7 Very Common Startup Mistakes - Are You Guilty? ;)
A few years ago, Steve Yakim wrote a really good article on the 7 Common Mistakes For Online Business Startups and it is ALL still relevant today…
How many are you guilty of? 
“It is said that before we learn how to run, we must first learn how to walk. And in the process of learning how to walk, we stumble from time to time.
No big deal, though. It’s part of the learning process. Experience, as many claim, is the best teacher, and experience entails some failures here and there.
In this light, it is not uncommon to see startup Internet business ventures making some mistakes of their own.
The sad part however, is that other business people actually capitalize on these mistakes to earn some profit for themselves at the expense of the novice online entrepreneur who would just be left bewildered by so many promises that are bound to be broken.
Though mistakes are but natural, and oftentimes necessary for eventual success, there is a clear need to take some precautions to avoid those errors that might prove fatal for the business.
Indeed, we can learn from our mistakes, but there are those that produce dire results from which we may find hard to recover, if we could recover at all.
Here are 7 common mistakes that beginners in online business usually commit. It is hoped that by knowing these errors, better judgment can be observed to avoid them…
1. Believing that you can earn overnight. Though there are instances when Internet businessmen do earn within the first 24 hours after they go live, this should be taken as the exception rather than the general rule.
The fact is, online commerce needs some patience on your part. A sustainable business will require some time before it could fully spread its wings to take flight.
2. Believing that you can earn even while you sleep. Though this is very, very possible, do not expect it to be instantaneous. You will first have to automate your business system.
This includes fine tuning the performance of your website as a traffic generating machine, polishing up your sales page or pages for a profitable conversion rate, and building a mailing list filled with quality sign-ups through a reliable autoresponder service.
3. Being a one trick pony. You cannot rely on one income stream alone. Try to incorporate as much as you could for your online venture.
For example, over-dependence on but a single product would leave you in the dumps when the market life for the same runs its course. Try to develop new products at a consistent rate.
If the engine of your business is a Pay Per Click (PPC) program, try to update your content often, as this is what your visitors will be after.
4. Resting on your laurels after initial success. Remember, you shouldn’t after a onetime success. You should strive for sustainable success, meaning, success that would serve you for a long, long time.
This would require a certain degree of commitment from you, as well as a passion to always do better regardless of your previous conquests.
5. Believing that online business can be established without having to spend a single penny.
There are essential expenses, of course, and unless a friend or an acquaintance would provide these for free, you would have to pay for them.
These include domain names, web hosting, autoresponder subscription, products to package as bonuses, viral marketing paraphernalia and other things beneficial to the successful operation of your online enterprise.
Unless you want brand-spanklin’ NEW, you can find excellent bonus type products for free (digital products)
6. Failing to invest on knowledge. Most online business people would spend their initial earnings on things that they have long wanted, without reserving any funds for matters essential to the business.
Knowledge is a continual investment. The online business landscape is a constantly changing field, and failure to update your self of the latest trends would be a very big mistake indeed.
7. Failing to improve your business. Your online enterprise should always keep up with the times.
This would have to include regular adjustments and tweaking to optimize its performance and guarantee continuous success.
You have the leeway, of course, to commit these mistakes, as you will eventually learn your lessons anyway.
But prior knowledge of what should be done would make those errors unnecessary, and you would be able to save valuable time and resources by doing things right the first time around.”
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Great stuff right there! So I ask again…guilty of any? And if you were but not anymore, what did you do to turn it around?
Never stop pushing forward!
Dennis
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October 23rd, 2008 at 8:13 am
great points for online entrepreneurs
sadly, I am guilty of some
Acakadut´s last blog post..sat scores
October 23rd, 2008 at 8:54 am
Thanks! No need to frown my friend, EVERYONE is or was at one time or another
October 23rd, 2008 at 10:07 am
Besides thinking that I would start making money overnight I know I was guilty of not thinking that I would have to spend any money to start an online business. You need to spend money to make money is just as true whether you are a brick-and-mortar or online business.
John Edwards´s last blog post..Potomac Real Estate
October 23rd, 2008 at 10:07 am
Wait…I earn money while sleeping…!
But I worked my ass off for that.
Ben Tremblay´s last blog post..SEO-Quake: website analysis in half a second
October 23rd, 2008 at 10:24 am
Whoa, after reading this post, I guess I am on the right track for my online business startup.
kuanhoong´s last blog post..Benchmark your web site with WebWait
October 23rd, 2008 at 11:22 am
8. Failing to go for a long walk or two and mull over whether anyone really _wants_ what you’re offering in the first place.
October 23rd, 2008 at 2:55 pm
For me, I think #1 and #3 are probably the most important.
You always see those people trying to sell their get rich quick schemes, but you have to ask yourself, why is this guy answering the phone for $10 an hour if he has access to this awesome way to make instant money. The bottom line is that, while it does happen sometimes, there are very few ways to get rich quick. It almost always takes a lot of hard work.
Not being a one trick horse is really important too, because you never know when that trick might stop working. If it does and you don’t know any other tricks, then you are going to be out of luck!
October 23rd, 2008 at 4:16 pm
John - Me too! For at least two years.
That’s one big problem, online folks not think of their business AS a business BECAUSE it’s online.
October 23rd, 2008 at 4:18 pm
Ben - Exactly right my man, that’s the key! How long has it been so far?
October 23rd, 2008 at 4:19 pm
Kuanhoong - Awesome! Perhaps you can enlighten us with some hidden tricks.
October 23rd, 2008 at 4:22 pm
Niccolo - Welcome to the bog! I love seeing new people…
You have a good point, but it’s more then just mulling it over…we must do our due diligence in research first to see if there is a market for what we offer
October 23rd, 2008 at 4:30 pm
Tiger - Welcome to the blog!
I thought that for a long time as well, while watching things like infomercials and such.
For the most part it’s true, but we also need to remember, that some people, for whatever reason, prefer a J O B to running their own business.
Yes #3 is oh so important. Back in the day, many marketers had all their eggs in the adsense basket….Google said huh? changed the rules and MANY literally lost up to 3/4 of their income OVERNIGHT.
October 23rd, 2008 at 6:21 pm
Excellent post Dennis! All true and I for one have learned alot more from my mistakes and hands-on experience in this biz than from anything else.
JR @ Internet Marketing Strategies´s last blog post..Affiliate Marketing - 16 Website Content Ideas
October 23rd, 2008 at 6:48 pm
That’s exactly what it takes
October 23rd, 2008 at 8:11 pm
Dennis - I think a lot of people think having an online business is easy. It is not! It takes a lot of hard work, time, and energy. I don’t think people that are new to the online business realize this.
Andy
Andy´s last blog post..Finding Your Niche!!
October 23rd, 2008 at 9:21 pm
@Dennis: About a year! Quite satisfied with my performance this year, especially with AdSense stuff
Ben´s last blog post..What is everybody doing? Do something else
October 24th, 2008 at 1:47 am
I loved your post. according to me, before choosing an online business one should have proper knwoledge about that. the other one is successful in any business does not mean that you also will be successful in that. so, choosing a right kind of business is the most important first step.
October 24th, 2008 at 6:22 am
Andy - That’s exactly one of the primary problems, and it’s up to us to point them straight
October 24th, 2008 at 6:23 am
Ben - Then I guess we should be seeing some very informative adsense posts soon
Even though I haven’t used it for a while, I may!
October 24th, 2008 at 6:24 am
Steve - Exactly right my friend…due diligence is KEY to research before hand.
October 24th, 2008 at 11:28 am
Dennis
One way for people to realize it to actually go through the process and see for themselves.
Andy
Andy´s last blog post..Finding Your Niche!!
October 24th, 2008 at 1:35 pm
Andy - that’s one of the better ways to not run into info overload so fast.
October 24th, 2008 at 3:00 pm
I agree that knowledge is a continual investment. You must be on top of your game, whatever your niche is. You must also provide updated news about your field/niche and your relevant products. Thanks for the post!
October 24th, 2008 at 3:55 pm
great ideas.. it’s very useful.
thanks for sharing.
October 24th, 2008 at 4:55 pm
Great point Susan, you can’t let things go stale.
Welcome to the blog
October 24th, 2008 at 4:56 pm
Welcome fashion and thanks for dropping by!
October 24th, 2008 at 8:17 pm
Man, I was guilty of a bunch of these at one time or another, and it’s possible I’m still guilty of at least one. Still, if we’re in it for the long haul, hopefully we learn a thing or two.
Mitch´s last blog post..The Importance Of Blogrolls
October 24th, 2008 at 9:33 pm
I couldn’t say it better myself my friend
Keep on keepin’ on is all…
October 28th, 2008 at 9:34 pm
its true. we cannot earn when we sleep. We need to work hard to reach that level. I also still try my best to do that.
October 29th, 2008 at 6:31 am
Tivitune - We can and will, we just have to strive to make it that far
January 27th, 2009 at 7:55 am
After reading your article people should correct their mistakes.Very informative.
Dennis Edell Reply:
January 27th, 2009 at 8:55 am
@Internet marketing Company, thanks.