Why 8 Out Of 10 Internet Marketing Businesses Will Fail Within the First Year of Operation

Starting an online marketing business requires 10% capital and 90% guts. Moreover, running an internet marketing business is not merely rolling a dice and hoping for a six; it is careful planning to make sure you throw a six.

More often than not, most people start online marketing businesses without a business plan. It is on this background that 8 out of 10 web marketing businesses will fail within the first year of operation. Consequently, most people will concur with me that a failure to plan is a plan to fail.

Why is Online Marketing Planning Needed?

A web marketing business plan is a complete action plan forecast of how you plan or intend to achieve your business goals. It takes time to complete a good business plan, and most of that time is spent in research and re-thinking your ideas and assumptions in order to create the best plan possible. But that is the value of the process, so make time to do the job properly. Remember, It takes time to succeed, because success is merely the natural reward of taking time to do anything well!

If you don’t know where you’re going, you probably won’t get there! Online marketing business planning is the process that helps to determine where you are going, how you are going to get there and also how you will know when you've arrived at your destination. Therefore, an internet marketing business plan is a road map that will make sure you reach your destination.

Reasons for Drawing up A Web Marketing Business Plan

For personal use: It is fundamental to have all your ideas written down on paper. Consequently, your internet marketing business plan will assist you in turning those ideas into reality. This it does by;
• Making you think through your ideas more carefully
• Ensuring that you do not forget any of your ideas
• Helps you to take a second look at your ideas to make sure that they will actually work.
• It is a roadmap to keep you on track when you are running your own business.

To obtain funding: A business plan is a tool that will assist you to obtain money to start or grow your business.

To help others understand your business: It is only after your employees, suppliers and other stakeholders read your business plan that they understand your business.

As a tool to reduce risks: Helps reduce the risk of losing money and the risk of failure!

There is no doubt that an internet marketing business cannot thrive without a business plan. Therefore, ensure you have one if you wish to succeed.