Episode 5 – Why Do 98% Fail In Home Business?

In today’s video, I explain 4 reasons why 98% of people fail in the home business industry and what you can do about it!

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Video Transcription

In this episode, I’m going to talk about four specific reasons why I believe most people struggle in home business, network marketing, internet marketing and affiliate marketing.

Let’s talk about why 98% of businesses fail within the home business industry and internet marketing and affiliate marketing.

Reason #1

Relying on offline methods of marketing, and this really relates to network marketing specifically. The reason this bad isn’t that offline marketing doesn’t work, sometimes it works incredibly well. For network marketing it works very well to prospect. The only problem is that there is zero leverage. It’s about the time that you put in versus the results. If you have to run around working with a lot of prospects, there is zero leverage.

This is why businesses these days use the internet, and this is why a lot of people do network marketing on the internet, myself included. It’s because there’s leverage. We have to use online methods to have leverage. It doesn’t mean you should stop doing offline methods, of course not, they do work. But you have to do both, because with online marketing there is automation. Offline marketing has been around a long time and some people would disagree with me, but that’s just the facts.

Reason #2

Lack of relevance – this is all about pitching your opportunity. What I’ve noticed with a lot of people pitching is they don’t pitch with any kind of relevance to the individual. It’s a case of trying to get as many eyeballs as possible looking at something. It’s not really giving people a reason to be interested.

You’ll see this a lot with the Facebook groups where you’ve got people spamming their links and things like that, talking about how this is a ground floor opportunity and all that. The problem is that with marketing and sales it’s all about solving problems, and you’ve got to find people with problems, you’ve got to find their pain point, and then you’ve got to offer a solution. That’s what good marketing is.

What I’ve noticed is most people who are pitching their business opportunity, they don’t really find out if there is a problem to begin with, they assume that everyone is going to want to join the business opportunity.

Reason #3Why Home Businesses Fail

Wrong target market. Not everyone would agree with this, but if you look at most people doing well marketing their business opportunity on the internet, they’re targeting people who are already looking for a business opportunity, also known as opportunity seekers. What they are doing is leading with value on the front, and that’s what I do, that’s what lots of people do.

You have to go after the right target market. The problem I see a lot of people have is that they are trying to get absolutely everybody including people who aren’t even interested in a business opportunity. That’s where you get a lot of people calling it a scam, because they’re not sold on the business model, and they don’t agree with it, or they’re simply not interested. You can’t go after everyone. Try and find a target market, preferably opportunity seekers, or people already in a business opportunity. Help them in another way, provide them with something different. Lead with value and training on the front end, and on the back end, promote the business opportunity. People won’t join you if they don’t see you as a trusted advisor.

Reason #4

Lack of branding. Specifically, leading with the opportunity. A newbie will plaster their opportunity all over Facebook, cover art, wear the t-shirts, whatever. People don’t actually really care, what they want help with is solving problems.

Instead, you need to have some personal branding. Some people will ask if they really have to have a personal brand. To be honest, you do, and it’s not as difficult as you think. It’s more about them seeing you as a trusted advisor for you to successfully pitch anything.

Personally speaking, I’ve gone through a lot of training in terms of how to brand myself, and I’ve also just understood what it means to lead with value.

If you want to learn more about it, go to NickPratt.tv/HomeBusinessBranding, and you can see some information on how to brand yourself.

You can’t just lead with the opportunity, you have to lead with the brand of you.

 

Those are the four tips. If you follow these principals, you’ll have a better chance to not be part of the 98% of failed business. I’ve talked to a lot of people, and they tend to do those things wrong.

About the author

Nick Pratt

I earn a full time income from the Internet and my passion is to teach other regular ordinary people to do the same!