Launching an online business is exciting. Your idea seems to be the best one yet and you’re confident that it is going to work. Or maybe you’re not. Either way, there are some things that anyone should avoid when starting an online business and we’re here to explain them and make sure you get started on the right foot.
Grow your chances of success by avoiding these common 9 mistakes people make when starting their own business.
They Don’t Have a Plan
Maybe you’re not the type of person who plans things way ahead, but when it comes to an online business you definitely have to. Yes, it doesn’t have to be perfect and it doesn’t have to be formal. But there needs to be a plan. Don’t see it as homework you don’t want to do, but rather as the saving boat in case of drowning.
Your plan does not have to be huge and detailed: simply know who your customers are, know your product, and have the best possible idea of what people are willing to pay for it.
They Focus Way Too Much on the Small Things
Is the logo right? Is the color scheme good enough? Did we choose the right packaging? These and so many other things can be totally worked out along the way. First things off, you need to get your business off the ground; it may sound simple, but most people are kept down by details. Make sure you don’t. Don’t waste valuable time on small things, but concentrate on tasks that will help you get your business to the next level.
They Don’t Worry About Money
You should always worry about money. It is okay to be optimistic, but there’s also a big chance that your company will run out of money before even making it. Calculate how much money you have now to run your business, for how long it will last, and make sure you have a solution for attracting more money before you run out.
They Don’t Pick the Right Business Name
It may sound a bit shallow, but picking your business’ name is very important; it represents the essence of who you are as a brand and helps grab people’s attention. However, picking a name is no longer as easy as it used to be given the fact that there are already so many companies out there.
To make it easier, Wix has developed a very useful tool: a business name generator designed to help you find exactly what you’re looking for. Generate a business name by industry or pick a word that best describes it to find insights that will help you pick the right name for your business.
Once you found the one, all you need to do is make sure it’s not taken and start using it right away.
They Ignore Customer Service
Many times, business owners get caught in all the thrill of receiving orders and forget that customers are actually individuals who are likely to return to your website if they had a good experience. However, they can also come back and share negative feedback if the experience was unpleasant.
Make sure to keep an eye on social media channels and figure out a way to create a relationship with your clients. Understand what makes them happy, see what they like, and solve what they hate.
They Offer Too Much and Get Nothing in Return
Offering something for free can transform into a conversation and even a long-term customer, but the costs can really add up in time. Therefore, consider giving away something useful yet intangible in exchange for the customer’s email address. You could offer a free ebook, recipes, instructions, a webinar, or a guide. This way, you both receive something and the costs are minimal.
They Don’t Use Social Media Enough
Social media is a powerful tool. When you’re starting off with your marketing strategy, make sure to test out one or two social audiences where you believe your clients might be and build a customized audience with a small budget. Don’t spend all your marketing budget right from the start but rather step by step and adjust along the way.
