Starting an online business is an altogether complicated thing to do. Many have failed because of the inability to cope with the ups and downs, which are attributed to the lack of foresight and planning.
To have a better shot at success don’t do this 7 things:
1. Not doing your homework:
In starting an online business, preparation is very crucial. Think of it as “cooking”: you start by preparing your ingredients. And how do you decide on what ingredients to prepare? It’s through research.
Without doing any research, the consequences that await you are dire and doleful. Research on who your customers will be, your product, and what people are willing to pay for your services. Set yourself off to a good start by preparing before the real business begins.
2. Planning without data:
Do not plan unless you’ve done your research thoroughly and gathered data. You need to have sufficient data before you can even start to make out a plan. (From where else will you base your plan anyway?) With data, you’ll be able to come up with a recipe that will likely work and sell.
3. Not worrying about money:
For the most part, money is admittedly what sustains a business. Without money, you’ll never be able to make your business stand on the ground. In business, there is always a chance that you’ll run out of money before you can even make a profit.
So plan out your financial goals. Don’t plan when it’s too late. Have a safety net or contingency plan already prepared in case something happens.
4. Setting the price too low:
Sometimes when you’re desperate for selling, you’ll set the price at a very low cost. This is something you must avoid, for this means the business is not working. Do not undervalue yourself. Set the necessary price to be able to make a decent, worthy profit.
5. Not having a friendly, catchy domain:
Domains are among your prime tools in having an online business. The customers’ first impression will rely heavily on how your domain looks and works. So it must have a simple and clear navigation so that your customers can browse leisurely.
Also, another important thing is to ensure the web hosting of your domain. Choose a trustworthy host to avoid downtime on your webpage. A downtime causes a terrific loss of profit when it happens. Here I will suggest you, to take Bluehost, is a world’s no 1 server provider 99.9% uptime.
In order to make your online business work, you must be able to generate massive amounts of web traffic. Even if your product is great, without search engine optimization (SEO), it will be buried by thousands of websites. You must be active on major social media sites as well. This means advertising and cultivating brand awareness. Facebook and Pinterest are good places to start.
7. Neglecting Customer service and experience:
Do not forget that customers are looking not just for a good product but also a good buying experience. Interact with them, and answer their questions promptly.
That may be through chat, e-mail, phone, or surveys. Make them feel free to address their concerns. In most likelihood, they will return to your website.
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