Today, launching your own business usually means starting an online company. Initiating an online business seems simple enough to do well but it’s also easy to make mistakes. Here are a few mistakes you can easily avoid while starting your new online business.
1. A common mistake for online businesses is to not develop a plan or strategy. Starting a business online may not require the same kind of formality as other endeavors but you can avoid trouble in the future by establishing a plan.
“While the big-format business plan is growing obsolete, Sujan Patel, vice-president of marketing at the software company When I Work and the founder of several SaaS startups, says, “You don’t need a formal 20-page business plan to successfully plan a business. You need to know who your customers are, what you are selling and what people are willing to pay for your product or service.”
2 While starting your business, try not to focus too much on the little things. Your business cards shouldn’t take longer to develop than your website or plan of action.
“By getting sidetracked focusing on things like how your business cards look or the design of your logo, founders are wasting valuable time. Instead, concentrate on tasks that will help propel your business to the next level.”
3. Another mistake entrepreneurs make is to ignore the financial aspect of their business. Staying on top of your startup’s finances and developing a budget plan from the beginning will help you save money in the long run.
4. Some entrepreneurs also try to set competitive prices on high quality products. Make sure you know what it cost to make what you’re selling and take that into consideration when setting the price.
5. Another avoidable mistake for online startups is that they neglect customer service. Your best practice when dealing with customers is not to assume they’re all spam bots but actual people.
“With so many of our business transactions happening over the Internet, it’s easy to forget that customers are people who are way more likely to return to your website if they have a good experience.”
Have you tried starting an online business? Share your experiences with us!
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