To build a successful Online Business is relatively easier to achieve than a traditional brick and mortar business. This being due to less upfront capital requirement, however, brick and mortar businesses have a big advantage in other respects, such as foot traffic.
The Biggest Online Business Pitfalls:
- Not capping your spend
It’s relatively easy to get caught up in a product development cycle that consumes thousands before you have made even one sale.
Create a budget from the start and work accordingly. Use free resources and tools and only spend when absolutely necessary.
- Not having a clear plan
You might know what you are going to sell, but have you thought further.
- Where will you sell?
- Who will you sell to?
- How will they know about your product?
- How much will this cost?
- How many sales do you need per month to cover costs and still make a profit?
Define these questions from the onset. Write on paper how you will address each and how much it will cost. This will give you a clear indication whether your business will be viable.
- Not being consistent
In order to achieve success you have to go through cycles of review and improvement. Your first cycle or developed product most likely will be a flop, that’s okay.
By your 10th cycle you would have solved most of the underlying problems keeping you from success.
Wake up every day and make an effort to improve. Never stop doing this.