The online business trend has gained in popularity, especially in the last decade, with more and more people doing their shopping via the Internet. However, as with any other business, there are certain common mistakes that fresh online business owners should try not to make, for it can seriously damage their business or even lead to its downfall. Young entrepreneurs are hungry for knowledge and want to know what these common mistakes are, so we compiled a list of the biggest mistakes made when launching an online venture.
Trying to solve unimportant problems
The future of your business would be bright and customers would come by themselves if your product or services you offer solve an important problem. Solving a problem nobody actually cares about is the reason why businesses fail all the time. Instead of looking for a bigger audience, try looking for a more important problem to solve. When you put your product out there and people start buying it, you will know you are on the right track.
Choosing something you do not care about
Your business does not have to be your life’s work or the biggest passion in your life, but do not make things more difficult by choosing something that you do not care about. The competition is fierce and you will need to be resolute, creative and have deep subject knowledge. If you love what you do, achieving all this will not be an issue. Otherwise, you will not be able to compete if the gap between your love of a topic and your competitors’ is too wide.
Not listening to your customers
Your customers mean everything to your business. Listen to your customers, but listen very carefully, and you will know what business moves to make. Listen to the ones who give validation, buy your products but do not use them, and the ones who ask for refunds. The audience feedback is important because that is where the answers to all your questions lie.
Too much thinking, not enough doing
In a one-person business, you are both the worker and the CEO, and you need to find the thinking-to-doing ratio that works the best for you. However, the reality is that if the ratio is less than 80% doing, you should do more if you want to keep your business afloat. Theories are to be proven by practical actions.
Waiting too long to launch a product or service
Before offering something for sale, entrepreneurs are known to get stuck with the content for a long time. They try to get high website traffic and a big audience before doing, under the excuse that “the time is not quite right”. Whatever the reason for not building and offering a product/service is, this is a trap. The biggest risk should be addressed head-on, so work, create, perfect and the launch your product. You would need some practice, but if you have good ideas, it will eventually pay off.
Not being different
If the niche you chose to do your business within is overcrowded, you need to stand out from the competition so the customers could notice and pay attention to you and your brand name. Giving your customers a reason to choose your product instead of competitors’ should be the aim of your marketing plan. Do not copy or mimic blogs or websites of other better known business, but try to be a superior version to them. Be different.
Not having support
Thinking that one can dive in it all alone is another mistake that young entrepreneurs make. In the end, you work with people – customers, suppliers, service providers, and web developers. If you have entrepreneur friends that are at similar stages or more experienced is essential for gaining support and necessary connection. Otherwise, you can feel quite alone when not knowing that the obstacles you face other people face as well. Talk, socialize, and share your problems and progress.
Offering multiple payment ways
Some people do not want to give their credit card information that easily. When entrepreneurs do not think of offering multiple ways for their customers to pay for the product or services, the conversion rate will not reach its maximum potential. Offer them to pay via a secure online payment service as well, and increase your revenue as well as the number of satisfied customers.
However, perhaps the biggest mistake you can make is not starting at all. Do not get overwhelmed by worrying about all the potential mistakes that could be made, because mistakes are the best teacher you have in life. Simply dive in and surround yourself with people that will help and support you.
