Want to quit your boring 9-5 job and thinking of starting an online business?
or perhaps you want to earn a side income while still working at your regular job?
Either way, you might want to know how to avoid these 3 common mistakes people make when starting a business.
Do you always wonder:
- Should I leave my existing job and start a career doing something I love?
- Would I regret it a year later?
- What if my business fails?
You’re not alone!
I was thinking exactly the same things a year and a half ago when I finally made the decision of starting my online business.
PS: I chose to leave.
I have to tell you starting my online marketing business was the best decision of my life! So, today I want to share with you some tips on how to get started and build a successful online business as a service provider.
Starting an online business is not the hardest part.
You just decide to start, you make a plan and you follow the actions.
It took me about 1 week to learn how to create a free website on WordPress.com, register a domain and pay for hosting.
Then, I created 2-3 social marketing platforms for this business and started marketing my services.
But I soon learned that growing my online business comes with unique challenges, and especially my first year in business proved to be especially hard.
Did you know that about 80% of new businesses fail in the first 18 months? That’s … A LOT!
In your first year, you’ll also face many challenges and (probably) make some of the same common mistakes we all do.
But if you know what the common mistakes are you can try to avoid them.
3 Mistakes People Make When Starting an Online Business
Are you still with me??
Here are 3 mistakes new service providers make and how to avoid them.
Mistake 1: Not setting the right expectations for your online business
Many people think being a business owner is easy. 6-figures income in 2 weeks?
Yeah, who wouldn’t want to leave their 9-5 job for that prospect?
Spoiler: it’s not always the reality.
Running a business is HARD and very time-consuming.
Acknowledge the challenges ahead and ask yourself: “Are you REALLY willing to put in the work 24/7?”
If your answer is “Yes!” – you are ready to be an entrepreneur.
I knew that running my own show would require A LOT of my time. But I was ready to sacrifice my time spent with family, my leisure time, even my selfceare time.
Businesses need you 24/7 as I have learned.
Mistake 2: Going into debt from the start in your online business
Don’t borrow huge amounts of money from the start.
I know you’re going to feel pressured to invest in a “business coach” or buy super expensive equipment/software – but let me tell you you don’t need it!
Instead, start slowly with little or no funds and invest staggeringly once you’ve validated that your business can make you money.
We’re quite fortunate to live in a time where we can start an online business only with a laptop and internet.
I have seen many people invest into coaches from the start and few months down the road decided that they don’t want to be in that business anymore.
So, I just want you to be careful and put your money where they can generate ROI (ex: Instagram marketing).
Mistake 3: Overcharging for your products/services
This doesn’t mean that you should work for free (although I do recommend doing some work “pro-bono” and get yourself a few testimonials) – just that you’ll charge a fair price.
Later on, when the clients see the value you’re bringing to their business, and gain their trust in your capabilities, you can think about increasing prices staggeringly.
My view is that the key to long-term business success is customer retention. Keep your clients happy & you’ll be in this business for a long time.
There’s no quick way to success.
With any business you start, you have to put in the work if you want to achieve sustainable growth.
The first year in business, I would have to say from my experience, it’s especially hard.
You’ll face many challenges and obstacles and you need to be ready. I don’t want you to give up because there is a light at the end of the entrepreneurship journey.
That’s why, I hope the tips I shared in this post help you in deciding whether or not starting a business is right for you.
I wish you all the best of luck!
And let me know if you have any questions.
I’ll be happy to answer them.
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