#5 Reason Online Businesses Fail

Sometimes, the answer to the question of “why do online businesses fail?” is very simple: too much competition. Because there are so many coaches online it can be very difficult to differentiate yourself. If you want to claim your share of the market, you need to play the role of a detective and identify what your competition is not doing. Then you’ll want to take advantage of the opportunity to fill in the gap as quickly as possible. A lot of coaches skip this step and end up closing their doors.

Competing against established coaches can seem difficult, but it is not impossible. To succeed, you need to have a very good idea of what they are not doing at all. For example, if you are a transformation coach, you may notice that your biggest competitor only works with clients at the executive level. Or you may notice that another competitor’s pricing is very high and offers no other pricing options. By identifying their gaps and modifying your marketing model, you give yourself the edge you need to succeed.

Here are some simple steps you can do to gain that edge:

  1. Start by doing the research of identifying five coaching industry leaders, gurus, or experts that serve your target market or demographic. We’ll call them your “influencers”.
  2. Review their websites and learn WHO they serve, HOW they serve, and WHERE they hang out online.
  3. Then go find them online and “Like” their business Facebook page, “Connect” with them on LinkedIn, “Follow” them on Twitter, etc.
  4.  Keep a close watch on what they are doing, what they are writing, where they are showing up, and what they are saying.

As an introvert, I love doing research and know you can do this. The trick is to not become so absorbed in the research. Budget your time each week to check in on your influencers, comment on their posts, share your own posts, and build relationships authentically. Buying out time to keep tabs on your competition will help you avoid this common business failure trap.