For people who are curious to start their own business instead of working for a full-time job, starting an online business is the best option. Online business render distinctive benefits like
quick registrations, faster workflow as compared to the traditional brick mortar store, connect with different people, larger audience, etc.
A large number of people shop online these days instead of visiting the shops. So this is a great opportunity for those who are willing to start an online business.
Look at the below points to avoid mistakes.
- Undetermined goals
Without any plans and goals, the chances of failures are the most. Once you are determined to start an online business, you need to have a plan – a business plan to be more precise. Once you have the goals and objectives in front of you, you can set up strategies to reach those goals. Without a goal, this path will lead to nowhere. And ask yourself once, are you really passionate about this or not?
Having a business plan is a lucrative way to start any business. Prepare a business plan blueprint and include the below aspects:
- Products and services to offer
- Marketing Strategy
- Market Competition
- Financial Calculation
- Production Plans
There may be so many other aspects depending upon the business domain, these objectives may also evolve with time. Defining the business plan will help you identify possible issues.
We all are aware of Paytm – the first-ever mobile commerce app. Without business planning and goals, such a huge platform could not be made. They have even thought about the future processes to maintain the authority – Paytm kyc which enables us to know about the customer.
- Expecting too much in a small period of time
People expect too much in a small period of time. People start a business because they are passionate about it. It requires huge dedication and investment. So you cannot simply start a business. It won’t make profits in the first few years. Do not think it is easy to earn profits on the internet by simply starting an online business, it is much more than that. Work hard and be prepared for whatever comes. Amazon started in 1994, but it did not make any profits until 2003. Just think about it.
There are many small business ideas which are coming in the people’s mind. But which one will suit them is a major thing for consideration. You should have business goals when approaching any task in your business. The tasks must be implemented in a timely manner and observations must be noted for your promotion and advertising campaigns. So, It is always good to believe in your work and things will take time to upscale your business.
- Underestimating the business
Be proud of your business and believe in yourself. Do not get yourself lost in the process of achieving success. You will have to maintain a work-life balance. Do not worry about the time, invest your time in multitasking, let new ideas come to you. You have put so much effort into turning your dreams into reality through this business. Starting with gst registration – which is mandatory to start an online business, sourcing products, marketing and so much more, so you cannot simply underestimate your business.
At some point in time we all underestimate our skills and businesses, but do not make this mistake, be proud and confident about yourself.
- Not taking Customer Service seriously
All business transactions are likely to occur online for any online business. So once you have provided good experience to the customer, they will definitely come back. Add ways to interact with the customers by adding chatbots, live chat, customer service email, or customer service numbers.
Make these channels available 24*7, so that customers can reach out at any hour.
This should have a minimal customer wait time. Do not let the customer wait for long hours to get to you. There are chances of losing customers if your response time is more.
So if you are planning to not take customer service seriously then you are in huge trouble. Once customers start to make transactions from your site, they might face some issues and try to contact you. If they do not receive proper attention, you may lose them.
- Letting go of negative feedback
All of us have this habit of reviving about the product or service before ordering it. You will be in awe that 88% of the customers trust online reviews. So if you have launched a new online business, do focus on the reviews and feedback, especially the negative ones. Also, get back to the customers with the negative feedback, this will help you to know your customers better and improve based upon the feedback.
Always reply to the feedback, even if it is very rude, reply in a polite manner. Use this negative feedback to become better. Conduct surveys and ratings to know more so that the consumers know that you value their response.
- Undefined Target Audience
The main objective before starting an online business is to find who can be the best customer for your online business. You may think everyone can be your customer or potential customer, but the point here is that not everyone can be your customer. Every business cannot fulfill entirely the needs of every customer out there, which is totally fine.
If your target audience is not defined, you pass over the chance to interact and market directly to them. If you have a target audience, your online business will perform well at odds with the competitors.
Identify your audience and get insights into how you can include them in the business plan.
- Improper Content Management
Everything is available online these days. Whenever a user searches, what is the probability that your business web page will appear first? For that, proper content management and SEO are important. You cannot simply avoid this at any cost. Search Engine Optimization ranks each of the web pages based upon the keywords. Quality content is an asset. If you are a blogger or a business/service provider, invest hugely in SEO. Because if there is no traffic on your website, the online business is of no use.
Let’s say your topic is – GST state code, it should cover all the aspects which answer all the questions of the audience.
People tend to read more who are focused on providing value through their content. So try to give out and provide value to the customer with your content. You can also look out for SEO companies to boost your rank if it is not your forte.
- Dismissing Competitors
There are so many businesses still following the traditional brick and mortar stores. They are not aware of the competition – online business. Study about the competitors, it is very important to know, in order to beat them. Few of the parameters :
Compare the Quality of their products with yours
Compare the Price of their products with yours
What are their marketing strategies?
What are they good at? What are they not good at?
Identify your competitors – what are their strengths and weaknesses, it will help you to improvise in your business. Think of how you can satisfy the customers in a unique yet simple way.
- Not planning about the failures
Everyone is inclined towards the thoughts of success. Dream big, but sometimes just dreaming is not enough. You have to put in efforts to make the dreams come true. It is not bad to dream about success, but at the same time be prepared for failures too. Have Plan B, which is to be implemented when things do not fall in the right place as per the business plan.
- Not understanding the market
Having a deep understanding of the market is essential to start an online business. If you fail to understand, your business plan will collapse. To understand the market, the products or services to be offered, offer test products before putting them live, and much more. Perhaps, before starting do a deep market research analysis.