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Knowing When To Walk Away From The Table
By Folusho Orokunle | May 28, 2008
You're About To Find Out The Truth About Making Money OnlineCLICK HERE IF YOU WANT TO MAKE MONEY ONLINE
Do you know what separates the professional gambler from the hack on the street? It’s the ability to know when to walk away from the table. If you’re wondering what this has to do with making a living online, it has everything to do with it. This article is going to explain this, hopefully, in plain enough English so that it’s crystal clear.
Some sites and some businesses are destined to fail right from the start. Sad to say, but it’s true. But why? Why is it that so much promise can be shot to heck right out of the starting gate? Well, there are several reasons for this.
The first one is that many people who do start their own business don’t do the proper research that is required in order to give their business the best chance of succeeding. This starts with the simple task of making sure that the product or service that you’re trying to sell actually has enough of a demand that the resulting sales are sufficient enough to justify your expense.
The second is seeing if the existing competition, even if there is a big demand, isn’t putting out a product that is better and cheaper than yours. Just because you have something great and people want it doesn’t mean it is going to sell if somebody else is selling that same product for less and on top of that, the product they’re selling is top notch. That’s tough to compete with.
Then of course there is the problem with free information. Just because there is a demand for what you are offering, doesn’t mean that people are going to be willing to part with their hard earned money if the same information, or at least a good part of it, is available for free. That’s why so many times you’ll do your keyword research and find that there are many daily searches but very few competing sites and almost no paid ads. The reason is, more often than not, because the information is freely available.
And of course there is more to this, but the point is, when the foundation of your business is shaky because of poor or no research, what is going to happen is that after you launch your business, you’ll see no sales for weeks, maybe months. Naturally, there are other factors such as advertising, but more often than not, it’s the foundation that’s the problem. That’s when it’s time to realize that you need to walk away from the table and try something else.
It’s a tough thing to do, to admit that you misjudged your market. But doing so can save you many wasted months or even years promoting something that nobody wants.
Topics: Internet Marketing | 2 Comments »
You're About To Find Out The Truth About Making Money OnlineCLICK HERE IF YOU WANT TO MAKE MONEY ONLINE
2 Responses to “Knowing When To Walk Away From The Table”
Comments
You're About To Find Out The Truth About Making Money OnlineCLICK HERE IF YOU WANT TO MAKE MONEY ONLINE
June 11th, 2008 at 4:46 pm
Focus on RESEARCH! Research your product or service, whatever you’re trying to sell. Research the target audience, who the competition is and what they are doing. It helps you focus on providing a better solution for your potential customers. Research is also very important in helping you determine what is being given away, something very difficult to compete with. Research to find what sells, how & where!
Thanks Folusho.
June 23rd, 2008 at 1:06 pm
The problem that I see with people starting an online business is that often times it’s advertised as as quick and easy way to make tons of money. Or so we’re told.
The truth is that with any business a business plan is the first thing that should be done. Then attaining the skills necessary to properly market you product or service. That includes the skill to research your market and competition.
Thanks for your insight