Why I Don’t Think You Should Be Starting An Online Business.

In todays episode I’m going to talking to you about why you should NOT be pivoting into an online business right now.  I’ll share with you the cold hard reality of an online business and I’ll reveal a few trade secrets that the online guru’s don’t want you to know. The last couple of weeks I’ve […]

In todays episode I’m going to talking to you about why you should NOT be pivoting into an online business right now.  I’ll share with you the cold hard reality of an online business and I’ll reveal a few trade secrets that the online guru’s don’t want you to know. 

The last couple of weeks I’ve been releasing extra episodes with a focus on leadership, in these coming weeks I am going to transition and start speaking more about how we should be serving and communicating to our patients and community at the moment with content creation.  We’re going to be talking about websites, videos, microphones, blogging, emails, online course…in fact we’ll be doing a deep dive into digital marketing for health professionals.

The challenge that many of us are having right now is that in order for us to run our business we need face to face contact with our patients/clients.    For just about all of us that has either become very difficult because pope are self isolating or if you’re in lock down…impossible.  

Enter the lure of the online business!

I’m sure that your news feed like mine is full of advertisements from coaches and online gurus telling you that now is the time to take your business online and to start living the laptop lifestyle.  There’s images of people living in exotic locations, working remotely, sitting on the beach with an apparent endless supply of cash flowing into their bank accounts.  

The promise of no staff, not having to deal with patients face to face all while never having to swap your time to money is damn attractive!

Now I don’t want to be a dream crasher but let’s look at the statistics….90% of online businesses fail in the first 120 days.

Let me put that in perspective…20% of small business fail in the first year and about 50% in the first five years…so from a probability point of view …your chances of success are much higher in your brick and mortar business than they are online.

And the reason they fail is because running an online business isn’t as easy as the gurus would have you believe and it’s getting harder every year.

Yes the technology is some areas is getting easy but the competition also continues to grow rapidly.

Unfortunately it’s NOT as simple as putting together an online course and the beating back the masses as they fight to throw their money at you.

Building an online business requires an entirely new set of skills…yes these are all learnable but unless you have a real passion for marketing (because that’s where most of your time will be spent), content creation and learning new skills, then an online business may not be for you.

Telling yourself that you’re going to create a little side hustle is misleading too…I don’t know of a successful online entrepreneur who was able to build their business as a side hustle. It took 10-12 hour days for years before they were able to have a sustainable business.

For the vast majority of you listening right now your time is better spent working on your existing business and preparing for when things return to normal.  

For many of us The CV pandemic has exposed a lot of hidden cracks in our businesses and finances but rather than throwing out the baby with the bathwater NOW is the perfect time to look at these vulnerabilities and go to work of correcting those.

In fact I’m going to go as far as saying if you’re having difficulty making a success of your regular business then you’re likely to find it just as difficult if not more so with an online business.

Now is not the time to be diluting your focus, it’s the time to be doubling down.

I’m not saying that an online business is not a good strategy for some of you but you must meet some very strict requirements for starting.

I’ll tell you what they are on the podcast.

Listen now to hear more of my thoughts.

Thanks for all you do.

Keep saving lives

Angus

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