10 Mistakes to Avoid When Starting an Online Business

Starting an online business begins with filling a need and building credibility, but the factors that go into making your online business a smashing success don’t stop there. While the barriers for setting up a company are low, the majority of people starting an online business fail largely due to mistakes that seem obvious in hindsight — such as overestimating profits or trying to be too many things to customers from the onset. But there are many more mishaps business owners experience.

To enhance your shot at success, try and avoid these 10 common mistakes when starting an online business.

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1. Not having a plan of attack.

You don’t need to have a formal business plan — but you still need a plan. “People regard the business plan as homework they don’t want to do but planning helps me — whatever my success is,” says Tim Berry, chairman of Palo Alto Software, which produces business-planning software and author of The Plan-As-You-Go Business Plan.

While the big-format business plan is growing obsolete, Sujan Patel, vice-president of marketing at the software company When I Work and the founder of several SaaS startups, says, “You don’t need a formal 20-page business plan to successfully plan a business. You need to know who your customers are, what you are selling and what people are willing to pay for your product or service.”

In addition, work out how much cash you’ve got and how long it will last.

2. Focusing too much on the little stuff.

“First, you need to get your business off the ground,” says Steve Tobak, founder of Invisor Consulting, a business strategy firm, and author of Real Leaders Don’t Follow: Being Extraordinary in the Age of the Entrepreneur. While this directive may seem obvious, new business owners can get really bogged down by the details. Don’t do this.

By getting sidetracked focusing on things like how your business cards look or the design of your logo, founders are wasting valuable time. Instead, concentrate on tasks that will help propel your business to the next level.

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https://www.entrepreneur.com/article/250698

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