Tips for launching a successful online business
Starting an online Business is increasingly becoming an attractive opportunity for entrepreneurs all over the world. However, to have a real shot at success, you should think beyond filling a gap and establishing credibility. There are many other elements you need to consider and pitfalls you must avoid otherwise your business can fail miserably.
But what are the mistakes you should steer away from to make your new business a great success? And how can turn your potential weaknesses into potential opportunities? Please take the time to read along as we answer these questions for you.
Online business mistakes to avoid:
Failing to have a clear plan
Being adventurous and spontaneous is a great way to live your personal life. However, it is not the way to start a business. I am not saying that you should sit down and write a 20 page formal plan. However, you you still need to have a plan! Your plan should highlight who your customers are, what products/services you want to sell and the price people are willing to pay for those products/services. It also needs to include your financials; how much money you have, how you want to spend it and how long it will last.
Neglecting the big picture
When you set out to launch a new business, you need to be able to look at the big picture and try not to place too much focus on the little details. Take it step by step. The first thing you need to do, is get your business off the ground so start there. Moreover, don’t allow things such as the design of your business cards or logo take too much of your time and attention. This will only distract you from your main goal which is propelling your business to the next level.
Being too optimistic with money
Being optimistic is good and dandy but not when it comes to your financials. The reality is, your money will probably run out even before your business kicks off and starts making any profits. You need to be prepared for the worst case scenario. To do this, you should keep track of your cash and how you are spending it. Moreover, you need to have a plan for getting more before you run out. Don’t scramble to get funds after the damage is done. Let your milestones, financial statements and goals pave the way moving forward.
See Also: How Can You Save Your Failing Business?
Undervaluing your offerings
It is always a bad idea to have an overpriced product or service. However, undervaluing your offering can also be detrimental to your online business. You need set a price that will make a worthwhile profit. When setting the price, make sure that you consider factors such as labor, material and delivery costs. If you fail to do this, you will just playing with fire and you will get burnt!
Failing to focus on customer service
When most of your business transactions are happening online, it is easy to forget that about customer service and customer satisfaction. However, whether your business is online and offline, high quality customer service is a crucial key to the success of your business. Make sure that your customers have a great experience when they visit your site. Use surveys, live chats, emails or even phone calls to interact with them on a regular basic and get their feedback about your process and offerings.
Offering too many freebies
Offering something for free to your customers before establishing your credibility is a smart idea to get conversions and build customer loyalty. However, the cost of giving away freebies can add up with time and become a burden on your new online business. Think of giving away something tangible and useful such as a free e-book, a guide or a recipe in exchange for your customer’s email address or survey participation.
See Also: How to Effectively Boost Your E-Commerce Sales
Having too many social media accounts
Spreading yourself too thin across different social media channels is another mistake you should definitely avoid. Remember this, it’s not about the number of your accounts, it’s about their relevancy as well as their benefit to your business. When you start building your business, choose one or two social media channels where your customers frequent the most and test them out. Generally, Facebook and Pinterest are the better choices for product sales. LinkedIn, on the other hand, is a great place for a business trying to build a personality and a name for itself.
Rushing the hiring process
It is often easier for entrepreneurs to rush the hiring process and end up with members who lack the required skilled set or personality to commit with their business long-term. As a new online business, you need to look for the right people with matching skills and those who embody the qualities you need and respect.
Underestimating the work you need to put in
Everybody preaches about work-life balance. However, if you truly want your business to succeed, you need to forget about this ‘utopian’ concept for the first one to two years. You need to focus on your business and your business alone. Don’t try to multitask and be the jack of all trades. Also, know that great ideas come when you are not trying to micromanage your life to the smallest detail.
Assuming that one size fits all
A product or a strategy may work for a certain business yet fail for you. You need to keep that in mind when launching your online business. Furthermore, try to perform some product testing from the get go to reduce your risks and always take the ‘great’ and ‘successful’ strategies you read about with a grain of salt.
What other strategies can you recommend for our readers who are thinking of starting their own online business? We look forward to your insights in the comment section below. Don’t forget to leave us a like and share the post if you have enjoyed it!
The post Deadly Mistakes to Avoid When Launching An Online Business appeared first on The Global Now.