What Other Industry Would Accept This Failure Rate?

The average failure rate for a new self-started, offline business is around 50% – which sounds pretty bad.

The failure rate for a franchised business – where there is a system and backup in place, is less than 25%. Better, but not great, one would think.

The failure rate of online marketers is 98%. Only 2 in every 100 will go on to make enough money to live on. Why is that?

Part of this high failure rate is the apparent cheapness of actually starting up. It can be done for nothing – although almost all of these are doomed to failure. No start up costs means there’s nothing to lose and very few people will put the effort in for that very reason. They do not consider their time as a valued resource and so consider that the business is not actually costing them anything.

Then there are the low investors – say $1 to $300. They buy an ebook or two, maybe even a low to mid value course and possibly even follow some of the advice. Maybe they’ll even buy a domain and hosting, blog a time or two and in the end give it up as a bad job, blaming bad luck and no traffic. To many this is a disposable sum of money spent on a hobby. No different to the model train set in the attic or the golf clubs languishing in the garage.

Now we move on to the mid-amount investors – up to $1000. More serious money now for most people and more effort is put in and quite probably these are the people who start seeing some results. Unless they buy the courses and don’t follow them. They think that spending the money should be enough and not actually consider doing some activity themselves to establish a name and brand.

By the time you get to the $1000+ spenders – which is probably more people than you think (how many things have you bought that are just gathering digital dust on your hard drive?), you’d consider that these are the people who start to see real success, but I would say it’s probably the biggest proportion of failures, mostly because these are the people who’ve bought book after book, system after system, skimmed through some of it, and not taken any action! These people will also tell you the loudest that online money making doesn’t work, because they think they’ve tried it.

At every cost level, it will be the action takers who see success. Depending on their level of personal investment – which means taking time to read, listen or watch and understand each course that they buy. Following the instructions and proving to themselves what works and what doesn’t. Putting in their time. Investing in themselves and their future. Some of us are late comers to this way of thinking – myself included. But I’m now looking carefully at some of the stuff that I’ve had for years and much of it is still relevant to the IM market of today. I wouldn’t know that unless I’d looked at and taken the time to read and understand. I’m finally taking action.

If you’re still not succeeding at internet marketing and you’ve be trying for a while, maybe it’s time you asked yourself why you’ve failed. Why you’re one of the 98%.

Maybe it’s time to leave the majority and become one of the 2%. The online successes. Take action. NOW. Find a SYSTEM you are comfortable with. Systems succeed, people fail (think of the success rate of franchises over individual’s businesses). Take action on that system, study it, understand it, ask questions of others using the same system. Just don’t put it off any longer. Not everything will come to he who waits, but someone who reaches out to success will find it within his grasp.

The Money Trigger is part of such a system. Take action and buy into this system. Take more action and use this system. Follow up on this action and continue to work with this system.

Then come and tell me about your success.

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2 Comments

  • Hi Steven

    Very interesting how you compare the various failure rates – and I believe the failure rate for MLM/network marketing (offline as well as online) is also round about the 97% rate – again because of the low priced start-up cost. If you’d bought a cosmetics (say) shop you wouldn’t close it down after a week because you made no sales, but it’s so easy to ditch a £50 MLM startup kit.

    You’re right – it’s the action takers that will win eventually, by slow and steady progress.

    Joy

    • Hello Joy,
      You make a very valid point that I had totally missed – The cost of entry. It is not until someone points out that You must factor a value of your time too – even at basic wage rates, so that you know the true cost of what you’ve gotten yourself in to.

      Regards,

      Steven Lucas

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