5 Biggest Myths Of The Home Based Business Industry
In fact, if you’re reading this article there’s a good chance that almost everything you’ve been told about the home based business industry is dead wrong.
Truth is… there are 5 big myths of the home based biz industry that are being perpetuated by a small group of unruly marketers.
In a second, I’m going to expose these 5 myths to you so that you can finally be in the best possible position to achieve the kind of success you know you deserve.
Building your online business in 2017 will be unlike previous years.
So if you want to achieve your business goals it’s imperative that you’re up to date on the latest changes…
… and you know the TRUTH about the home based business industry.
What Has Changed?
New restrictions on certain ad platforms will force marketers like you and I to become more creative and savvy then we previously were.
Additionally, consumers are more discerning now then ever.
Too many “hypey” online marketers have worn away at the goodwill in the marketplace and made many consumers skeptical of even the best and most legitimate offers out on the market.
However, even with these challenges, now more than ever new entrepreneurs and marketers are coming into the online home based business industry in search of a way to create additional income streams and improve their quality of life.
- For some… it could be to just make a few extra dollars.
- For others… it could be to fire their boss and work from home.
- Finally, some people are in the online space to create complete financial and time freedom for themselves and truly live the “laptop lifestyle”.
No matter which of these categories you fit into…
… I’m about to reveal to you the 5 biggest myths of online marketing & the home based business industry so that you can stop wasting your time and start doing exactly what is required to build a successful business.
So let’s dive in!
Myth #1: If I Can Afford It… I Will Succeed At It
Being able to afford a business investment isn’t enough.
To start and build a successful online business you’ll need some start up capital.
Depending on the type of business you’re building that amount could start anywhere from $50-$100 and go up as high $50k.
There will also be monthly overhead for costs for various different business building tools that are required.
But here’s the deal…
… just because you have the money to afford these business expenses does not inherently mean that you will successfully build an online business.
Certainly you’re putting yourself in a better position to succeed when you can invest in your business and invest in yourself.
But it still requires work and consistency.
From time to time we’ll see people who have invested in their business, take little to no action, and then wonder why they weren’t able to generate any sales or profit.
It seemed as though they felt entitled to success just because they had forked over the initial investment.
It’s the equivalent of not doing any exercise for 10 years and then one day spending thousands of dollars on a brand new, state of the art, home gym.
On day 1 you go into your new home gym, do 10 push ups, and then run to the mirror to check out your new bulging muscles.
Upon not seeing any new muscles you quit working out and you consider all of your state of the art workout equipment a “scam”!
Would any relatively intelligent person on the outside looking in consider that to be rational behavior?
Of course not!
But unfortunately, it happens all the time.
Listen, putting up the money to invest in your business is where it all begins, not where it ends!
The journey starts now that you’ve ponied up the money to start your online business.
Myth #2: I Can Figure This All Out On My Own
You could figure this all out on your own (don’t attend any live events, don’t work with mentors, don’t hire a coach, don’t invest in any training products)
But it would add years and years of unprofitability to your business.
But let’s be honest… what is the likelihood of someone spending years and years and years on a business without making a dime.
Not.. very… likely!
Therefore, I’m just going to say it…. you CAN’T do this all on your own!
It requires help in the form of mentorship, coaching, and leveraging a system.
Which is okay!
There’s is absolutely zero shame in asking for help or hiring a coach/mentor.
In fact in 2015 alone we spent approximately $50k in our own coaching and mentorship.
We’ve actually increased the amount that we’ve invested in coaching and mentorship year after year and as a result our business income has increased each year as well.
So if you’re if wondering if you can go at the whole “biz building thing” on your own….
Find a mentor or a leader that you resonate with and duplicate what they’re doing.
Myth #3: Anyone Can Succeed In The Home Based Business Industry
The greatest thing about the Home Based Business industry is that anyone can get involved.
The worst thing about the Home Based Business industry is that anyone can get involved!
Look… the Home Based Business industry has a big problem that you’ll never hear the ‘gurus’ talk about (at least they won’t talk about it openly)…
So here it is…
… the majority of people who get started in the home based business industry will quit.
Sadly, this is true.
Up lines, “sponsors”, and referring affiliates will all tell you how easy it is to make money online.
But the truth is…
It’s more competitive today than it’s ever been before to make money online.
Anyone who tells you differently, is lying to you.
Here’s what I mean specifically,
There will be times when you’ll need to be extremely resourceful in order to accomplish a task or achieve a goal.
Unfortunately, a large percentage of people simply don’t have the resourcefulness to figure things out and move forward with their business.
As a result, when faced with a new tech hurdle or challenge… most people will get so “stuck” that in their own minds they believe they can’t accomplish what they originally set out to do.
Furthermore, there will be rejection and obstacles that you’ll have to overcome.
Therefore, the simplest and most effective way to deal with the rejection is to develop a leather skin.
Or as we used to say in my old Telecom sales days…(says Bill Pescosolido)
… “You need to get ‘duck feathers’”.
As you probably know… water rolls off a duck’s feathers to keep it warm and dry.
” Back in the 1997, when I was in the fast paced and highly competitive world of deregulated telecommunications…
… I needed to get “duck feathers” in order to deal with all the rejection I received on a daily basis. “
Whether you realize it yet or not, you will experience…
- Unforeseen challenges
… just by being involved in the Home Based Business industry.
So the question is… what are you going to do when a huge business obstacle smacks you in the face?
The true test of an entrepreneur is not how you handle yourself during the good times, but rather how you handle yourself during adversity.
The reality is, many people are great at starting out in the Home Based Business industry…
… but a large percentage of those people don’t have the “duck feathers” or the resourcefulness to tough it out for the long haul.
Myth #4: “I Want To Target Anyone And Everyone!”
If you think that you’re target market is… “Humans Who Breath Oxygen” … then you’re sadly mistaken.
Begin to embrace the phrase:
“If you’re trying to market to everyone, you’ll end up marketing to no one.”
Identifying and narrowing down your target audience is the first step to increasing your conversion ratios.
Look at it this way… think about the difference of tv commercials during daytime soap operas vs. during sporting events.
I’ll take it one step further.
Think about the difference between the commercials on tv during your typical NFL football game vs. during the Wimbledon Tennis tournament or the Masters golf tournament.
If you pay attention you will see a huge difference in advertisements between NFL football vs. Tennis /golf and they all still fall under the umbrella of “sporting event”.
“If you’re trying to market to everyone, you’ll end up marketing to no one.”
So with this in mind… Who are YOU advertising to?
Is your target audience too broad?
Could you narrow down your target market by getting more specific based on the solution your offer provides?
Furthermore, have you created your Customer Avatar yet?
You’re Customer Avatar allows you to communicate to many people while “speaking” to only one.
In fact, having a clearly defined Customer Avatar is critical to the success of your business.
Myth #5: I’m Going To Build My Business Online Using Free Strategies
You may be thinking that you’re going to build your online business using ‘FREE’ methods to get traffic.
That way you have no money going out the door.
But again… this is a typical mistake a lot of newbies make.
Why? Free traffic is a myth.
Ask yourself this…
How much is your time worth?
For example, let’s say you’re making $1 Million/year.
Your time can be valued in the following way:
$1 Million a year ($84,000/month) = $350 / hour
But even if you’re not making $1 Million per year and say that you value your time at $50/hour.
Now take for example you want to do SEO… so, you’re going to spend 2 hours a day writing articles for the next 3 months, trying to get ranked in the search engines- in total, 180 hours of your life.
So… those few hours a day you end up spending writing articles for ‘free’ are NOT really free- they actually cost you thousands, and thousands of dollars.
Even valuing your time at $50/hour that would still amount to $9,000.
And then if you target the wrong keywords, and you make very little or even zero dollars from all of that time….
You’ve wasted the equivalent of $9,000!
There is NO SUCH THING as free traffic.
All traffic has a cost!
Final Thoughts: Biggest Myths Of The Home Based Business Industry
Reminder: Don’t you forget to check this small eBook, updated this year, to find some fundamentals and instructions how