So you are ready to start your online business, you have done all the necessary inquiries and consultations, and are ready to jump right in. But Hold On, do you know that there are some online business mistakes you can make even before you start, that can course your business to fail? In this post, I will be sharing with you the online business mistakes to avoid so you can achieve success in 2022.
1. Not Starting Without A Plan
It is very wrong for you to start an online business without a plan, it could be a formal business plan or any plan that states clearly where your business is at the moment, where your business is heading, and how to get there. A good plan will give you an insight into where you are at each point in time so that you can know if you are making progress or not. Especially when you are confused and don’t know if you are making progress.
See your business plan as the map of your online business journey. And constantly consult your map, so that you don’t drift away from your business destination.
2. Not Being Focus On A Particular Online Business
This is an online mistake that I have made in the past. Don’t try to do too many online businesses at the same time, especially if you are just starting. I know you have a lot of plans for your online business, but you need to start with one first, don’t lunch an online service today, tomorrow you are launching an online product, the day after you planning on launching an online course. It will be very difficult for you to succeed online when you have your hands busy with so many different online businesses, without focusing on succeeding with one business first before moving to another.
Trust me I have been there, Some times it could be tempting to sneak in a little online side hustles just to get things going. But don’t, especially if the business is not related to your main business. It may end up disrupting the whole business, causing your main business to fail, and may make you start again from scratch.
3. Not Minimizing Your Startup Cost
When starting it is always tempting to get the best of everything. Like the best office space, the best website designer, the best social media consultant, and many more. But getting the best of everything will cost a lot of money and you don’t want to spend all your money on just starting your business. You still need to set aside some money to run the business.
The reason why this is one of the most important online business mistakes to avoid is that your small business is new, and may not start yielding profit immediately until after some weeks, months, or even a year. So it is smart to minimize the cost of starting your business as much as you can. Only investing in highly necessary things. Take your eyes off promotions and deals of things that are not needed from the start, and focus more on how to sustain the online business long term.
I am not saying you should not involve the best hands to help you start. No, that is not what I mean, My point is for you to minimize the cost as much as you can.
A good way to save cost is to outsource things like your website design, logos design, content writing, and SEO optimization to freelancers on Fiverr, for a ridiculously low fee. The great thing about outsourcing on Fiverr is that the freelancer is not paid until they meet all the conditions you both agreed on, including time of delivery. When the freelancer can not meet up the conditions, you get a refund. So it’s a win-win for you. To get you started, you can use this link to a section on Fiverr, where you can get affordable and professional freelancers for your online business task.
4. Not Being Unique
It is a great idea to be unique when starting an online business. I am not saying you should not look up to others, I am also not saying you should not have mentors. But what I am saying is that you should not copy people or try to look like other people because they are more successful. In other words, be original.
I have seen some new online startups trying to copy other successful businesses in many ways like brand colors, logos, text fonts, and even website layout and style. Your potential customers need to buy your product or service because you are different, not because your product or service looks like someone else’s.
I know that not everyone is going to like your product or services, some will not like it, while others will. So focus more attention on delivering quality products and services to those who are more interested in your business method. As long as you don’t disappoint your loyal customers, you will eventually win over those that do not like your business initially.
Before you proceed to the 5th mistake, please note that if you have any questions or comments about today’s topic, you can drop them in the comment section, I will reply to all comments. Thank you.
5. Don’t think that what works for others will work for you
This is another important online business mistake to avoid. I know it is good to be optimistic, but it is very wrong to believe that what has worked for someone else will certainly work for you. This is because, in an online business, certain factors are important to help achieve success. Factors like location, situation, Season, personality, economy, and many more can help determine if you will be successful at a particular online business or not. You need to carefully analyze your online business to make sure it will work in your location, situation, or even personality.
For example, if you are in West Africa, and you plan to start an online store to sell winter jackets because a friend in Europe is making a lot of money doing so. It will be very difficult to succeed in doing such business in West Africa, where the temperature does not go below 23 degrees centigrade.
As stupid as it may sound, a lot of people still make such mistakes today. I have seen people that have made this kind of mistake in the past, especially people that bought an online business course. Because they want to start an online business as soon as possible, they jump into it straight away, without looking at the business model carefully.
So don’t always assume that what works for others will work for you, take some time to study the online business critically before diving in.
6. Undervaluing Your Product Or Service
A lot of online businesses especially new start-ups undervalue their product or service because they want to get customers. As a new business, it is normal for customers to underprice or not place good value on your product or services. But you need to have confidence in your business by proving to them how valuable it is. Ensure that you have a reasonable product price in other to make good online sales and remain in business.
I must state at this point that you don’t have any reason to be in business if your product or service is not offering genuine value to others. As long as you are offering genuine value to others, then you must never undervalue products or services just to get customers.
7. Not Believing In Your Business
Once you have done everything right and the business is up and running, one of the most important things to do now is to have faith in the business. Some matrics may not go up as expected, some sales may not happen as predicted, but believe in the business and focus on a long-term goal. There are a lot of challenges to face when doing business online, especially as a new start-up and if you do not have faith and believe in what you set out to do, your online business may fail.
The reason I listed “not having a plan! as one of the first online business mistakes to avoid, is because you need something to believe in. See your business plan as the map to your online business journey. Just like in the real world, when you are heading for a destination that you have not been to before, if you have a map it becomes easier and you will not drift or get lost because you believe in the map. It is the same with a business plan.
Conclusion on Online Business Mistakes To Avoid
The online business mistakes above are should not make you believe that taking your business online is difficult but instead, take note of all these mistakes and try your very best to prevent them, it will help your online business to do well.
Thank you for reading this post. If you want to read more posts from me on how to grow your business online, please go ahead and follow me. I post almost daily on My Blog and Medium and weekly on Youtube. I’m on @buymeacoffee. If you like my work, you can buy me a coffee and share your thoughts there as well using this link. https://www.buymeacoffee.com/felixagbata
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