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Introduction to online business
Online business is absolutely a brilliant way of earning extra money as a student or a jobber. And you can convert it to your full-time job as well when you feel ready. Although with the recent advancements in technology, anyone can start an online business, everyone can’t gain success. Let me tell you a fact that will valid my previous point. Around 90% of new online business startups fail in their starting 4 months. So, running an online business not an easy task, and making a success from it is not a piece of cake. A business can only succeed when a proper strategy is followed. It is also very important to avoid mistakes. I agree that making mistakes is a great way of learning and exploring new things, but some mistakes can destroy your business. Here in this article, I will be discussing 8 things to avoid when starting an online business.
Ignoring the importance of having a business plan
This is what most people do wrong. This is one of the biggest online mistakes. I repeat never. It can cause you big trouble. Ignoring the importance of a plan is what most people do and as the result, they fail. Although with big-format business going old-fashioned, you don’t need a big 20-page business plan, instead you must have an attack plan. How are you trying to make things work? Mostly, what people do is dive right into it without a strategy. You should keep information about your target audience on the plan. Find out about their needs and requirements. Keep a track of products you are selling and how much customers are willing to pay for them. Check out if you are overcharging. These factors must be a part of your plan and they carry huge importance.
Delaying Your online business Start-Up
Looking at so many businesses succeeding online, you might think that this is the right time for you to start. It is necessary to research the market, business, and competitors before starting a business but don’t devote too much of your time to just researching. Taking too much time into researching can cause you to lose the opportunity. You need to understand that you are not alone in the market. Many businesses are already running and new are being launched every single day. You have got a tough competition. And if you delay the start of your business, chances are that your online business won’t be able to conquer it because you won’t have much equipment to combat it.
Don’t think that you cannot set up your business without a perfect solution. Even an 80 percent perfect strategy can do the task. And in some cases, the perfection rate is even lesser. So, don’t take much longer to researching. Instead, gear yourself up with only the necessary equipment and go for it.
Your Business is your Passion:
Making money from the business is certainly the most foremost objective, but it is not the biggest reason behind starting an online business. Passion or interest is the biggest reason behind starting an online business. There is a popular saying that “lucky are those who turn their passion into their profession”. It is human nature that he works hard for something he is interested in. More productivity results in a higher chance of success. And more productivity is possible only with hard work. If you do anything without interest, be it study or work, you won’t succeed in that. Without interest, you will not be able to taste the real joy a business offers. You will be missing out on perks like learning new things and generating more sales.
For instance, if you are running a sports equipment business and you are not interested in sports. I can assure you that there will be negative impacts on every department of your business.
Interest is very necessary. If you won’t do it as your passion, then what difference will be left between a 9 to 5 job and a business? The main reason for starting an online business is gaining freedom. And when the main objective is not fulfilling, what will be the benefit? So, make sure that you select the business you are truly passionate about.
Don’t try to be a Superman:
As we are discussing the things to avoid when starting an online business, we cannot ignore this point.
You are no superman! You cannot just fly and possess x-ray vision at the same time. In my case, I don’t even have any of the above-mentioned superpowers. And I bet that you also won’t have unless you are a superman, which you are not. That is what I am telling you. You cannot do everything yourself. I don’t doubt your skills. I am sure that you must be an expert in your field, but time is the biggest constraint. And even if you can manage the time and do all the work yourself, you won’t be able to produce as many productive results. And productivity is the key to success so it can never be neglected. So what should be done in this case? The answer is outsourcing. Give the work to other experts in the particular field. For example, you need to get a website ready for your business, you can hire some freelancer online. You need a graphic designer, you can go to websites like 99Designs. You should know how to manage your time. Time is very precious and once gone, it won’t come back ever again. So, utilize it the best and don’t try to do everything yourself.
Neglecting the importance of Digital Marketing:
Everything is going digital, so is marketing. Have you ever wondered about the reasons behind the success of famous brands? One of the major reasons is digital marketing. They are investing money in marketing their content digitally. This is such an investment that you will never regret making.
While digital marketing, social media platforms must be given preference as you can gain a lot of audience from there. Here comes a little tip from my side. “Never put all the eggs in one basket”. Don’t just focus on one platform. Rather, do your marketing on every platform and try to bring traffic from everywhere. Also, do the proper search engine optimization (SEO) of your content for better search results ranking of your website and blogs. So never write off the importance of digital marketing in your online business.
Setting up unrealistic goals:
Make a list of your goals you want to achieve from your business. But keep in mind, they should be realistic. You cannot just expect to become a millionaire in the starting months of your online business. It is the wrong approach. Instead, walk in baby steps. Set up realistic goals that you can achieve. You cannot earn much profit in the first year of your business, but this should not discourage you and hold back from doing more struggle. The thumb rule of success is hard work. So remember, set up realistic goals, and don’t get discouraged.
Fearing the Failure:
This probably is the biggest thing holding you back from success. People start to fear even before they start. And it is quite normal as it is a part of human nature. Whenever a human steps out of his comfort zone, his brain signals him to take a step back and return to the comfort zone. Although the fear is natural, don’t let it take over you. The most major fear is what you will do when people will blame you in the case of failure. This fear is the biggest hurdle in your way to success. And you can cross it only by eliminating it.
Failure is part of everyone’s life. But you have to take failure positively and less from your mistakes and try to improve them. No matter if you fail once or twice or even more, the final result will eventually be a success.
Change your mindset of failure, and success will be your destination.
Don’t ignore the Legal Work:
You might ignore this point as it won’t seem much important to you. But I can assure you this is one of the important aspects. You should some basic required legal stuff. You can educate yourself about legal stuff online. The following mentioned are the most important legal factors you should never ignore.
- Select a unique name for your business. Make sure no other business is running with the same name you are looking to go with. Otherwise, you can face serious legal actions and copyright consequences.
- Your logo should also be unique. Make sure someone else doesn’t have the same logo. You must hire a professional designer for designing the logo as he can design as well as identify the similarity in the logo.
- Specify all the duties of the company’s partner.
- Explain the rights of the business.
We discussed the 8 major things to avoid when starting an online business. These 8 are some big mistakes that most people make. I hope that your doubts are cleared and you won’t make these mistakes while starting your business. If you all enjoy these show me by sharing with a friend and sign up below Good luck!