Marketing Tips - Avoid these 5 Common Mistakes When Beginning Your Online Business - When starting a business – offline or online, people are bound to make mistakes; especially if they are starting it for the first time. As it is the case, this article seeks to bring some common mistakes made into limelight so that you can recover from initial financial hiccups if any.
Marketing Tips - Avoid these 5 Common Mistakes When Beginning Your Online Business
By Dr Simon Wade
May 8, 2011 - 9:37:59 AM
When starting a business – offline or online, people are bound to make mistakes; especially if they are starting it for the first time. As it is the case, this article seeks to bring some common mistakes made into limelight so that you can recover from initial financial hiccups if any. It is this financial hiccup that makes one lose their patience and do something wrongly that will affect their online business for sure!
Common Mistake when Launching Internet Business #1: Relying too much on ‘Automatic’ Money Making Sites/Software
Throughout the internet, there are millions of articles on how to make money online. Also, some websites sell automatic money making widgets, claiming that they are the best for newcomers as they help catch the right ‘signal’ at the right time! This is untrue in the sense that when it is your business, you will be the best judge of it. How can automated software claim to give you the best leads? It is not 100% artificial intelligence; in the end it is a simple program that has been designed accordingly. And as history suggests, most of them fail leading to huge financial losses for the new business startup.
Common Mistake when Launching Internet Business #2: Widgets and Applications
If you’re into your own product, remember the following – there is no absolutely unique product online unless, it is a discovery or an invention! It is good to think that you’ve created the best application or widget to woo others but please, do not go overboard with it. Confidence is good, overconfidence – not cool! There are hundreds of thousands of people creating applications and widgets today, thanks to the friendly program languages that have come to the fore.
Common Mistake when Launching Internet Business #3: Reading it all wrong-the market
Identifying your market is the most important aspect of any business. It is more important than having a website to do business! Therefore it is crucial to you and your business that you read your customers well enough and understand the market you’re planning to target. A niche market is essential for the survival of your online business and not just when starting.
Common Mistake when Launching Internet Business #4: Strategic planning pays while too much opportunism kills
When starting an online business, there will be many instances when there is a ‘fast-paying’ opportunity available. But always be a calculated strategist. If you come across any such opportunity, ask your self based on the business condition (and future) that is the risk worth taking, considering a short term gain and maybe jeopardizing the long-term future for your business?
Common Mistake when Launching Internet Business #5: Not having a PR strategy
The success of your business will depend on the kind of customer relationship that you maintain in the market. It maybe that you’re not the Numero Uno in the market but if you have a strong customer satisfaction based foundation, you’re in the race and sooner or later you will topple the leader. When planning an online business, planning a PR strategy should be on your priority list.
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