Online business failures are unavoidable. How you deal with those failures and move forward is what counts.
My girlfriend Tatiana and I want to share with you the challenges and mistakes that we have each faced while building our online businesses. In doing so, we hope that you can learn from them.
Why would we want to highlight our failures? Well, because there is a lot of value in demonstrating why failure is a part of the entrepreneurial journey.
Are you ready to learn about our 3 biggest online business failures?
Watch the video below:
(Click here to watch on YouTube)
Do you want to learn which online business is right for you? CLICK HERE to take my free quiz!
Do you want to learn 3 more online business failures? CLICK HERE to check out Tatiana's video on her YouTube channel!
Online business failures are inevitable.
Anyone that is successful in life has failed at something. Here are the 3 biggest online business failures that Tatiana and I have gone through.
1. Insufficient Market Research
Earlier this year, Tatiana and I traveled to Ethiopia, where we helped build a school for children in need. That experience inspired her to create a clothing brand where she would donate 100% of her proceeds to charity.
The problem was that she didn't do any market research ahead of time to determine whether or not her followers would be interested in it. Rather, she just assumed that they would. As a result, she did the launch and it failed.
From this experience, she learned the importance of doing research. Just because you love an idea doesn't mean that there is a market to sell it. This is why a pre-order is a powerful technique to validate whether or not people are willing to spend money on your product.
2. Perfectionist Tendencies
In my early 20's I had an offline dating business where I would coach men on how to improve their confidence and social skills. At the time, I discovered the world of online business and I was hooked.
I wanted to start making passive income so I packaged my dating knowledge, experiences, and strategies into an eBook with the intention of selling it on my website. I spent one year writing it because I wanted it to be perfect.
However, in doing so, I wasted a lot of time and energy. Quality matters, but if you obsess about small details, you will procrastinate and never finish anything.
In my K Money Mastery course, I teach people that, when it comes to publishing eBooks, your first book, don't get carried away with the length of it. Once you've identified a profitable market, start with a small book that you sell for $2.99.
3. Poor Financial Management
If you want to grow your business, you need to be on top of your finances. In Tatiana's business, she sends a lot of wire transfers, whether that's sending money to a fulfillment center or a supplier. On one particular occasion, she sent the entire lump sum instead of sending a smaller amount at the onset.
This is the smart thing to do so that you know that the information is correct. Unfortunately, the money was never received by the manufacturer because she accidentally typed in the wrong information. As a result, she lost a lot of money.
Always make financial management a top priority, especially when it comes to sending and receiving money.
Check out part 2 on Tatiana's Luxx Biz YouTube channel where she shares 3 more online business failures!
From our failures, Tatiana and I learned many valuable lessons that we hope will help you to avoid the same mistakes. In the words of Bill Gates, “It's fine to celebrate success, but it's more important to heed the lessons of failure.”
Do you want to learn which online business is right for you? CLICK HERE to take my free quiz!
Do you want to learn 3 more online business failures? CLICK HERE to check out Tatiana's video on her YouTube channel!
Are you ready to learn why stepping outside of your comfort zone is the best-kept secret of business growth? CLICK HERE to read the article that I wrote on Medium!