5 Common Mistakes to Avoid When Starting an Internet Business by:Joyce Leybag
"Learn from your mistakes"
Most of us have heard this quote before. Whenever we do something wrong we learn from it, and hence we avoid doing the same thing in the future. Mistakes in business can cost a lot of money. Millions of dollars are lost everyday due to crucial mistakes made by business people.
If you know what you are doing, an Internet business is just the thing for you. As easy as it sounds there are still plenty of people who fail in this field. Here are five mistakes that you should avoid if you plan to start an internet business:
1.You will never get anywhere if you do not launch. You might think that this is so easy to avoid, but believe me this is the most common mistake new online entrepreneurs make. This is usually seen in entrepreneurs who are starting out and feel that they have complex ideas.
Their idea is sound and makes a lot of sense if you get to hear it. It is so good that you know that success is just around the corner. However, the complexity of the business is what stops the entrepreneur. The closer the business is to completion the more features and more roadblocks the entrepreneur encounters. Clearly, the entrepreneur himself is the worst enemy the business has.
The entrepreneur has poured so much time and money on this project but they are afraid to launch. They are afraid to be judged.
2. Save money through good research. There are two types of entrepreneurs. First type: Group A, these entrepreneurs are people who already have plans; they already know what they want to achieve. Since they already know what they want, they do not rely on anyone for advice. One thing that they want is to have their website published as soon as possible. Group B on the other hand are the aspiring entrepreneurs who are very open to advice and suggestions because they know it will make their business better. It would be advisable if both groups do a preliminary research, which will determine if the business is feasible. The research is more or less 5% of the total cost of the project, however group A rarely chooses to do research. They rely mostly on what they want and what they think is right. Group B is the group who is more open to 3rd party suggestions and is more susceptible to hear out advice.
Oftentimes, the research that is done does not really support their assumptions and in the long run group B abandon the idea all together. This is indeed disappointing it is far better to learn the realities of your market in the research stage than in post launch wherein you already have a lot of money invested. The research stage is the stage wherein entrepreneurs adjust their original idea to account for market realities.
3. The most common type of start-up business is wherein you re-create an existing business. The more successful the business is the more likely it will be re-created by new entrepreneurs. One issue that should be considered is "primping the pump." Say for example, I decide to start an online business I am done launching my website however due to lack of promotion no one comes to the site. Therefore, what I do is just abandon the business altogether. So, one day out of nowhere someone comes and visits the website I put up, this person decides to purchase something. However, since no one was replying to the messages he sent he leaves my website and looks for another one that offers the same product. So you see even if you have the best products online if you do not prime the pump with adequate buyers you will not succeed.
4. Not working hard on it. No one became successful without working hard for it. That is something that you should always remember as an entrepreneur. If you want your Internet business to be a success, you need to work hard for it. Being at home does not give you the right to be lazy especially if you own a business, online or offline. During the first months after starting your business, the results are not so visible yet. Do not be disheartened. All businesses start slow, continue working on it, eventually you will see that your hard work will be rewarded.
5. Lack of promotion. Telling your family and friends about your business is good, but that is not good enough as far as promotion is concerned. Always remember that it costs twice as much to attract new customers than to maintain your existing database.
Both, promotion and marketing are important to any online business. The number of websites grows each day so you have to think of the most efficient way to market your product/ service.
About the author
Joyce Leybag - An entrepreneur helping people to start their own Internet businesses. More tips and advice at: Start Internet Business
Having your own online business can be rewarding as proven by many entrepreneurs. If you only try to avoid these Common Business Mistakes then success won't be far behind.
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5 Common Mistakes to Avoid When Starting an Internet Business by:Joyce Leybag Taipei