The internet is a great leveler of playing fields, allowing anyone with a passion and a vision to try their hand at entrepreneurship. Unfortunately, not all of these upstart businesses have happy endings. Many online enterprises fold quickly, leaving their owners cash-poor and disillusioned.
Why do online businesses stagnate or fail? Are their websites too dull or their social media posts too infrequent? Elements such as these can contribute, but the issue is usually something bigger. Here are a few factors that consistently keep businesses from thriving:
Cutting corners to a fault. Companies fail when they spend extravagantly from the get-go. But while excess is a recipe for disaster, starving your business isn’t a prudent solution either. If you are so hesitant to spend money that you choose low-quality employees and half-baked resources, your business won’t find wings.
Not enough elbow grease. No one said it would be easy to achieve the American dream. Being your own boss can afford some flexibility, but don’t expect to see the perks for a while. As you are building your business, plan to work long, hard hours. As you start to see success, you can taper off a bit.
Lack of knowledge. You don’t have to be an expert in everything, but you need to have a basic understanding of digital marketing, customer service, accounting, operations, and more. You also need to know how they fit together into one cohesive whole. Of course, you can hire people to execute these tasks for you, but that doesn’t free you from the obligation to understand them. Fortunately, there are many ways to get smart in different business-related areas. You can take an online course, work with a mentor, and read, read, read.
Failing to take advice. If you hire a team of experts to handle your online marketing, recognize that they spend their days in the trenches. Keep an open mind when they make recommendations. You may not like everything that they say, but be willing to listen and learn from others in your industry.
Getting lost in the details. You need to keep a big-picture view. If you see that small tasks are monopolizing your time and energy, find a way to outsource them so that you are free to concentrate on growing your company. Smart entrepreneurs know when to tackle something themselves and when to delegate it.
To learn from some of the most successful people in the online selling industry, plan to attend our annual Amazon sellers event.