10 Mistakes To Avoid When Starting An Online Business
The world of self-employment can take on many shapes and it requires some patience. As you know, having an online business is a must nowadays. There’s just no other alternative in promoting and selling your products or services. However, just because you have website, blog or social media account doesn’t mean that you’re going to find success online.
Here are 10 common mistakes that entrepreneurs make when starting online.
1. Not having a plan of attack
Although the traditional five-year business plan may be obsolete, you still need a rough idea detailing models of revenue, how much cash you’ve got and how long it will last and a few other vital components of your business. Try to see it as a good way to get you off the ground, rather than annoying homework
2. Focusing too much on the little stuff
Before focussing on the font of the banner on your website or the number of characters in your email address, get things going. The minor details can wait until you’ve started making money at least. Getting bogged down in small details can hold you back from progressing at the pace you want to.
3. Not worrying about money
Writing down financial milestones, how you will reach them and where the money will come form can prevent you from wasting time and energy fund – raising later on. Dealing with the nitty gritty of your business, early on, will ensure a smooth ride further down the line.
4. Undervaluing what you’re selling
Don’t be afraid to sell a product or service for what its worth. Good quality attracts people who are willing to pay the right price, so starting from the bottom isn’t always a necessary strategy.
5. Ignoring customer service
The increasing world of digital sales has somewhat downplayed the importance of customer service. It should always be remembered that no matter what the medium, on the other side is still a human being, who will appreciate good service and recommend your business based on that to others.
6. Giving away too much and getting nothing in return
Sure, as a freelancer, sacrifice is necessary, giving away products or services is a great way to drum up interest. But be careful not to give away too much. It will end up devaluing your business and may have a negative impact on your financial model.
7. Spreading yourself too thin on social media
When you’re starting off with marketing and building your brand, test out one or two main social audiences where you know your audience is and can build a customized audience with a small budget. Don’t try to go too big too soon. It is more important to find the target audience and build good rapport with them than to be on every social networking site in existence where 90% of people have no interest in your business.
8. Skimping on early hires
Take your time when first hiring. The first five hires you make will set the temperament for your business for years to come, so done rush into anything. Make sure skillsets and personalities are compatible as each are equally important.
9. Underestimating the obsession and drive, it takes to succeed
“Don’t worry about time,” Tobak says. “Big ideas do not come when you are trying to manage every minute of your time. They don’t come when you are multitasking. They come when you are focused on one thing. Let everything else fade to black.”
Although it sounds cliché, the drive and ambition it takes to succeed in business cannot be overstated.
10. Thinking that everything is one size fits all
Just because a product or strategy has worked for one company doesn’t mean it will work for you. Take time to feel out your business and don’t be afraid to try something new. Have a philosophy of what you are doing, this will be your foundation and often dictate the strategies you use to expand.
