Starting an online business is probably one of the simplest things to do. You make the decision that you want to make some money on the internet. You join a few free affiliate programs, maybe a couple of free MLM programs and if you’re really into it, you get your own domain name and web site.
So far your business expenses are peanuts and you can close shop anytime without any regrets. You don’t have a vested interest in your business due to the lack of a financial commitment. That’s how about 80% of the so called “online business owners” operate. No concept, no plan and no future.
Then there’s another group of “online business owners” who are all fired up about their new Endeavour and nothing can stop them. They do everything they’ve been told by whom ever they listen to and they also spend a considerably amount of money to get their business going. There’s really nothing wrong with this other than that they are too eager and too motivated to get their business off the ground. Unfortunately most of them will quite after a few months. Unfortunately this is mostly due to avoidable mistakes.
The third and smallest group are the folks who actually made it. Well, let me define “made it” for a moment. I call a business a success if you can make a profit after you paid all the expenses and I mean all the expenses. Now you can argue if it is worthwhile to put in so much work for not much in return. This is a call that every one of you has to make on your own.
I purposely left out the group with the guys who are making more money a day than most of us make in a year. First, it is completely unrealistic to assume that you actually will achieve the same results as the “big ones” with the limited resources you have. Second, these guys may have started as a one man show, but today they are a corporation with many employees like every other company doing big business on the internet.
Back to the 3 groups I mentioned before. Group #1, the no concept, no plan, no future group, is not even worth mentioning. They are just a waste of time. Group #3, the guys who ‘made it’, is out o reach at the moment. The fact that you’re reading this article puts you into the group #2 category. You’re eager to build your business and you’re determined to make it happen. I hope by pointing out the pitfalls you will actually avoid the mistakes I made and it will bring you a step closer to your ultimate goal. Be your own boss.
Here’s a list of common mistakes every startup online business should avoid.
1. Not Having a Plan
Set yourself a goal on where you want to be in 12 months after starting your online business. Without a plan, even the simplest plan, your ambitions are poised to fail.
2. Not Having Your Own Web Site
Get your own domain name and web site. There are many marketers who want you to believe that you can make lots of money without having your own web site. Make a professional statement and get your own domain name and web site.
3. Too Many Activities to Manage
Pick your affiliate and
4. Spending Too Much Money Too Quickly
Spending your hard earned money on advertising can quickly turn into an addiction. Meaning that you fall for the myth that the more you spend on advertising the more money you make. Wrong. You could spend all the money in the world on the wrong marketing strategy and still not making a profit. This will happen to you with all the pay-per-click search engines. There’s a reason why Google is skyrocketing at the stock market. There are too many advertisers spending too much money on pay-per-click and are not realizing that the only winner is Google themselves. The only thing that will stop this behavior is you either run out of money or your credit card is maxed out. My advice, pay-per-click is the last part of a well planned marketing strategy. There are much more effective advertising vehicles available than pay-per-click.
5. Don’t SPAM
This is single most reason why startup online businesses get in trouble and actually have to close and start all over again. If you have a newsletter or some other information you want to distribute via email. Only use verified email addresses, typically double opt-in email addresses that you collected. Stay away from any brokers who want to sell you huge lists of emails for pennies. This is the surefire way to get into trouble and out o business. My advice, slowly grow your email list with verified addresses only. These people actually want to hear from you and are more likely to buy from you.
Unfortunately I didn’t have this information when I started my online business and I paid for making these mistakes. Don’t do what I did, do what I’m telling you to do. Sounds familiar? Well in this case it is just a recap of my experiences and hopefully you get some use out of this.