The new year is here, and you’re gearing up to make big changes in your life. Many people will take 2020 as an opportunity to work from home and make money online. Not all of them will be successful.
There are specific barriers to success that every professional and entrepreneur faces. By identifying these, you’ll develop strategies to overcome them and be in the best position to move ahead with online business opportunities.
1: An Aversion to Risk-Taking
If you want to make money online, you’ll need to let go of some of your aversion to risk. All successful entrepreneurs have some level of risk aversion, but embracing and managing risk carefully will always produce better results. The challenge is to learn when to take the plunge, and when to hold back on an idea or project, or even abandon it altogether.
When thinking about risk and online business, there is a financial and a personal side.
- What can you afford to spend to move on to the next step?
- What are you willing to sacrifice to make your goals work?
Determining your acceptable loss requires digging deep to analyze what you would be investing in an online business. Money is only one element. There’s also the time you will spend, your personal and professional reputation, and the relationships that might have to take a back seat while you work from home to establish your business.
Acceptable loss is not about any particular venture. It’s about what you are personally willing to sacrifice as you move ahead with a plan to make money online. If you can be honest with yourself and take on more risk, but with a clear goal and strategy, you will be in a better position to make this year your most successful yet.
2: Feeling Like You’re Late to the Party
Beyond risk and your natural aversion to it, the fear of failure will be an element to overcome.
Some people look at online business and take the defeatist position of assuming that the best opportunities are already taken. If you’ve ever considered work from home, you can probably relate to this.
It’s important to understand that very few business ideas are completely unique. Sure, some niches are highly saturated, but this doesn’t mean that there isn’t room for innovation and improvement on what exists.
Amazon wasn’t the first e-commerce company, just as Apple wasn’t the first smartphone manufacturer. They are companies that were formed around established industries. The difference is they both did things better and managed to attract consumers with unique products and services that exceeded the quality of what was available.
Maybe you aren’t interested in e-commerce or computers and smartphones, but you can look at these companies for inspiration as you seek to enter an online economy that hundreds of thousands of entrepreneurs are already active in.
So what if you’re not the first person to start an online business. If you can identify a niche and an area where it is being underserved, you can carve out your own piece of it and do things better than your competitors.
3: Lacking the Tools and the Support to Get Started
Maybe you aren’t overly averse to risk. It’s possible that you see the opportunity in online business, but fail to take action for another reason. It could all come down to the tools and the support that you have, or, rather, the lack of.
We can only ever be as successful as the mechanisms and platforms that we use to achieve success. You could be the most driven individual in the world, but if you don’t have a platform and a system, you won’t ever succeed in making money online.
The tools you use will depend on your niche and the type of work that you want to do. You need to consider everything from scheduling and productivity software to the specific services you will use to connect with clients and process transactions. Research is key. Networking can help as well. Learning from other professionals will give you an idea of what works. You don’t have to replicate the systems that others use, but you can at least consider the benefits of different working styles and adapt them to your needs.
You also need positive support that keeps you on task. If you have negative influences, whether they are friends, family, or colleagues online, these will only hold you back.
4: You Aren’t Leveraging Your Passions
To work from home, you need to be dedicated. To be dedicated, you must be passionate about what you do. Your skills and passions will often meet somewhere in the middle. If you don’t enjoy what you do, you’ll struggle to make money online in any meaningful way.
Identify your passions and explore ways that you can leverage these to make money. Online opportunities are vast and there are options for people from all backgrounds. Whether it’s sales and marketing, innovation, or technical abilities, you have something unique to offer. You’ll often be surprised at how you can apply your passions to online business opportunities.
5: You’re Expecting Instant Results
Time and consistency are key to success in online business. If you have unrealistic expectations, you will hit roadblocks and lose motivation.
While last on our list, this is arguably the most important point of all. You won’t make money online if you are expecting instant results. You’ve probably seen advertisements, claiming that you can make $1000 a day, or six figures in a matter of months. These kinds of earnings are entirely possible, but they won’t materialize overnight.
Successful online businesses go through trials and failures. You’ll learn just as much from failure (sometimes more) than you will from success. If you give up at every minor setback then you won’t be able to make a career out of a work from home business.
You will need a realistic goal to overcome the challenge. What would an ideal month look like in terms of earnings? Set a figure and start working towards it. Don’t be discouraged when it doesn’t happen in the first, second, or third month, etc. Identify what is holding you back from your target and change your strategy so that you can fill the gaps.
Break Through the Barriers and Make Money Online This Year
Countless people work from home and make money online. Many of them are incredibly successful. You can be, too, but it’s not as easy as saying that you’re going to do it. Understanding the barriers will put you into a better position to make 2020 a success. Reaching your goals will be challenging, but with the right mindset, support, and tools, you will find that anything is possible.
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