Today, most of the world has gone digital and this is why a lot of entrepreneurs are running toward setting their business up online. However, many forget that even though the fundamentals of a business are always the same, setting up a successful one online isn't all that easy.
Even though there is a lot of online business that is born almost every day, many of them end up in the bin.
Why? Because a lot of entrepreneurs make mistakes!
But, here we have curated a list of 10 mistakes that you can avoid while setting up your online business to achieve only greatness.
1. Taking way too long to execute the idea
Just like every other business, an online business has to be turned from an idea into a successful business model. However, the time that's taken to execute the ideas while setting it up is quite critical. When it comes to an online business especially a new one, moving way too slow isn't the way to go. This is because the more you wait, the more you are likely to try to perfect it.
Well, don't get me wrong here, perfection doesn't hurt anybody. But, getting caught in small problems is only going to delay the launch of your business which might later lead to bigger issues.
Don't be afraid to make mistakes, you'll only come back stronger from them. As long as you have got the basics of your online business right, you are set to have a smooth sail!
2. Lacking an actionable business plan
Setting up a business online is easy right?
Easy wouldn’t certainly be the term to be carried with it. In fact, there are so many factors revolving around the setting up process that you need some kind of guidance to successfully get you through. This is where a proper business plan comes to the rescue.
If you crave success then, creating a business plan that isn’t dreamy and can be executed is going to ensure the smooth launch of your business.
Undeniably, a business plan is the holy grail of a great online business.
3. Complicating the website
Probably, this is your first online business and the excitement might make you go a bit overboard with your website. But, this is where you'll have to hold yourself back. Trying to add a lot of thing to your website is only going to confuse your visitors.
Obviously, having a website that is attractive and that translates the core objective of your business through, is important. But, adding way too much into it is only going to distract the visitors from the purpose of the website. In fact, overcomplicating the design of your website can even hamper with your sales. And, you definitely do not want that!
While setting up your website, make sure your site is user-friendly in terms of its simple design and easy navigation. Don't forget to use a simple and on-point domain name either.
Trust us, start your business with a simple and sensible website design. Later, if you feel more work needs to be done then, you can always add to its appeal.
4. Not building a proper team
It's undeniable that being a one-person army has its own glory. However, if you want to set up a successful online business then, having a team by your side can be come in handy. Starting an online business isn't a piece of cake. There are too many tasks involved in it and no matter how hard you try, you can't do it all alone and maintain a good standard for it.
There's no harm in hiring professionals and building a team that is going know their role better, be productive and even excel at it. It's all going to be great for your business in the end. Apart from professionals, you shouldn't overlook at the importance of having a friend or family members to support you through the process of setting up the business.
5. Not having the marketing plan in place
A good marketing plan is a bridge between the marketer and the customers. In fact, it is only through an effective marketing plan that you can reach your target audience and give a kick-start to your sales. However, if you don't have a marketing plan in place, all your other efforts in building your website will also go in vain.
No matter how good of a website or products/services you have, if you don't market it well your business will fail before it reaches your target itself.
A proper marketing plan would involve identifying the target market, understanding the competition, strategies to reach the audience, setting goals for the business, etc. this step in building your online business is one of the basics without which there is no point in moving forward with other steps.
6. Overlooking customer needs
Let's assume that you have set up your online business perfectly and everything is in place including the website, the business and marketing plans, etc. But, what if your target audience doesn't even relate to your products/services or all the efforts and hard work that you have put in?
Avoiding that horror is possible through an effective customer research. However, many noob entrepreneurs often ignore it.
Through this, you can find out what your customer's views are about your competition as well as what they expect from you. This will help you structure a business model and strategize your business in a way that's most appreciated by your customer base.
Always Supply, what's in demand!
7. Not caring about the competition
Most of us have been told to never look at the competition and do our thing all our lives. However, in the world of business, this ideology can often prove fatal.
You can't expect to be successful, if you don't know how much competition is out there and how they are doing at it. No matter how good business model is, you never know when your competition can strike you out.
Believe it or not, in the world of online business knowing your competition is going to take you a long way. You can learn quite a lot by researching about your competitors. You can study their strengths and weaknesses and even learn from their mistakes.
Not only that, but knowing your competition can also give you a better scope at being unique and attempting a strategy that they haven't implemented before.
8. Ineffective financial planning
Well, to begin with, having the idea that setting up an online business is not going to cost you anything is sheer ignorance. Just like every other business, setting up a financial budget for your online business should be your priority right after the conception of your business idea.
Having a financial plan that doesn't rock solid, might lead to unnecessary spending and take you over budget. And that is not fun!
If your financial plan is proper, it will guide you through proper investments and ensure a positive growth.
9. Going all in, way too quick!
Most entrepreneurs are risk takers and they often gamble with their business ideas by going putting everything into the business. However, this is one mistake that you need to avoid at all costs. No matter how good of a business idea you possess, hold back a little. You can never predict the future of your business. Being smart especially at the very beginning is truly going to give you a taste of what's to come.
We recommend, testing the waters at a moderate speed. What do we mean?
Well, before your big launch, you can always take a test run. You can do a little market research and take feedbacks or take the advice of someone who is already quite established in your niche.
This will help you find the problems with your business and give you enough time to work on it without losing much.
10. Not paying attention to customer service
It's undeniable that losing the trust of a customer is much easier than gaining their trust!
A customer is a god! However, a lot of new entrepreneurs often forget to provide the best experience to their customers. An online business is set to achieve failure if the customer base doesn't grow and the customers are left unsatisfied. You need to remember that if your customers have a good experience with your website then, they are most likely to return and may even bring a few more customers with them.
For this, you will have to ensure maximum interaction with your customers and reach out to them to solve their issues as fast as possible.
A happy customer is most likely to be a returning customer!
11. Being a Wantrepeneur and not an Entrepreneur !
We are not trying to be negative here. But, before you start setting up your online business you need to ask yourself if you are a wantrepreneur or a true entrepreneur.
If you are an entrepreneur who really wants the online business to flourish, you need to take mindful actions.
Even though money is a great motivation that should not be your focus at the start of your business. Your focus should be fulfilling the demand of your customers and letting that passion drive you.
Above all, you need to remember that it's always going to be a hustle and you better be ready for it!