7 Most Popular Myths About Starting An Online Business



It seems as if everyone wants to start an online business these days. Unfortunately, too many aspiring entrepreneurs expect the process to be easy, hands off, and streamlined. If you hear anyone say that starting an online business is any of these, it’s time to tune out and move on. These people are perpetuating common myths about the industry.

When we focus on the successful businesses, we get the impression that any idea can lead to success thanks to the huge online audience. That’s one of the greatest myths about online businesses.

If you intend to give your idea a try, you should first bust that one, and then focus on revealing the truth for many other myths about online businesses. 

Myth #1: You Can Start an Online Business for Free (Or A Small Amount of Money)

You’ve all seen the ads that tell you about certain online website building platforms that provide free services (or close to free) online shop creators. In addition, there’s always that self-employed friend that’s telling you how inexpensive it is to get started online.

Although the ideal online store building solutions are fairly inexpensive, you can’t possibly expect to spend less than at least $500 per year on just your website. 

After all, this is your storefront. It’s the primary way you’re going to make money, and if you plan on expanding that business, it’s going to require investments.

The free (or close to free) online business is a marketing ploy to prompt you into buying. 

That doesn’t mean you have to spend $10,000 your first year developing a site, but it’s prudent to budget for more, rather than nothing.

Yes, it’s possible to start a website without investing a great deal of money.  Let’s check only few of the costs you’ll have to deal with:

  • Business planning
  • Content development
  • Customer service
  • Taxes
  • Accounting
  • Domain name
  • Website hosting
  • Logo design
  • Website template or designer
  • E-commerce platform
  • Product inventory
  • Marketing and advertising expenses

I can’t give you a definite number; each business is related to different costs. I can, however, give you an important tip that will save your business from failing: plan the costs and save money before you start. 

Myth #2: If you’re passionate about your idea, you’ll do just fine

Business gurus keep telling you that passion is crucial for the success of your project. They are right… to some extent. In reality, passion will not inevitably lead to profit.

If you want to start an online business, but you’re still not sure about the niche, you should definitely pick something you’re passionate about. However, you should also make sure the market is ready for your idea, and the competition is not already offering something too similar.

There is a link missing between the find your passion and profit. It’s about doing the work. A lot of work and commitment! When you combine that aspect with passion, your online business will have a real chance of succeeding.

Myth #3: Social media marketing is free

You wish! Facebook, Instagram, and other social media platforms won’t charge you anything for creating a profile for your brand. In fact, that’s one of the first things you should do as part of your marketing campaign: develop a presence not only on Facebook, Instagram and, but on many other platforms as well. While we’re at it, don’t forget to create an impressive LinkedIn profile for yourself – the founder of the online business.

Your profiles will be there, but what will you do with them? If you want real traffic and conversions, you’ll need to pay for some advertising. Effective advertisements cost money, but the good thing is that you can set a budget that works for you. You’ll have to invest in the design of the ads, too. They can be in the form of videos or images with messages, along with content that attracts the viewers to check out your offer. Bottom line, social media marketing is not as expensive as TV advertising, but it’s far from free if you want to use its full potential.

Myth #4: You’ll have a lot of free time on your hands.

If you’re already dreaming about lazy afternoons, long holidays, and constant travel, think again. While starting a business online gives you a lot of freedom and flexibility, you’ll still be spending long hours—sometimes upwards of 80 hours a week—building and growing your business in the beginning, and it requires a lot of hard work and dedication on your part.

Books like The 4-Hour Workweek by Timothy Ferriss have lulled a new generation of entrepreneurs into thinking that all they need to do when starting an online business is to check in on it a few hours each week while the business generates passive income. If you want your online business to succeed, you’ll need to take an active hands-on role, at least for the first few years.

We’ve all seen the ads of entrepreneurs in our Facebook feeds. Images of people posing on the beach in Costa Rica, trumpeting how they work less, live more, and lead an amazing life.

True, all of that is possible. But is it likely? No. Being an entrepreneur is work.

Instead of clocking out at the end of the day, or taking a holiday knowing the team will be merrily doing the work in your absence, you worry. You fret. You think about your business all the time (mostly because you enjoy what you are doing! That’s hard to turn off).

Could you make a lot of money? Sure! Could you retire your spouse? Maybe.

Will you be working hard? DEFINITELY.

You just might enjoy the work more 🙂

Yet along the way, you’ll discover that trading in the traditional 40-hour work week is one of the most rewarding things you’ll ever have done.

Myth #5: “I made 6 figures in my first 6 weeks in my Pyjamas and YOU CAN TOO!”

People who tell you this are definitely selling you something. And it’s probably something that smells fishy. If you break down the path of successful online entrepreneurs you will see that they spent YEARS in the making.

Jeff Walker was a stay-at-home dad who built an online business in finance and the stock market. When that blew up he then started what today is PLF, making tens of millions of dollars. But his first live sales pitch out of the gate for PLF? Only 6 people signed up.

Honestly, it just takes time. Building a business is work. It’ll take you months and years of repeat effort before you amass your pile of gold and your stable of ferraris in the garage

…and you know what? That’s okay!

Something worth doing is worth doing right.

Myth #6: You can run your online business alone.

Often it feels as though you have to do everything yourself when you’re running an online business. There are times, however, when you’re going to need help with tasks outside your skill set. At that point, you’ll need to have someone on hand who can help with developing website content, doing email marketing, writing advertising copy, or managing your social media presence.

Why hire a full-time staffer when you can hire a freelancer? A quick search of the internet will bring up hundreds of freelancers who are ready and willing to help you out on an as-needed basis for reasonable rates.

At the very least, it gets lonely at the top. Sometimes it’s helpful to bounce ideas off another online business person in your industry and tap into their knowledge base, especially if they’ve been in business for longer than you have.

Myth #7: “Anyone can do it, so why not me?”

Okay, this isn’t a snarky myth. But I had to include it.

Technically, anyone can start and run an online business.

But very few people will be successful at it.

Building a business is one of the most incredible personal development journeys that you can take as a human, and it’s a pretty incredible path to choose.

But it’s also hard. It’s challenging. It’s tiring. And it’s risky.

Which means that only a small number of people are going to be happy and comfortable taking this path.

And you know what? That’s okay.

Become an online entrepreneur if that’s the journey you really want to take. Don’t do it if you think you “should.”

Do it because you love learning. Do it because you enjoy selling. Do it because you are scratching an itch in your soul.

You absolutely can be an online entrepreneur.

Just don’t get caught up in the all the myths, keep your perspective, and maybe your sense of humour, and stay focused.

Resources mentioned in this episode:

 

 Awaken The Giant Within. Anthony Robbins

‘Tony’s incredible understanding of the world, people and human nature make him the ultimate like coach. He knows what it takes to make people excel… and win!’  – Andre Agassi

Robbins is a mass of walking energy and passion.’ – Time Out

Are you in charge of your life? Or are you being swept away by things that are seemingly out of your control? In AWAKEN THE GIANT WITHIN, Anthony Robbins, the bestselling author of UNLIMITED POWER, shows the reader how to take immediate control of their mental, emotionalphysical and financial destiny.

Further praise for Tony Robbins: A fascinating, intriguing presentation of cutting-edge findings and insights… including the growing consciousness that true success is anchored in enduring values and service to other.’  – Stephen R. Covey, Author of The 7 Habits of Highly Effective People

As always, thank you so much for tuning in. I really hope this helped. Hey, have I missed anything here though? 

p.s. Please subscribe over on iTunes. It really does help this podcast to grow!

Drop me a note in the comments section over at hotclicks.com.au and let me know your thoughts.

 Listen to the full episode now >>

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Phil Adair

Hot Clicks Pay-Per-Click Online Marketing

Suite 12, 5th Floor, Dymocks Building

428 George Street, Sydney 2000, NSW, Australia  

W: hotclicks.com.au

I’m a huge fan of connecting on social media. If you’re on these social networks, then let’s follow each other: 

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Best, Phil

 

 

What Does It Take To Be An Entrepreneur? Grayson Lafrenz Interview



What does it take to be an Entrepreneur? In today’s episode, you will learn from one of the industry’s top performers on how to build a business from the ground up in a smart and sustainable way.

Grayson shares the unexpected path that led him into the business, how he found his niche and the winning strategies that helped his business become one of the fastest growing businesses in San Diego. 

Grayson Lafrenz is the CEO of Power Digital Marketing, an online internet marketing agency that helps businesses scale and drive revenue through digital marketing. 

Over the past 5 years, he has grown the company from a team of three to a team of 60 plus. 

Power Digital has been named San Diego’s Healthiest Company, Fastest Growing, and mentioned on the Inc 500 Companies & Best Places to Work. On this episode of The Online Marketing Strategies Show, Grayson walks us through his entrepreneurial journey and shares how he’s been able to rapidly grow his company.

He’s barely 30 years old, and has built a business that is now nearing $20 million in revenue! 

p.s. Please subscribe over on iTunes. It really does help this podcast to grow!

Drop me a note in the comments section over at hotclicks.com.au and let me know your thoughts!

Listen to the full episode now >>

⠀⠀

 

How To Create Irresistible Headlines (People Can’t Help But Click)

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Remember to subscribe to this podcast and check out my [FREE] AdWords Video Training Series.

Get Instant Access Here >>

7 Absolutely Killer Tips For Google AdWords & Why They Crush The Competition

 

 

 

How to Build an Email List FAST – 7 Simple Methods You Can Use for FREE

Download The eBook Now:

 

Download here >>

 

Phil Adair

Hot Clicks Pay-Per-Click Online Marketing

Suite 12, 5th Floor, Dymocks Building

428 George Street, Sydney 2000, NSW, Australia  

W: hotclicks.com.au

I’m a huge fan of connecting on social media. If you’re on these social networks, then let’s follow each other: 

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Google+ 

Facebook

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p.s. If you enjoyed this, you might also like:

Best, Phil

7 Incredible Benefits Of Social Media For Your Business

Why do I need Social Media Marketing?

The 7 Top Benefits Of Social Media Marketing

 

1. Increase your brands awareness and social media presence across multiple social media platforms.

2. Using social media for business boosts your site’s SEO

 

Search engine crawlers know which pages are consistently earning traffic and which are just floating out there, forgotten and ignored.

A killer content strategy for SEO is the most important part of earning top spots in search engine rankings, but driving traffic to your optimised pages will cause them to climb much faster in the search engine results pages (SERPs).

 

 

3. A strong social media presence builds brand loyalty.

Brands with active social media profiles have more loyal customers.

 

It’s easy to imagine why: when you’re engaging and interacting on social media (not just tossing your posts out onto the web hoping someone will stumble upon them) you become less like a corporation and more like what you truly are — a unified group of people who share a vision.

 

4. Your competition is getting social, so you should too.

Did you know that 91% of brands are using more than one social media platform?

This isn’t something you want to fall behind the competition on, because it’s much harder (and more expensive) to play catch up than it is to get in on the game early.

 

If your competitors get to your potential customers first, they’ll earn their loyalty and you’ll have a hard time winning them over. If you’re active and engaging on a variety of networks, you can gain those friends and followers first and your competition will be playing catch up instead of the other way around.

 

5. Thought Leadership.

Posting insightful and well-written content on your social media is a great way to become an expert and leader in your field. There is no one way to become a thought leader – it requires work that can be supported by online networking tools. To establish yourself as an expert, be sure to utilise social media platforms and build your presence. Be communicative, connect with your audience, share content, and promote your authority.

 

When your social media campaign is aligned with other marketing efforts, your skills will be highlighted and followers will look up to you. Being able to directly connect with your customers creates a relationship that they will value, allowing you to become a notable influencer in your field.

 

6. Better Customer Satisfaction.

Social media is a networking and communication platform. Creating a voice for your company through these platforms is important in humanising your company.

 

Customers appreciate knowing that when they post comments on your pages, they will receive a personalised response rather than an automated message. Being able to acknowledge each comment shows that you are attentive of your visitors’ needs and aim to provide the best experience.Every customer interaction on your business’s social media accounts is an opportunity to publicly demonstrate your compassion for your customers.

 

Whether an individual has a question or a complaint, social media allows you to address the matter using interpersonal dialogue.

 

A brand devoted to customer satisfaction that takes the time to compose personal messages will inherently be viewed in a positive light, even if responding to a customer complaint.

 

7. Gain Marketplace Insights

One of the most valuable advantages of social media is marketplace insight. What better way to know the thoughts and needs of your consumers than by directly talking to them?

 

By monitoring the activity on your profiles, you can see customer interests and opinions that you might not otherwise be aware of if your business didn’t have a social media presence.

 

What Exactly Is Social Media Marketing?

Social Media Marketing has changed the way we share information with our friends, family and the general public. Traditional word of mouth has changed to digital word of mouth or social media.

 

People trust their friends and colleagues for recommendations and we now use Facebook, Twitter, LinkedIn, Instagram etc., to post and read reviews, communicate with friends, voice opinions, read the news, source information on products and services we require, and search for jobs. Social media is integrated into our everyday lives, and with almost 80% of our planet accessing the internet every day, the potential to reach new customers is huge.

 

The bottom line on social media marketing benefits:

  • Social media works!
  • Social media marketing contributes to your business success.
  • Social media supports every element of your marketing plan.
  • Social media increases your reach, your influence and your conversions.
  • Businesses continue to use social media as a key part of their overall marketing.

 

Why do I need Social Media Marketing?

  • Because social media marketing delivers results.
  • Figure out how to maximise your social media marketing to increase your business success.
  • It’s not just about your marketing.
  • It’s about improving your overall business efficiency and success.

With the rapid advancement in social media applications, there are very few people who do not have at least one social media account.  It is simply a highly effective way to promote your products and/or services.

 

Social Media Is Your Marketing Tool

Social media has become the number one marketing tool for many companies. It’s the most efficient and cost-effective way to attract consumers and engage your existing customers. If utilised properly, you can see outstanding results in a relatively short space of time.

 

Social media is not just about opening Twitter and Facebook accounts.

 

It’s about leveraging these tools to engage existing customers and attract new ones. It’s about communicating your brand and business in a direct, often entertaining way.

 

Social media will help your business:

  • Reach a large audience in a short period of time
  • Communicate with your customers in real time
  • Target and expose your brand to the right audience

 

Reasons To Invest In Social Media Marketing

  • Build brand awareness
  • Generate leads & sales
  • Build a loyal community
  • Engage your target market
  • Improve search engine visibility
  • Gain market intelligence
  • Increase traffic to your website

 

Social Media Strategy (Points To Consider)

 

  • Identifying the type of message you want to relay to your clients
  • Correctly conveying these messages to potential and existing clients
  • Identifying the most suitable social media channels to promote your business
  • Communicating the right message at the right time for maximum exposure

 How is your social media going? Is it working for you? Share your advice or questions below! Let me know what’s working for you right now…

 

Really hope this helped. Hey, have I missed anything here though? Drop me a note in the comments section below and let me know!

 

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Remember to subscribe to my podcast and check out the [FREE] AdWords Video Training Series.

 

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Download here >>

 

 

Phil Adair

Hot Clicks Pay-Per-Click Online Marketing

Suite 12, 5th Floor, Dymocks Building

428 George Street, Sydney 2000, NSW, Australia  

W: hotclicks.com.au

I’m a huge fan of connecting on social media. If you’re on these social networks, then let’s follow each other: 

Twitter 

Google+ 

Facebook

YouTube

Pinterest

Instagram

 

About Phil Adair

Phil Adair is the host of one of the most downloaded online marketing podcasts on the internet (go here to subscribe and listen to The Online Marketing Strategies Show.)

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