3 Common Mistakes to be Avoided While Starting an Online Business
How many times have you heard that only 1 out of 10 businesses starting out actually succeed. Go through the United States of America Government Small Business Administration’s official website and you see some non pleasing stats.According to the website, half of the small businesses fail just in the first five years.
You may be tired of the old job and would be wanting to kick it as soon as possible.
Business must be looking like a good option to you. You must be eager to dive in and start your business. But before you jump in, read about the 3 common mistakes that an early businesses make. And yes, if your business is within the critical first five years, you should read these and make any changes that you feel necessary after reading this article.
1) Having no plan
Yes, you may have heard that starting a business as soon as possible is the best way forward but not without a bit of planning. Do your homework before you jump in to start with your website. You know, a targeted missile is much better than an untargeted one. You never know who is gonna blown off.
a) You should always have a goal in mind. Without it, you will get astray like a blindfolded raging bull.
b) You must know the objectives for which your business is running.
c) You should always have a mission. At least one line that explains what you want to do.
d) Must plan the resources.
For ex., do you really need to rent an office? Or your home can act as an office?
e) You must have a good marketing strategy.
Yes, I know that having a marketing strategy looks like a difficult job, but then you must know how your business is going to sell the products it is making or else, you will soon see your business failing.
Believe me there are many ways to market yourself at low or very minimal cost. So, try to discover some of these ways and follow them.
2) Not understanding what it takes to run a business
I do not want to scare you away but I think you need to be practical. Someone tells you that because you are working too many hours in your job, why not go and start a business?
You need to know that a new business is just like a newly born kid. You have to spend most of your waking time caring for it. Start ups are the biggest time eaters. You will need to spend as much time as possible in your new business to make it big and successive.
However, once your business has grown to a certain level, which most businesses do in about 5 years, you do not need to spend your whole time in it. Now, you can set your own working time. But, you still are running a business. So, you have to be ready for your work any time.
Believe me, it takes a lot of commitment to run a business. You need to be able to pay attention to it as if it were a newborn baby.
Once you start your online business, you will also need to market it and this is what takes maximum time of yours. However, this is the one thing that which will give you the result much faster than if you do no marketing.
3) Starting out a business without having the finances
Even if you are building a small home business, it still has its own starting costs. You will of course need a computer and at least one website for this. It is better if you have one blog and yes, if possible, a good telephone with a headset.
Then again, you may also need a printer and a fax machine. You need to have these things in order to start an online business.
One more investment that you could make is to have a business guide. Think of this as a necessary investment if you never had any business before. However, if you have had a business before, it may not be required. But, it would still be better to have a business guide in any case.
Its not necessarily required to start you business all by yourself. You can always have someone to help you avoid a few serious business mistakes which could, well, end up your business.
Having your own money making business can be very exciting. But, you need to be aware of the mistakes.
Be Smart with your business and you will surely enjoy the benefits.