Avoid These 9 Mistakes When Starting an Online Business
The problem with starting an online business nowadays is that the market is volatile and the competition is fierce. A simple and lone mistake can cause a large business setback, worse, a total failure.
The funny thing is, all of these mistakes can be easily avoided. Do you want to know what these common online startup mistakes are? Read down below and you’ll also find tips on how to avoid them.
1. Not having an attack plan
Having a business idea isn’t just enough. How would it sell if there’s no promotion to expose it or a market to buy it? Before starting an online business, always do a feasibility study and a marketing strategy for your product. A feasibility study helps you determine if there’s demand for your service. And a marketing strategy will help you sell your product by targeting demographics.
Read: 12 Ways to Make Money Online from Home Right Now
2. Taking too much time to launch
A feasibility study is good but the research shouldn’t take too long. A delay on a product or brand launch since its inception could spell a variety of business failures. One is that the demand for your product will suddenly disappear because someone else had sold the same idea as you. And that person didn’t wait for the “perfect” opportunity. Instead, they settled for “good”.
3. Not listening to customers
Customer feedback either expands your market or destroys it. That is why it is important to have a way of interacting with them if possible. If a customer gives a negative review due to an issue, listen to their concern, and work on the issue. If they give a positive review, post it on top of your product review list. Show other prospective clients that your products deserve their attention.
4. Not being different enough
Every business and product has competition. As a result, the consumer pool will have different options to choose from. Don’t settle to be like or better than your competition. Be different. People will get tired and bored with a product and its like at some time. They’ll want something new. And that doesn’t just apply to a product, even a different marketing strategy works more effectively.
5. Choosing a service you don’t care about
Customers are very much inclined to buy from individuals who know what they’re doing. They’re confident the products they’ll purchase will be worth their money as they have been properly answered of the things they asked about the product. A businessman who sells a product without proper knowledge of it only invites distrust and a bad reputation.
6. Solving an unimportant problem
“By far the most common mistake startups make is to solve problems no one has.” - Paul Graham.
Why would you invest money on a product that nobody would buy? Or let alone sell a different solution to a problem already solved? Look for a problem and see if anybody has solved it. If nobody has, then solve it yourself and sell the solution. If somebody has solved it, find a cheaper yet effective and durable solution, then sell it.
Read: Top 8 Books You Should Read About Starting a Business
7. Thinking that one size fits all
Some marketing strategies mostly work on one consumer demographic. Others work for a company’s customer base. Just because it makes others successful doesn’t mean its magic would do the same for you. If you can sell your product at a cheaper cost with lesser risk, then do so.
8. Underestimating obsession for success
They say that work/life balance is important for a person. I’ll tell you to ditch that notion. The best ideas didn’t always come from people who manage their time or multitask. These ideas come when you are in full focus. When everything else has faded to black.
9. Skimping on early hires
As your business grows in the future, you’ll experience the need of filling positions to scale up your operations. In this endeavor, you’ll be skipping the proper screening procedures that would lead to a skill mismatch in your business’ needs. Look for people who have the skills appropriate for positions that need filling up. And most importantly, hire these skilled people especially when they possess the qualities and working values you respect.
The world is full of problems waiting to be solved. People are in demand for products that nobody has made yet. Find a profitable idea. Study the problem it addresses. Research on your idea further and master your knowledge of it. And find people who will help you sell it.