Making mistakes in life isn’t always a bad thing. From mistakes, we gain experience and learn important lessons. The same can be said about business. However, we shouldn’t mindlessly make mistakes or recklessly take risks expecting to gain wisdom. Your first goal should always still be to succeed. And to achieve that, you need to avoid making big mistakes that will not only take you on the wrong path but could prove detrimental to your business. Here are the biggest mistakes many new online businesses make:
Making bad hiring decisions
Team members are the lifeblood of any enterprise. When money is tight, you may think that hiring cheap labor is your only option. However, you’ll end up paying for it in the long run. There is a good reason why some workers and “consultants” are so cheap. It’s possible that they’re incompetent, ill-prepared, or untrustworthy. Be prepared to pay more for expertise, especially if you lack the skills and experience yourself. Think of it as an investment, as hiring right means higher productivity and also provides you and the rest of your team with learning opportunities.
Not considering outsourcing
Don’t try to do it all on your own or recruit family and friends to perform tasks they don’t have any experience in. Marketing, accounting, social media management, and content creation are all tasks that you can outsource to highly-qualified people from practically anywhere in the world. When you outsource, you don’t have to hire in-house staff and only need to pay for the tasks that you need when you need them – allowing you to focus more of your funds on other aspects of your business.
Not educating yourself on the technical aspects
As an online business, technology will play a major role in all aspects of your operations – from customer management and logistics to marketing and communications. Not learning about your software, hardware, tools, and all technical aspects of your business can not only leave you too reliant on your tech guy, but you can also be taken advantage of. You don’t have to learn how to build and design your website, but you should have a basic understanding. Take the time to study how to analyze your website analytics, manage your payment gateway, or run shipping software. As an online business, you also need to understand the importance of cybersecurity to ensure you’re not failing your customers and becoming victims of a cyberattack or data breach.
Ignoring your social media presence
As an online business, social media provides you with the opportunity to spread brand awareness and network with potential customers. Social media provides online businesses with many benefits, including attracting customers, building customer loyalty, reaching global markets, and demonstrating thought leadership. Remember, when people discover your business and want to learn more about it, they will do an online search. Today’s consumers have evolved. They want to support businesses with values they align with. Allow them to discover how reliable and trustworthy your business is with a social media presence that reflects your consistency, authenticity, and values.
If you’re a new entrepreneur seeking a mentor, connect with me today. I want to help you become your own boss, a self-confident entrepreneur living up to your full potential.
