If you are starting a new online business, chances are you’re nervous as hell. There’s a lot to consider before you put your money down and let your business grow.
If you are in the UK, fret not! In this post, we look at how to avoid making the same mistakes over and over again when starting an online business.
You see, no matter how much research you do or how many options you consider, there will be some mistakes that you can’t avoid making from time to time.
We all make these seven online business mistakes from time to time and it can be really hard to see them coming until it is too late.
So, the following list of common pitfalls that budding UK entrepreneurs make will help reduce your risk of getting yourself into trouble:
1). Choosing the wrong business model
When you are starting a new business, you will have to consider a number of different factors before deciding on your online business model.
You need to be sure that your model is right for you, that it will work for your niche and that it is a good match for your budget.
If you are going down the middle route, then you have to be careful not to over-commit yourself or make decisions too quickly. Sometimes, this can mean taking on more than one part-time job or working full-time at one job and part-time at another. You may also have to choose between working from home or going into the office.
The more you commit yourself to in your business, the more likely you are to get stuck in a rut and stop growing.
So, it is important that you don’t rush into a decision too quickly or try to do it all on your own.
It may be worth meeting with a business advisor who can help you make the right decisions concerning your online business model and work out what kind of financial support you will need.
2). Not knowing how much time you will need to devote to your business
It is important that you have some idea of how much time you will need to devote each week as this will determine how many hours per week you should be working on your business.
If this is not clear, then it can cause stress and problems for both yourself and your family.
So, when considering whether or not to start an online business in the UK, think about how long you are going to want this venture to continue before committing yourself fully.
If there is any doubt at all then maybe it would be wise not to start an online business at all as there are plenty of other alternatives open at present such as franchising or simply opening a traditional brick-and-mortar shop which requires much less commitment than starting up online sales.
3). Not thinking about competition
As with any other industry, the more people selling something similar in the same market sector, the higher competition will be. This is simply a fact of life and is unavoidable.
So, if you are thinking about starting an online business then you need to remember that the more people selling online, the higher the competition will be. This can be both a good thing and a bad thing depending on your perspective.
It can be both good because it means that there are more options for you to choose from but it can also mean that you will have to work much harder to succeed in this market sector as there will be many other competitors out there who would love nothing more than to steal your customers away from you.
4). Solving an unimportant problem
If you are just starting out in business then you need to make sure that what you are selling is actually something that really needs to be sold in that particular market sector.
If it is not then there is little chance of your business being successful and it will be very difficult for you to make a profit.
If there are already plenty of businesses selling the same product or service then it will be even harder for you to succeed as your competition will already be very well established and they can offer a much better price than you can.
5). Choosing a topic you don’t care about
This is a very important thing to remember because if you don’t care about the subject of your business then there is a good chance that you will not be able to make it successful.
If you are passionate about the subject then you will find it much easier to succeed and it will also be much easier for you to attract customers.
6). Not having a proper marketing plan
This is an important thing to remember because if you don’t have a proper marketing plan then it is very likely that you will not be able to attract enough customers to your business.
You need to make sure that you have a good marketing plan because if you don’t then it is unlikely that you will be able to gain enough customers and make a profit.
7). Not researching the market
If your product or service isn’t suitable for the market then they won’t be interested in buying it and they won’t buy it if they are not interested in buying it.
If you don’t research the market you are going into then there is a good chance that you will not be able to succeed and make any money at all. So, making sure that you do research on the market before launching your business is very important.
8). Not having a sound business plan
If you don’t have a sound business plan then you will probably not be able to make any progress with your business and you won’t be able to attract customers.
If you don’t have a sound business plan then it is very likely that you will fail. It is also very important that you have a good marketing plan because if you don’t then it is unlikely that you will be able to attract enough customers and make any money at all.
9). Working on a low budget
If your budget isn’t big enough then it is unlikely that you will be able to make any money at all. If your budget isn’t big enough then it is very likely that you won’t attract enough customers and your business won’t be successful.
So, making sure that your budget is big enough before starting your business is very important because if you don’t have a good budget then it is likely that your business will not succeed and there will be no money for anything else so which means that there won’t be anything else for your family, friends or even yourself.
10). Not having the right skills or experience
It is impossible to succeed in any type of job without having the right skills or experience but if this isn’t the case with something such as selling on eBay then things are going to go wrong pretty fast and this could lead to failure before too long.
So, it is important to make sure that you do have the right skills so that your business will be successful and so that you can make a decent living from it.
11). Not having enough time
If you don’t have enough time then it is unlikely that you will be able to get anything done at all and this could lead to failure before too long as well.
So, it is important to make sure that you do have enough time because if you don’t then things are likely to go wrong pretty fast and this could lead to failure before too long as well.
12). Not having the right equipment or tools
If your business doesn’t have the right equipment or tools then it is unlikely that your business will be successful and there will be no money for anything else so this means that there won’t be anything else for your family, friends, or even yourself.
So, making sure that you do have the correct equipment and tools before starting your business is very important because if you don’t then things are likely to go wrong pretty fast and this could lead to failure before too long as well.
13). Not being able to delegate tasks correctly
It is impossible for any type of job without being able to delegate tasks correctly but if this isn’t the case with something such as selling on eBay then things are going to go wrong pretty fast and this could lead to failure before too long as well.
It is important to make sure that you delegate tasks correctly so that you can get the maximum amount of money out of them and this will help to make things easier for everyone involved.
Bottom Line
If you are starting a new business, then it is important that you make sure that you are doing everything correctly from the start.
If there is anything on this list that you have made mistakes in then don’t worry because we have provided some advice on how to avoid these mistakes when starting an online business in the UK.