Mistakes Businesses Make Online

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The Biggest Mistakes Businesses Make Online
by Jim Edwards

After 9 years in online business I’ve seen a few things that
would make your hair stand on end, your toenails curl, and
your stomach sink.

I’ve heard just about every “great” business idea and
crackpot scheme and met the full range of online geniuses
and hacks.

Whether they sell a $29 ebook on foot fungus removal or 20-
million dollar yachts to Arab oil sheiks, the difference
between the successes and the failures comes down to making
s few simple mistakes.

Mistake #1 - Looking For The “Undiscovered” Market

Ask any bank robber why he robs banks and he’ll tell you,
“Because that’s where the money is!”

Every smart bank robber who wants to net at least $10,000
per job would not knock over the local 7-11 in the “hope”
they had piles of cash from a busy weekend.

Yet, in the online world, thousands, even millions of people
try to build a business on “undiscovered” markets.

The problem with doing it this way means you will take
longer to succeed and operate with a much higher risk of
failure since you don’t know the market has proven itself
profitable.

Always pursue proven markets where customers already spend
money online and view “competition” as a sign of a healthy
market rather than something you should avoid.

Mistake #2 - Focus Strictly On Product

Many people fall into the deadly trap of spending a lifetime
(or at least a few years) perfecting their product. Whether
it’s a book, a video, a widget, or literally a new “mouse
trap,” they devote all their time to creating the “perfect”
product.

Then, the instant they try to start selling it, reality
smacks them upside the head that nobody wants to buy their
product, or they lose interest once they must get down to
the serious business of marketing.

Even worse, some adopt the attitude that selling is
distasteful and all they want to do is “create.”

Please understand that if you want to operate an online
business at any level, you or your company must consider
yourselves marketers first and product creators second.

Mistake #3 - Swing For The Fence Every Time

Everyone wants to hit a “home run” every time they step up
to the plate, but that’s not physically possible.

Sometimes going for the higher percentage base hit will help
your team win the game rather than you just swinging as hard
as you can to hit one over the fence.

Successful online businesses know that by practicing the
fundamentals they will get a base hit (succeed) more often
and, in the process, hit the occasional home run simply
because they keep getting up to bat.

I would personally rather operate with a couple of dozen
websites that made me a few thousand dollars each, than to
try to create and maintain a website that represented my
entire source of business income.

Mistake #4 - Waiting For Visitors

Once your site works and you know it converts lookers into
buyers, if you want to make it “big,” you must spend at
least half your time finding and evaluating new sources of
targeted traffic to your site.

Too many people want to adopt the “build it and they will
come” mentality, but that’s the surest way to die a slow and
painful online death.

–
Jim Edwards is a syndicated newspaper columnist and the
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