Today, I'm featuring an article by our colleague Adam Urbanski of Marketing Mentors, Inc.
Top 11 Internet Business Mistakes to Avoid
by Adam Urbanski
If you've tried your hand at building an Internet-based business but haven't yet reach the success you want, find out these 11 deadly mistakes and how to avoid them.
Mistake #1 - Not Treating What You Do as a Business.
The difference between a hobby and a business is that a hobby doesn't make you money it costs you money.
If you're serious about starting a building a profitable online business approach seriously and focus on generating revenue.
Mistake #2 Being Distracted by Too Many Good Ideas.
You can light up a room with a light bulb, but you can cut through steel with a laser beam. The same is true with your effort and ideas.
Too many Internet-Entrepreneur-Wanna-Bes lack the will power to stay focused. Chasing too many ideas at the same time often leaves them exhausted, frustrated, and with little results to show for their hard work.
The key to success is to select one business idea and to develop it completely before moving on to another project.
Mistake #3 - Not Selecting a Specific Niche.
Perhaps the biggest mistake of all is trying to be everything to everyone. You cant so stop!
Its very counter-intuitive to focus on a smaller slice of the market and most people are afraid to do it. But when you do, your business will grow faster, and you'll more financially successful in less time.
Mistake #4 - Falling in Love With the Wrong Product Idea.
Even the most experienced entrepreneurs fall into this trap from time to time and develop products without doing any research. Before you devote any serious amount of time and effort to developing your new ideas make sure there is a demand for the type of product, information, or service you want to launch.
If you need help with selecting an ideal niche market for your business and finding out which products you should develop first, take a look at this fast track training program.
Mistake #5 - Falling for the Get Rich Quick Scheme!
Remember the old adage if something is too good to be true? Its alive and well on the Internet.
Countless people buy into the idea of making millions online overnight. Sadly, they buy into programs hyped up with empty promises only to find themselves out of cash and out of luck a short while later.
Be aware of spammers, illegal money-winning scams, and buying ready to go businesses that are hot but will sell for cheap!
Before you fork over your money investigate if those hot businesses have ever made a dime for their current owner.
Mistake #6 - Going Into It, Instead of Growing Into It.
While the Internet makes it easier to reach your potential clients, you're still building a business and that takes time. Don't tell your boss you're quitting today because you started this hot new online business last night and you'll be rolling in dough in no time flat!
First make sure your business idea works and is profitable.
Thats one of the advantages of Internet Business you can start small and step-it-up as your business starts getting sales and generating profits.
Just sure you can consistently replace your current income before jumping ship and telling your boss to beat it!
Mistake #7 - Bing a Copy-Cat!
Quickly whats the most popular business on the Internet? You guessed it its how to make money on the online!
It seems that everyone who has bought a course on making money online is credible enough to teach this subject a week or two later!
Don't fall for the allure of easy money because its only a perception. In reality your chances of having a successful online business are much greater when you are different from the pack.
Mistake #8 - Wasting Time and Money on Developing Pretty but Useless Websites.
A bad idea is a bad idea no matter how pretty you dress it up. Many people waste precious startup dollars on expensive but needless graphic design work, pretty logos, and complex web design.
In reality, many businesses can be simple and inexpensive to get off the ground. In fact, a simple site with little or no graphics will often make more money than one with all the latest bells and whistles flashing all over the page.
Think what is the core concept of your business. Outline it on a single sheet of paper, then implement it fast in its simplest form. You can always give it a makeover and make it prettier if its successful and profitable.
Mistake #9 - Not Building Relationship with Clients.
Even though you don't know me from Adam, I want you to take out your wallet and give me $20 in exchange I'll make you the King of the Universe! What!? You dont want to give me your $20? What a surprise!
Most people think about starting a business online in terms of getting a quick sale with no prior relationship with their potential clients at all.
In reality, you'll be more successful when you make your first goal to collect contact information from potential clients and follow up with them on regular basis.
Its much easier to sell something for FREE than trying to convince people to give you money at first.
Make it your goal to prove your credibility online and make your business all about relationships with prospects and clients you'll build a thriving online empire.
Mistake #10 - Calling It QUITS Too Soon!
If your new online venture isn't making money at first don't walk away from it too soon. Many entrepreneurs have multiple failures in their background which in reality are lessons in what didn't work.
Evaluate your ideas and get help with gaining a new perspective on what you're doing. With some new ideas you might find a new way to position your business differently and make it profitable.
Or maybe you simply need to give it more time to gain the traction and momentum you want.
Mistake #11 - Being too cheap!
While its a good habit to be thrifty with your dollars, don't confuse saving money with being cheap. Remember the price you're paying for things isn't always expressed in money. Its also the time, effort, and lost opportunities you cant take advantage off because you lack the know-how or are busy doing low-level tasks.
Smart online entrepreneurs continually invest in their education. They buy marketing training programs, time-saving software tools, and systems that allow them to grow businesses faster with less effort.
2008 Marketing Mentors. All Rights Reserved.
The author, Adam Urbanski, Founder and President of Marketing Mentors, teaches professionals and business owners proven strategies to leverage their know-how into low-cost, high-profit information products and programs. Go to Adam's website for a four-hour fast track training.
Solid article! I see so many people fall into the same traps you have listed. The main objective is to take your solid idea, establish it and run. When new ideas come, scale from there. Too many individuals attempt to start many different ventures with the blind goal of get rich quick. The truth is, it never works. Get rich quick is an oxymoron, the only way you can get rich is by taking a solid unique idea and starting strong.
Posted by: Phil Antonson | Monday, February 25, 2008 at 07:29 PM
Great article. How about some personal experiences to make it more real!
Posted by: Alan | Monday, February 25, 2008 at 07:50 PM
I especially like #10. Don't give up too soon!
Posted by: Shama Hyder | Tuesday, February 26, 2008 at 06:25 AM
For me, it's #11 - don't be cheap! that resonates. I'm frugal by nature and for a long time all I would "invest" in was free stuff. And, though you can learn a lot from free stuff, it wasn't until I realized that investing in the right systems, the right programs, the right software and the right training, that things really took off in our business.
Patsi and I tripled our income within a few months after making a serious investment to work with our mentor, Tom Antion.
We invest in conferences, in coaching, in teleseminars ALL THE TIME. And it always pays off in learning new skills, getting new ideas and creating new connections for joint ventures.
Posted by: Denise aka The Blog Squad | Tuesday, February 26, 2008 at 07:47 AM
I would like to add another aspect to #8. And that is "not networking with other entrepreneurs in your market".
Relationships formed with other business owners can prove to be very lucrative for you and your business. Online Joint Venture marketing has been responsible for 6-figure sales for me.
A useful article.
Dave Lovelace
Posted by: Dave Lovelace Marketing | Monday, March 03, 2008 at 02:35 PM
It is a extremely a good info for a newbie.Success rate of any biz is 5%,failure is 95%.We have to learn from 95% internet marketers why fail in the business 1st before we learn from 5% how to success.Thats why i come to this post.
Posted by: Felex Tan | Tuesday, April 08, 2008 at 09:50 AM