Top 10 Mistakes to Avoid When Starting an Online Business

A common mistake people make when attempting to follow a recipe is changing some of the ingredients. When you change your input, your output will change as well. Most times it is not always a desirable change. Avoid the following 10 mistakes when you start your online business and your path to success will be fast and frustration-free.

1. Winging It

You absolutely must have a business plan before launching online. Until you have done your research, developed a budget, studied similar Internet businesses and created a plan, you need to put off starting your business. Otherwise you are simply taking a stab in the dark, with a lottery ticket mentality to succeeding in business.

2. Going Too Broad

Don’t try to be everywhere at once. There are simply too many places to “be” online. Aim for marking out your territory at those places online that make the most sense for your business.

3. Going Too Narrow

Targeting a niche that’s narrow, yet deep is the ideal scenario for an online business. Such communities tend to be passionate about interests. However, don’t go so narrow that there are only 10 people interested in your product or service!

4. Not Tracking and Testing

There are free and low-cost applications, software packages, and virtual employees that can test, track and tweak every aspect of your online presence and marketing efforts. Take advantage of this virtual ability to test, record, monitor and change your online business growth. What gets measured gets improved.

5. Falling Prey to “Shiny Object Syndrome”

It’s okay to check out new technology, applications and ideas. But if you are constantly hopping on board the “next big thing”, your lack of focus will only deliver scattered results.

6. Becoming Allergic to Change

When you test and track your efforts online, you may see that you need to change some aspect of your Internet business. Change is simple, quick and usually inexpensive on the web. Don’t be afraid of heading in a particular direction if all the data shows you should be doing exactly that.

7. Micromanaging

Virtual assistants, offshore freelancers, programmers, writers, advertisers and web developers – these can all be crucial parts of a successful online business. The more you can delegate aspects of your operation to people who are experts in those areas, the more successful you will be. Once you have given them the basic information and guidelines they need, let them do what they do best while you focus on other parts of your business.

8. Waiting Too Long Before Launching a Service or Product

You might be told you need 1,000 followers or 10,000 people on your email list before you should take some particular action. On a shoestring budget you want to be profitable as quickly as possible. Don’t wait to present your offer to the world. As soon as you have established an Internet presence, get it out there.

9. Quitting Your “Real Job” Too Early

You may find success early with your online business. That is great. That is the “perfect storm” scenario you were looking for. However, the Internet changes rapidly. Your business could as well. Hang on to your regular job until your virtual business replaces your current income for an extended period of time.

10. Not Getting Started!

Stop waiting. Do your research, develop a plan and then get started. Once you have the information you need, present your service, product or offer to the global community today rather than tomorrow.