I was asked earlier today if we ever have online businesses and web sites that fail…and depending on your definition of failure, sure we do.
The reality in any business is that there will be attempts to build and grow your business, there will be setbacks and there will be opportunities to learn from those setbacks allowing you to pivot and re-invigorate your business in a new, much more promising direction.
We don’t really use the word “failure” – not because I don’t like the word, but because we learn something valuable from everything we do and that means there really is no failure in business.
Absolutely, not everything turns out like you expect…in fact, that is more of a rule in business than an exception.
Let’s break it down for a little more clarity.
My sites all fall into one of 3 categories:
1. Sites that are tested and chug along generating income reliably
2. Sites that are designed around businesses where we are testing markets and ideas…we don’t expect massive income from these sites, instead we are testing different sub-niches, products and messaging – most of these end up succeeding in one shape or another within a few months. In other words, we learn enough to pivot and take them into a direction that is profitable
3. Sites that don’t work out or are so limited that they are no longer worth our time/effort – these sites we either shut down or (in some cases) sell them off to someone else in that niche who has a different vision or idea for the site
With good research ,solid testing methodology we can limit the sites that fall into #3 – but even those that do, we learn valuable lessons about that market and the products.
The key is to have a proven system for how you research markets and products, how you quickly test markets (so you are not wasting weeks or months) and how you recognize quickly which sites and businesses hold even greater profit potential.
That system is now something we share with other entrepreneurs over at Information Marketer’sZone – in fact there is a fast-track video training series backed by mentorship in the site that teaches the entire system that you can use in a 4 to 6 week period.
Want to limit your failures and your setbacks, tap into this training program and fast-track your online business success.
