trusted freelancers you can call upon whenever a need arises.
Consider joining marketplaces like Upwork and Fiverr and hunt for true talent to add to your remote team.
#8. You Will See Results Quickly
The single most touted myth about online business is the get-rich-quick narrative.
Go online and you won’t miss titles like;
‘How I Made X Amount in 10 Days.’
These are just clickbait titles meant to attract eyeballs so they can sell you courses.
No matter how talented you are, it will take months to see results or attain financial success.
Why?
One, you need an audience to get your online business off the ground.
Unless you are already a celebrity, you have to start from scratch and the way things are going online currently, this is going to take more time.
Nowadays, overnight success is unheard of.
And if someone makes it fast, it is because of the consistency and years behind their efforts.
Someone hitting a home run at their first trial is often short-lived.
Secondly, there is competition.
Virtual all niches have people already trying to make money.
While this shouldn’t discourage you, you will need a fresh angle to get noticed within the market.
Wrapping up online business myths
In order to have a fighting chance in today’s online marketplace, you need to base your decisions on proven and tangible information.
This article tackles some of the most common myths spewed all over the internet.
Some maybe you are already a victim, others are upcoming.
Either way, always question everything you read or hear online. And only get information from trusted sources like our blog.