Why 95% of online business ventures fail, and a simple way to fix it

In my experience there are three key reasons why most people who attempt to build an online business fail:

1. Building a business (offline or online) is not easy. The so called ‘online gurus’ only tell you it is to help them to promote their latest ‘How to build your own online goldmine’ training course.

 2. Regardless of whichever online business blueprint you have chosen it will not be specifically tailored to your skill set and experience level.

3. Building an online business is basically a complex project and yet very few (if any) online business blueprints include a project management/delivery method.

The Solution

1. Simply accept the fact that building an online business is never going to be easy, and that you will have to overcome numerous obstacles along the way, and then get on with building it.

2. Tailor your chosen online business blueprint to fit your skill and experience level. This means that before you start to implement any module from your chosen online business blueprint ask yourself the following simple question:

"Do I have the necessary skills, experience and tools to implement this module?".

If your answer is no then give yourself enough breathing space to research and acquire the necessary skills, experience and tools. 

3. Recognise the fact that if you try to plan every little detail of your project before you start (the standard approach) you are effectively setting yourself up to fail. This is because you will quickly become overwhelmed with how much work there is to do. As a result, people who adopt this kind of project management method often give up on their business before they have even started.

Instead of taking this standard approach adopt a 'just in time' project management method. This simply means that you only plan in detail what you need to achieve in the coming week (see the following section for a description of the method I use and recommend).

'Just in time' project management

At the start of A project

Layout the modules (processes) from your chosen online business blueprint in priority sequence. This is commonly referred to as a project backlog.

At the start of every week

1. Select the highest priority process from your project backlog and decompose it into one or more activities, where an activity is defined as having a single, clearly defined output (e.g. create email opt-in form).

2. Look on your calendar to identify and reserve 1 hour time slots to work on building your online business. 

3. Decompose each activity into one or more tasks that you estimate will each take no more than 50 minutes to complete (e.g. design email opt-in form, draft email opt-in form sales copy etc…). Note: If you have more time slots than tasks repeat steps 1 & 3 until this is no longer the case.

4. For each task either satisfy yourself that you do not need a procedure to follow in order to complete it (either because it’s such a simple task, or because you have done it lots of times before), or allocate an appropriate procedure. Note: If you don't know which procedure would be appropriate create a new task to do the necessary research to find one.

Whenever you reach a calendar time slot reserved for building your online business

1. Select the highest priority task to work on and focus 100% on completing it in 50 minutes or less.

2. If you have allocated consecutive time slots be sure to take a 5-10 minute break between them to refresh and reset your brain. Note: This is based on the latest brain and productivity research, so ignore it at your peril!

If you would like more detailed step-by-step instructions (including a worked example) then please feel free to download my Business Flow guide below.

Enjoy, Gary.

A new income stream

I’ve had my own consultancy business since 1998, and in all that time I have only had a single income stream. That’s about to change!

My single income stream consists of working on short term contracts (typically 6 months) for large organisations such as banks, major retailers, insurance companies, government departments etc… helping them to design and implement lean business solutions underpinned by the use of smart technology.

Although this is a very lucrative business it is 100% reliant on me working. If I don’t work the business does not generate any income. I’ve decided that now is the time to add an income stream that is not a ‘£s for hours’ income stream.

I’ve also decided that I’m going to document my journey from generating the initial idea for a product to making consistent sales of the finished product. I also plan to share this journey live online. So, if you have an idea for a product or service you might want to come along for the ride.

I plan to use Facebook Live to record my journey, but I will also post the recordings on this website in the Launch folder.