Top 5 Informational Market Business Mistakes To Avoid
Mistake #1- Not Selecting a Specific Niche.
Perhaps the biggest mistake of all is trying to be everything to everyone. You can’t – so stop!
It’s very counter-intuitive to focus on a smaller slice of the market and most people are afraid to do it. But when you do, your business will grow faster, and you’ll be more financially successful in less time.
Mistake #2 – Wasting Time and Money on Developing Pretty but Useless Websites.
A bad idea is a bad idea – no matter how pretty you dress it up. Many people waste precious startup dollars on expensive but needless graphic design work, pretty logos, and complex web design.
In reality, many businesses can be simple and inexpensive to get off the ground. In fact, a simple site with little or no graphics will often make more money than one with all the latest bells and whistles flashing all over the page.
Think – what is the core concept of your business. Outline it on a single sheet of paper, then implement it fast in its simplest form. You can always give it a makeover and make it prettier if it’s successful and profitable.
Mistake #3 – Going Into It, Instead of Growing Into It.
While the Internet makes it easier to reach your potential clients, you’re still building a business – and that takes time. Don’t tell your boss you’re quitting today because you started this hot new online business last night and you’ll be “rolling in dough in no time flat!”
First make sure your business idea works and is profitable.
That’s one of the advantages of Internet Business – you can start small and step-it-up as your business starts getting sales and generating profits.
Just be sure you can consistently replace your current income before jumping ship and telling your boss to “beat it”!
Mistake #4 – Not Building Relationship with Clients.
“Even though you don’t know me from Adam, I want you to take out your wallet and give me $20 – in exchange I’ll make you the King of the Universe!” What!? You don’t want to give me your $20? What a surprise!
Most people think about starting a business online in terms of getting a quick sale – with no prior relationship with their potential clients at all.
In reality, you’ll be more successful when you make your first goal to collect contact information from potential clients and follow-up with them on regular basis.
It’s much easier to “sell something for FREE” than trying to convince people to give you money at first.
Make it your goal to prove your credibility online and make your business all about relationships with prospects and clients, and you’ll build a thriving online empire.
Mistake #5 – LAST BUT NOT LEAST… Calling It “QUITS” Too Soon!
If your new online venture isn’t making money at first, don’t walk away from it too soon. Many entrepreneurs have multiple “failures” in their background – which in reality are lessons in what didn’t work.
Evaluate your ideas and get help with gaining a new perspective on what you’re doing. With some new ideas you might find a new way to position your business differently and make it profitable.
Or maybe you simply need to give it more time to gain the traction and momentum you want.
2 Responses to “Top 5 Informational Market Business Mistakes To Avoid”
Donnie on June 6, 2010
5 very good tips here. Essential even. People make these business mistakes every day, both online and offline. And many many business suffer because they don’t understand these principles.
Thanks for sharing this valuable info, C!
VizFact on August 15, 2011
Awesome post Chris, I see you have had this site running for a few years now, great stuff keep up the good work.
Every one can learn from, “Mistake #5 – LAST BUT NOT LEAST… Calling It “QUITS” Too Soon!” , this where most marketers fail.