7 key mistakes to avoid when starting an online business.
Grace Nelson
Financial Empowerment Coach and Consultant | Regeneration Project Manager |
There are no hard and fast rules for success when starting a business and if I am being brutally honest with you, there will be a lot of trial and error on your journey but it is much needed in order for you to to gather that all important momentum to move towards your next big milestone.
So let's check in.
You have the idea. You have even started putting in place a business plan (this is really not needed in this day and age but let's save that for another article). And, you're all set on becoming an entrepreneur. But, there’s one thing currently holding you back from going ALL IN.
"How to do you bloody start this online thing?"
As you know, having an online business is definitely the way forward these days. More and more entrepreneurs are witnessing the growing opportunities of starting an online business.
However, just because you have website, blog or social media account doesn’t mean that you’re automatically going to find success online. This is just "fluff". There’s a lot of planning and tactical thinking attached to online marketing. So, why make your life more difficult?
To make sure that you do things right the first time around, here are 7 common mistakes that entrepreneurs make when starting online.
By knowing and understanding these mistakes, and how to avoid them, you’ll easily transition your business online and walk towards your next success milestone and the next one.
1.???Waiting for that PERFECT TIME to launch.
I hear and see it so many times, new entrepreneurs waiting for the perfect time to launch. I honestly can't get too frustrated about this as I remember when I was in the same position.
Waiting for this "magical unicorn" moment, when everything would suddenly click. The sky would open and I would receive all the downloads I needed to start and get me to ￡10K months. Sadly, it doesn't work like this (well, for most of us).
There is no such thing as the perfect time! let me repeat this just in case you did not hear it in the back. There is NO SUCH THING as the perfect time. Staying in a state of limbo is only going to be detrimental to you and your your business. Whatever the reason for “prolonging” it out, whether it be not having enough time, funding, knowledge or being afraid that your business will fail – the longer you wait to release your online offer, the further your big dream of having a successful business moves away from you. Think about all the revenue you could be making in the time that you are waiting for that magical moment.
As an entrepreneur, you are going to make mistakes and there will be hurdles along the way. Instead of worrying about potential failures and always over-thinking your business. It is time that you get your product or service out there and just make adjustments along the way.
Once you take this leap of faith, you will get one step closer to sustainable recurring revenue.
Start NOW.
Start MESSY
Make money.
2.???Going it Alone.
There is a myth that I have to debunk and it is this….just because it’s your business doesn’t mean that you have to do everything alone.
"No man or woman is an island".
In fact, it’s pretty much impossible that you will be able to get your business online all by yourself. Between the time, various skills and stress involved, you will have to bring in some other people to get your business up and running.
Hopefully, you have may have some funds from your salary or savings you can tap into or are already making sales, so that you can start to hire the right people to get your business online, like a Virtual Assistant (VA), web designer or social media manager. There is no shame at all in outsourcing these people as long as you are the driving force and force behind the brand.
In fact, I strongly encourage it right from the get go. Drafting in support was one the best things that I have invested in in my business and really avoids you from reaching that point of overwhelm and burnout in the early days.
It also means you can focus on your "zone of genius" which is where your expertise lies and do not have to wear all hats at once all the time.
My mantra is: “Do what you do best and outsource the rest”
Running a business is dependent on the energy you give it. Therefore, it is essential that you protect your energy and don’t get your energy sucked by doing activities that you are not good at or find difficult, look to outsource that task as soon as get substantial revenue in.
3.???Not being Unique.
Chances are that you’re going to have competition, unless you’re in in a really unique market. Instead of underestimating your competitors, try to focus on the reasons why potential customers will select or buy into you and your service, rather than copying others.
In short, you won’t be able to gain an audience if you’re only offering a diluted version of a well-known site or product. Whilst you want to provide a quality good or service, you also have to be different and stand apart from the competition.
Look at what makes your product or service unique – is it the added value that you place on the customer? The results you are confident you can help them achieve?
Your unique story will also be the one tool that will help you gain a competitive advantage. What's your journey, experience, your passions, drivers...what has led you to doing what you are now embarking upon or have already started? What is your big mission in life?
Dig deep and find.
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4.???Solving an Unimportant Problem.
A major cause of businesses failing is because they do not offer a product or service that anybody really cares about. It is not solving a problem in any shape or form or relieving their painpoints or frustrations.
Most likely it’s because the business is attempting to solve a problem. Why else would someone buy into your offer?
People now purchase upon a heightened emotional connection instead of any logic. They want to either experience more pleasure or move away from pain..
They need it to enhance their lives. If your offer doesn’t accomplish that, then you need to rethink about your offer.
5.???Not Listening to Customers
So many entrepreneurs just ASSUME that they know what their prospective clients want without having done the initial research beforehand or actually listened to their customers.
How do you know if the problem you want to solve is important enough to customers? By listening to them. Whether it’s through research or social media monitoring - not listening to your customers is a fatal mistake. How else will you be able to know what they want to invest in or what people like or dislike about your business, products or marketing campaigns. Being online means that you have to listen and engage with potential customers and site visitors.
Listen to everything your dream customer says.?Your online reputation can be damaged in a matter of seconds.?It's up to you to listen to what they say and make it right.?You're online marketing will pay the price if you don't respond.?I've found that for every person that complains publicly there is around 10 that keep quiet.?If you've heard it online, I'm sure it's not the only person who's thinking it.
6.???Targeting Too Small a Market.
Don't get me wrong, I understand the appeal of trying to nail a niche, but what if your target market is far too small and there is not enough demand? The result is that your business’ growth will slow down or stall. Then what? Find a niche where there is a strong demand for what you are offering and you have a chance of capturing a reasonable slice of the market.
7.???Having Unrealistic Expectations.
You have to be ready and willing to put in the work and hours of running an online business. And, if you’re thinking that you’re going to have overnight success, then you need a quick reality check. It’s not going to happen.
Put away these illusions of grandeur and talk with your fellow entrepreneurs on what it’s going to take to start and run a business online. At least you’ll have a better understanding of what’s in store.
The journey to success in business is a marathon and not a sprint. You need to be in for the long time and embrace all the failures that come along. I refer to failures as "failing forward" as you never truly fail. You just experience another lesson that you need to learn from in order to move forward. These are important experiences we have to go through in business but life as well.
Embrace it all.
The rejections.
The crickets on your posts.
The ghosting by prospective clients that said yes to working with you and the disappear.
The low income months.
It is all part of your story to tell when you make it "big time" and can share back all of these invaluable experiences.
Are you entrepreneur or an aspiring one? If so, what success or failures have you encountered so far since starting online?
?P.S
Do you want your?super simple?strategy on how to start an online business successfully by creating and launching your signature online before going on to 10X your income whilst still in a 9-5?...
Sign up to my live FREE masterclass: CORPORATE TO ENTREPRENEUR MASTERCLASS taking place on Thursday 30th June 2022, 6pm.
BIO
Grace Nelson is a Business Startup and Mindset Coach. She is also a first time mum to her beautiful daughter Eliza-Rae (who is now 2 year's old) and is due to get married in October 2022 to her best friend and soul mate David.
Grace has over a decade's worth of experiences working with a multitude of businesses include online start-ups and high street SMEs and has been instrumental in helping them gain visibility both on and offline.?
Grace is best known as a facilitator for change and empowers others to reclaim their power and move towards their wildest ambitions in life and business.
She currently helps women in corporate to create and launch their signature online offer in 60 days from scratch - simply and profitably.
Want to work with me: Book in a free and informal Virtual Coffee and Chat https://bit.ly/VirtualCoffeeandChatWithGrace