TAS 806: 9 Reasons Small "Online Businesses" FAIL (#2 Is HUGE)

Did you know that one of the best ways to avoid mistakes is to learn from the mistakes and failures of others? Don’t fall into the same avoidable traps that other small businesses have faced over the years! On this episode of The Amazing Seller, you’ll hear from Scott as he goes through nine reasons small online businesses fail. In his signature style, Scott also shares some helpful examples that sellers like you can relate to - have pen and paper ready, you don’t want to miss a minute of this informative episode 

Freedom!

Do you remember that scene from Braveheart with Mel Gibson? With his face painted in war color blue, the hero shouts the one-word rally cry, “Freedom!” While their battle was against a terrible and oppressive government - many feel that way about the traditional workplace today! 

For many small business owners, that scene resonates because freedom is the main reason many go into business for themselves. How do you make sure your newly found freedom doesn’t become some money pit that you never recover from? Tune into this episode of The Amazing Seller as Scott shares his expert insights that will put you on the path to success. 

9 Reasons Small Online Businesses Fail 

Have you heard that saying, “Those who don’t study history are doomed to repeat it?” Don’t fall for obvious mistakes that you can easily avoid by learning from others! If you’ve been around the TAS community for very long, you know that Scott is a naturally curious guy. Following his curiosity, Scott found some helpful information from Small Biz Trends featuring nine reasons small online businesses fail. Avoid these mistakes! 

1. Failing to know your market. 
2. Running out of cash to run the business. 
3. Don’t hire someone just because - hire the right people! 
4. Let the competition grow unchallenged and unnoticed. 
5. Pricing and cost issues. Know your price point and margins. 
6. Create a product that is not user friendly. 
7. Create a product without a business model. 
8. Practice poor marketing. 
9. Low-quality customer service. 

Is your business in danger of committing any of these deadly business mistakes? Which ones do you need to look out for? Tune into this episode of The Amazing Seller to hear Scott expand on this list and so much more! 

OUTLINE OF THIS EPISODE OF THE AMAZING SELLER

• [0:03] Scott’s introduction to this episode of the podcast!
• [2:30] Creating freedom and working for yourself. 
• [4:40] Scott shares a story about a couple who built a business and sold it. 
• [10:00] 9 Reasons small online businesses fail. 
• [16:15] Keep an eye on your competition! 
• [19:30] Don’t create a product dependent business! 
• [23:00] Scott recaps all 9 reasons small online businesses fail. 
• [25:30] Closing thoughts. 

RESOURCES MENTIONED IN THIS EPISODE

• www.brandcreatorsbook.com