If you are thinking about starting an online business or adding online marketing to your existing business, there is so much to learn and work on for successful growth. While developing your online business sounds like an easy step to add to your marketing plan, and it is, make sure that you are not missing out on vital key areas that will hold you back.
What are some of the top mistakes that you could be making? Let’s take a look at this list, in no particular order.
Not having a solid plan – Winging it can work for some, but let’s be honest. You have to know what you want to accomplish and plan each part of the development to avoid pitfalls.
Not focusing on sales building first – Many online marketers spend too much time developing their logos, their social media pages, and dealing with minutia first when in actuality you need cash coming in. Focus on customers, sales and service and the others things will come.
Not starting with a budget – You have to know what your budget will be so you know what your cash flow will be. Given a set amount of money when you start, knowing what you can spend in each area and other expenses is important to your success.
Giving away too much - Free is fine for a while but doesn't pay the bills. Many people fall into this pitfall and then wonder why they cannot make a profit. It then leads into the next point.
Not knowing your worth – At some point you have to understand your value, set a price for your goods and services then stick to it. Just make sure you are in range with others in your marketplace and not over or under valuing yourself. Your perfect customer will come.
Not asking for help or advice – Before you are in trouble, ask for help and continue to do your research. We are all students and online marketing changes quickly. Be open to advice and ask for it often.
Not consulting the experts – No one is expert in every area of business. Know your limits and consult experts when it comes to areas you do not know or are not comfortable with. Accounting, IT, and legal advice are at the top of the list but there may be many more depending on your market and situation.
Not knowing your market – Are you marketing to the right people? Have you taken the time to research and do all of your planning for your online marketing? Don’t waste time looking for sales from those that are not in your target market. And the answer is No, not everyone is your target market.
Not researching your competition thoroughly – Your competition is an important factor in your business and you have to take the time to research them deeply. What do they do or not do that can make you better and more effective?
Trying to do it all – This is one thing that will come back to bite you quickly. Similar to not consulting the experts and not asking for advice or help, trying to do it all will be a detriment to your business. You cannot be great at all things and at some point you have to train and utilize others expertise to get ahead. What can you outsource today?
Think about what you want to accomplish and where you want to be in a year and then 5 years. You can do it with simple, straightforward marketing as long as you continue to plan and learn everything you can. These tips will help be a guide and help develop your online business.