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10 Mistakes to stay away from when starting a Business Online

By Norberto Mercado hp-sme-common-mist_2709781b The aim of an online business is to be credible and fill a need but making a major success hit does not end there. Starters of online businesses don’t do so well because of errors that are obvious from the beginning e.g. trying to be whom you’re not to clients or placing too much value on profits while barriers relating to starting a company are low. Aside this, entrepreneurs go through a lot of mishaps. Endeavour to do away with the following ten common mistakes for your online business to grow Related: Basics of How to Make Money Online: 1. Having no plan of attack You need a plan but not necessarily a formal business one. To Tim Berry, chairperson of Palo Alto Software, producer of software for planning business and author of The Plan-As-You-Go Business Plan, people see having a business plan as an assignment they don’t want to attempt but planning helps him. To Sujan Patel, the second in command at the software marketing company When I Work and the CEO of several SaaS establishments, made a comment that “to plan a business, there’s no need for a business plan with 20 pages because businesses with huge format business plan are dying. Know your clients, the product you’re selling and what people want to pay for as regards product or service. Find out how much you have and the duration it will last. 2. You pay too much attention to little things To Steve Tobak, the CEO of Invisor Consulting, a firm known for its business strategy, and writer of Real Leaders Don’t Follow: Being Extraordinary in the Age of the Entrepreneur, let your business kick start. It may seem too obvious, and be too much work for entrepreneurs so don’t attempt this. By paying attention to the look on your business cards and logo design, you’ll get distracted and waste time. Focus on things that will aid the growth of your business. 3. Don’t bother about money Be hopeful about everything and not only money. You might lose money before you even start your business says Tobak. Know the amount you’re investing in the business, how much you’ll use and have a plan to make more money before it finishes. Most times, entrepreneurs hurry to raise money after its too late. Entrepreneurs should have a financial plan, with detailed goal plan and the amount needed to get to that goal. Related: Don’t Start a Business Online Unless You’re Willing to Run the Gauntlet 4. Having no value for what you’re selling Always place a standard price for whatever you’re selling so you can make a meaningful gain. After looking at labor and material costs for her business line, Cynthia Salim, the CEO and founder of Citizen’s Mark placed a starting price at $425 for her product. To her, that’s what the price should be. To Patel, prices should be adjusted once business evolves. 5. Not appreciating customer service It’s very easy to neglect customers who are liable to visit your website again to have a great experience due to lots of business transactions on the internet. To Tobak, interact with people that visit your site through any domain be it via live chat, phone or email. For the brand sentiment, monitor social sites; look at reviews portals like Yelp to view those who are happy or not with their experience. 6. Achieving nothing and giving out a lot When you proffer something for free, it can build a long time relationship. It will help build credibility as an expert. Offer something meaningful in exchange for a client’s email address such as instructions, checklist, a free ebook, as advised by Joel Widmer, the CEO of Fluxe Digital Marketing a content strategy company. Related: The Top 5 Mistakes People Make When Starting a Business 7. Not advertising yourself on social media To build your brand, try out some main social audiences and find out where your main audience is to build a customized audience on a low budget. For sales on products, Pinterest and Facebook are better. In trying to build a brand for a business personality and repurposing content, LinkedIn is best says, Widmer. 8. Rushing to hire people too fast Entrepreneurs run into risks when they hurriedly hire people to fill up positions in their businesses. They do not get the right skillset for the business and fail to hire someone who is in line with the culture of the company. Hire people with outstanding skills and qualities you admire. To Patel, what sets your company apart are the very first people you hire. 9. Not appreciating what it takes to excel Do not bother yourself in your first year about trying to balance your life and work. When doing so many things at the same time or bothering yourself about time, you won’t have great ideas. You get great ideas when you lay your mind on one thing. Tobak says “Don’t worry about time,” Let everything else fade to black.” 10. Having the mindset that everything is one size fits all The fact that a strategy works well for an organization does not equate that it will succeed for your business. Patel suggests you be skeptical about the things you read and assume that success abounds everywhere. If you can limit cost and financial risk, do so.     About; Norberto Mercado Online entrepreneur, content marketing expert and developer of online business.
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