50% of small businesses fail within the first five years. Even if you have had your business for a while, do your due diligence and make changes if need be.
You have probably heard the statistics and they aren’t pretty. If you read the numbers that the U.S. Government Small Business Administration’s website states it says that 50% of small businesses fail within the first five years.
You might have come out of another employment situation and are ready to venture out on your own, or you may have been out of the working arena and are thinking about getting back in.
3 Mistakes To Avoid When Starting An Online Business
Whatever your situation, do your due diligence. Even if you have had your business for a while, be sure to read this carefully and make changes if need be.
1. Jumping in without a business plan
I know how exciting it can be to start a business but please do your homework first. You need to take the time to write down a business plan.
Your business plan doesn’t have to be a lengthy and detailed document but it must be clear about the following:
- What is your business goal?
- What are your business objectives?
- What is your business mission?
- Do you need to rent an office or can you have a home office?
- How will you market your products or services?
I know writing a marketing plan can be daunting, but without marketing yourself and your business you will have no business. You might have the best products or services on the planet but if you don’t promote it, you’ll be the best-kept secret and your business will fail.
There is a lot of free or low-cost ways to market yourself, so take the time to discover what they are and then follow through and do them. Find out all about the business planning process and learn how to write a business plan step-by-step.
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2. Not understanding what it takes
I don’t say this to scare you but please be realistic. Rome wasn’t built in a day! In the long term building, your business can bring you the freedom you have been looking for but in the beginning, it needs a lot of care and attention.
Do you have the support of your family and even friends? Once you have the basics, squeeze page, opt-in box, free taste and newsletter etc. you must begin marketing your business.
Send your newsletter out on a regular basis, set up your social media accounts (Facebook, Linkedin, and Twitter) and update them regularly. You also must network as often as possible. The goal here is to get you exposure, not just online but in person.
The more you network, the faster your business will grow. The faster it grows, the closer you will get to that freedom you are looking for, but you must do the legwork first.
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3. Not having the finances
Even a home-based, online business has start-up costs. You do need a computer; you do need even a one-page website. A blog is important as well as a good phone system and headset.
I also don’t know what I would do without a printer and fax. These are essential pieces worth investing in. Keep your eyes peeled for sales. The prices of printers/scanners/fax machines have gotten much less over the years.
The other investment I would like you to consider is a business coach or mentor. This is especially true if you have never had your own business, but even if you have.
You don’t have to hire the most expensive coach in town and you don’t have to work privately with someone unless you really want to get this business up and running quickly. There are many business coaches that run groups at a much lesser investment.
There is no reason to launch a business totally on your own, especially if you are new to this. The risks of making serious mistakes are not worth taking and will cost you more in the long run.
Owning your own business can be one of the most fulfilling and exciting ways to do what you love and earn a good living. Simply be smart and savvy about this endeavour and you will reap the benefits over and over through the years.
About the author:
Kim Kirmmse Toth is a Small Business Coach, She shows you how to move away from exchanging ‘dollars for hours’ and instead create programs and services that will allow more time, more money in your purse and the lifestyle you deserve. If you’re a savvy woman after 50 who is ready to learn simple ways you can brand, package and price your services and take your coaching business to a new level, check out her website where you will find free articles, resources and quizzes.
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