You have decided that you want to start a new online business and you are full of enthusiasm. You are raring to go. You are sure that you and your business are destined for success. Are you though? Did you know that 90% of online businesses fail in the first four months? That is a shocking statistic! How can you make sure that you don’t become one of that 90 %? What pitfalls do you need to be avoiding?
Bellow, there are eight potential pitfalls for your new online business and how to avoid them.
1. Mind Your SEO When You Start A New Online Business
You either need to brush up on all the lingo quickly or hire someone to help you. You need to be building the DA (domain authority) of your website so that Google shows you to the world. You can check your DA on websites like https://moz.com.
2. You Need To Outsource
You go alone. You try to do everything yourself and then find that you can’t keep up. You then start making mistakes and your reputation suffers as a result. You need to make sure that you can hire people to help.
3. You Don’t Have a Business Plan And Neither A Financial Budget
You don’t have a business plan and you don’t have a financial budget. Before you know it you are growing rapidly but you don’t have the money to fund the required growth.
Take out a startupbusinessloans.co loan and you will have money in the pot!
4. You Haven’t Developed A Brand
You haven’t branded your business. You don’t have a recognizable brand and as a result, you have a confused consumer/client.
Hire a branding agency who can translate your vision for your business.
5. Where Are You?
No one can find you. This is partly linked to your SEO but also to your use of social media.
If your online business is to survive you need to be making the most of the social media.
You should also engage with other users on the platforms. Connect with digital influencers who could potentially help spread the word about your business.
6. There Are No Shortcuts
Work hard. Running a business isn’t easy.
Behind every business is hours and hours of hard graft and dedication.
If you think that running a business is going to be a 9 to 5 job, then you may as well pack up and go home.
You want to build contacts with other businesses.
Don’t be afraid to mix with businesses that could be viewed as your competition. Instead, you should use this as an opportunity to learn from them.
Find out if there is a local business network in your area. Also, get your business on LinkedIn as this is a fantastic platform for building up your contacts.
8. If You Do Wrong, Admit It!
Don’t be afraid to admit that you were wrong. If you find that your business isn’t working, admit this and deal with it.
Do not bury your head in the sand. Analyse your business and look at where changes can be made.
Starting a new business is scary. It is tough mentally and emotionally, you will find it impossible to switch off. But that’s good because it means you care about your business.
It means that you are passionate about your business. A little bit of passion can see us a long way. Embrace it and work hard.