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Do you need free business advice?
Are you considering starting a new business online in 2020?
Today’s guest author tells you what 4 mistakes to avoid to beat the online competition and be successful.
4 Mistakes You Must Avoid When Starting an Online Business
In the modern-day, many startups are uncovering the potential and power of operating an online business. And although there are millions of eCommerce websites out there, there’s no reason as to why yours can’t also be successful.
However, this achievement won’t be easy. You will have to have the motivation, experience, and skill to achieve your dreams.
Although the business world is a learning curve, especially for beginners, it’s important that you’re aware of the mistakes you must avoid when starting an online business. As without doing so, your new business will quickly lose sales, the trust of customers, and its reputation.
So what are the mistakes you should avoid? Here are four to sink your teeth into.
Free Business Advice for New Businesses
Not Investing in Brand Protection
A brand can be extremely powerful. How your customers see you: It needs to be watertight, credible and authentic. And even if you have the best intentions, without brand protection, your business might soon become a thing of the past. There are so many reasons, therefore, why you should invest in a trademark, copyright or patent – no matter what industry you’re within.
You don’t want to lose the trust of your investors, suffer a decrease in revenue, or seem untrustworthy to those both within the market and your customers. So a key step to take when starting an online business is to discover how to protect your brand.
Not Having a Business Plan
This goes for every business, whether it’s operating solely online or physically. A business plan is key to your future success. With a forecast of future revenue, potential campaigns, how you’ll receive investment, etc. it’s an asset that can be used to sell your vision.
It can also be used to determine which path you should take and how your business will fare within the industry. Without a clear plan, not only will you soon become disorganized, but any potential investor will deem you as inexperienced and unprofessional.
Thinking That ‘One Size Fits All’
This opinion, “One size fits all,” will never work – especially within the online world where you have to create a product or service that stands out from the crowd.
You need to realize that just because a strategy or a product worked for one company, it doesn’t necessarily mean that it will work for your business. You need to thoroughly research your market and see what your customers want before establishing your business.
Keeping their needs and the existing market at the forefront, your business strategy will be unique to you and will have a better chance of success both now and in the future.
Ignoring The Power of Exceptional Customer Service
In order to be successful and considered one of the leading figures within your industry, you need to establish an exceptional level of customer service. Even when you’ve just started within the field, you mustn’t ignore the potential that comes with implementing this.
Many online businesses are ignorant to this as they are sitting behind a screen. But if you give each of your customers an incredible online experience each time they venture onto your site, they’ll be more likely to return and recommend you to others.
You can do this, by either chatting to them through live chat (perhaps asking them about their user experience, if they have any queries, etc.), through email, on the phone, on social media or via a survey. You could also implement a platform such as Trustpilot, posting all of the positive reviews on your website which will help to boost your brand’s reputation.
Wrapping Up: Free Business Advice for Startups
Host blogger’s comments:
The guest author’s free business advice included making a business plan.
That business plan includes:
- Future Revenue
- Potential Campaigns
- How You’ll Receive Investments
Use this checklist as an actionable business plan to give your new venture a strong start.
Readers, please share so other new entrepreneurs read this free business advice and receive this business plan thumbnail.
I look forward to your views in the comments section: Do you have any free business advice for startups you can add?