Small Business Tax Center
Small Business Ideas, Grants &
Plans to Start & Run a Business:

Small Business Grants
CyberSchmooz
Network in Cyberschmooz Community Ask Questions Questions and Answers Share Tips Small Business Ideas List Your Business Business Advice from Idea Cafe Experts Coffee Talk with Experts Starting A Business Business Plan Biz Planning | Sample Plans Small Business Ideas Idea Name Your Biz Name Plan Your Biz Plan Financing $ Starting a Business Do It! Running your Business Marketing Tips Promotional Merchandise Marketing Tips Marketing | Sales | Customers Human Resources HR | Employees | Contractors Legal Forms & Tax Information Legal | Biz Forms Managing a Business Managing | Operations
Financing Resources Financing Your Business E Commerce & Webhosting eCommerce Take Out Info Trade Publications FREE Trade Publications Business Books Biz Books Your Own Business Small Business News Small Biz News Gen X Biz Gen X Biz Work at Home Work @ Home Business Information The Fridge - Biz Info on Ice Destress Send Awards Send Awards & Greetings Yoga At Your Desk Yoga @ Your Desk Fun Guide Guide to Find FUN Online About Idea Cafe Press Idea Cafe has received Idea Cafe in the News Idea Cafe's Kudos Kudos for Idea Cafe Advertise on Idea Cafe Advertise on Idea Cafe Privacy Policy Privacy Policy Contact Idea Cafe Contact Idea Cafe Link to Idea Cafe Link to/from Idea Cafe Join Idea Cafe
Search Idea Cafe Site Directory Site Map Online directory to business resources Biz Web Guide



Expert Answers to Biz Questions

Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.

color business bar

8 Online Business Pitfalls to Avoid

 

Founding an online business requires mental courage and persistence. For those that are new to the online world of business, many pitfalls surround your journey to online success. Being prepared for anything will help you navigate the online landscape and improve your chances of success.

Here are the top 8 mistakes to avoid making in your online business.

#1 You Have No Strategy or Game Plan

Planning is essential to any business, and it's no different in the online world either. Your business model should include a complete plan that details the steps you need to take from startup phase into maturity. What are your goals for the year? Break them down into achievable milestones. Always dream big and remember to review your plan every quarter to make the necessary adjustments to keep your company growing.

#2 You Sweat the Small Stuff

Your primary focus as a business owner should be getting your website up and running. Don’t sweat the small stuff like business cards and logos. Getting involved with details will take time, and as a new startup, that’s a very precious commodity. Focus on tasks that are urgent and have a high priority, leave the details to other team members.

#3 Not Keeping On Top of the Finances

Make sure you have an iron-grip on your finances. Calculate your burn rate and ensure that you make a budget with an accurate projection for the months ahead. Include these projections in your financial plan during the planning stage. Many entrepreneurs have underestimated the amount of capital they spend, especially in the startup phase. Plan your finances at least three months ahead and if you need to raise more capital, make sure that you start well ahead of your deadline date.

#4 You Undervalue Yourself and Your Company

Don’t be afraid to charge a premium price if your product o service is a market leader. Undervaluing your company and your products means that you don’t value yourself and your efforts. Charge what you feel is a fair exchange and don’t second guess yourself.

#5 Poor Customer Service Standards

Online customer service is a critical component of your online strategy. However, many new business owners neglect their customers after they have made the sale. Your clients are your most significant source of referrals and testimonials. Providing a fantastic post-sales service for your client ensures that they leave a positive review for you on social media.

#6 Be Careful with Free Offers

While sales are all about delivering more value than the client expects, it is possible to push this principle too far. If you offer many freebies, then your clients may feel like your core products are not worth the full value you are asking. Too many free offers dilute the value of your product or service, so keep your freebies and discounts to a minimum.

#7 You Have No Social Strategy

While it’s common for online businesses to have a social presence nowadays, many companies still do not use their social platforms effectively. Learning to master social marketing will allow you to engage with your key audience in your target niche. Social platforms give you the opportunity to participate in the conversation with your clients and prospects instantly.

#8 Trying to Do It All Yourself

Building a successful online business is about working with a team. Trying to accomplish everything yourself will end in disaster. Stretching yourself too thin will result in either you burning out, or not enough being done. Working with competent people like OWDT to ensure that you keep your project moving along and meeting the milestones and deadlines you have established to achieve your goals.

Google      

Small Business Tax CenterIdea Cafe HomeSign UpBiz Grant CenterCyberSchmoozCoffee Talk with ExpertsPeople in Biz ProfilesStarting Your BizBiz PlanningRunning Your BizFREE Trade PublicationsMarketingFinancing Your BizHuman ResourcesLegal & Biz FormsManaging Your BizeCommerceYou and Your BizGen XWork@HomeThe FridgeDe-StressSend an AwardSend an eGreetingYoga @ Your DeskWeb GuideIdea Cafe in the NewsAbout Idea CafeAdvertise on Idea CafeContact UsPrivacy PolicySite MapSmall Biz News

Copyright 1995-2018, Idea Cafe Inc. Downloads are for personal use only, not for resale to others, and may not be reprinted in any form without written permission from Idea Cafe Inc.

DISCLAIMER: We hope whatever you find on this site is helpful, but be cautioned that it may not apply to your own situation, or be totally current at any given time. Idea Cafe Inc. and all of its current and past experts, sponsors, advertisers, agents, contractors and advisors disclaim all warranties with regard to anything found anywhere on this family of websites, quoted from, or sent from Idea Cafe. and its related sites, publications and companies. We also take no responsibility for comments published by others on these pages.

TRADEMARKS: The following are Registered Trademarks or Servicemarks of DevStart, Inc.: Idea Cafe®, Online Coffee Break®, The Small Business Gathering Place®, Take out Info®, Biz Bar & Grill®, Complaint-O-Meter®, A Fun Approach to Serious Business™, CyberSchmooz™, and BizCafe™.