Starting an online business can be one of the most effective ways to make money these days. There are usually minimal startup costs, and as the internet is so accessible, you can market your product/service to people all over the world. It’s no wonder that the majority of businesses are trading online. However, there are mistakes you should avoid at all costs, or your business might just fail. It’s a sad fact that many businesses fail in the first few years. Read on to find out what the mistakes are so you can avoid them:
Starting Without A Plan
Many businesses say that you must have a solid business plan before you start a business. For some, this is important. For others, not so much. That being said, you shouldn’t start your online business without at least having a loose plan that will help to drive you forward.
In your plan, make sure you know your aims, where you want to go in the future, back up plans, get out plans, and more. Even just jotting down any of the ideas you have regarding your business is better than nothing. You can always go back and change your plan later on if you need to. Bear in mind that your business plan can help you to secure funding later on down the line if you need it.
Undervaluing What You Have To Offer
If you undervalue what you have to offer, you’re not going to be doing your business any favors. Don’t cheapen your service or product for the sake of trying to get more custom. If your product/service is good enough, then you will get orders regardless.
You might think that you’ll get more orders and clients by pricing your service lower, but do you really want that? Would you rather have more work and more clients, or more money and less clients? Think about it! Of course your service shouldn’t be overpriced, but you shouldn’t devalue your product/service either.
Trying To Do Everything Yourself
There’s no reason you should try to do everything yourself with your online business. You can outsource just about everything, so ensuring you do this with some of the more mundane things can help you to save time. You won’t save money, but it can help you to make more in the long run, as well as focus on what you’re good at. You might only work in your living room at the moment, but you can hire employees overseas who work for you, or find people on a freelance basis. Your marketing is something that should have a reasonable amount of time spent on it, so you should make sure you don’t try to do this yourself. Things like PPC, SEO, and similar efforts should be taken seriously. If you’re wondering, ‘what is SEO?’, you should get clued up before you start your business! It could be the difference between a business that thrives and a business that just survives.
If you know you need to hire a real person, then don’t put it off. Hiring for the first time can be scary, and you need to think about having the correct insurance and things. That being said, putting it off could actually cost you more than just doing it. You just need to make sure you hire the right person!
Failing To Hyperfocus On Customer Service
Customer service is one of the most important things to an online business. You need to make your customer feel valued. This means making sure you acknowledge them on social media, reply to queries as quickly as possible, and being as helpful as possible. Going above and beyond for your customers will make a world of difference.
Using Too Many Social Media Platforms
If you use too many social media platforms, you’re going to be spreading yourself thin. You need to make sure that you can handle the amount of social profiles you set up. You need to be sure you can reply to everybody, post at the right times, and grow them effectively. For this reason, it might be best to start out with just one or two in the beginning. Make sure you select the right platforms for your type of business and goals! Do your research so you know where to find your audience.
Putting Off Building A Website
Why would you put off building a website? A good website can be expensive, but having one will do you the world of good. It can help people to find you, learn more about you, and view your products. Even if you only have a brochure site that directs people to your Etsy page or physical store, it’s going to be beneficial in one way or another.
Expecting To Only Work A Few Hours A Week
Successful entrepreneurs can expect to cut down their working days substantially once their business can run smoothly enough without them. In the beginning, you should not expect to work only a few hours a week. You need to be prepared to put in some hard work! Even when your business is established, don’t expect not to work at all. If you care about your business, then you’re going to want to make sure you still have plenty of input.
Spending Too Little Time On Your Content
Content is king in 2017. By making sure you spend lots of time on your content, you can help your website and other platforms to become a roaring success. Your content should be well-written, have personality, and show readers what it is that makes you stand out. Writing quality content can be time consuming, so it could be worth finding somebody to do it for you. Even if you’re just writing short product descriptions, they can make a massive difference to your success.
Make sure you avoid these mistakes and your online business actually stands a chance of succeeding. Leave your own thoughts below, and make sure you come back soon!