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