The anatomy of a company’s collapse
“What is your one-of-a-kind selling proposition?” Janet, a friend of mine, was the one who asked. (online business ideas)
Janet responded with a bewildered “What do you mean by USP?”
“You see, every firm, whether offline and online, needs a USP – an item or value that your competitors don’t have,” I said gently to Janet.
I received the following response from Janet:
“I sell my services to business owners.” I purchased some sophisticated software to assist them in their administrative tasks. I’ve enlisted the services of some of the best graphic designers to help me create a stunning website. To answer my consumers, I’ve employed one of the top telephone answering services.”
When I tried to convey to Janet that there were other critical aspects to developing a business online before she launched hers, she became defensive.
The terrible conclusion to my narrative… Janet lost her severance compensation to the company, the bank foreclosed on her home, and she was forced to hunt for a new job—albeit a low-paying one.
Janet’s tale exemplifies the difficulties of establishing a business the incorrect way. I’ve had my fair share of online and offline business failures… Thankfully, I did not have to file for bankruptcy, but the situation was difficult due to the significant loss of money and time. This gets me to the topic of my presentation today: the most common internet blunder made by businesses.
Why having a website has nothing to do with your online success
Most online entrepreneurs make the mistake of believing that beginning a business on the internet is as simple as developing a website, generating a product, and then waiting for people to come. This could not be further from the truth. The truth is that running a successful internet business requires more than just a website. The truth is that the internet is merely a tool for conducting business; you must still create a real company that adds value to your clients and serves your market.
You must realise that business is the most important game you will ever play… because you will spend more time, energy, and money on it than anywhere else. And it is for this reason that you must avoid the internet blunders that the majority of entrepreneurs make. As a result, you can expand your business and begin to live the life you’ve always desired.
Here are some of the internet blunders that firms make….
The first blunder is not coming up with an excellent idea.(online business ideas)
Many entrepreneurs make the mistake of believing that their product or service is the next great thing. There’s nothing wrong with coming up with product ideas; however, you must make sure that your product concept will help solve an issue in your area.
Solution. Come up with innovative concepts to meet the requirements and needs of a current market.
Second blunder: failing to create a product.(online business ideas)
This flawed premise is based on the notion that if you produce a superior widget, people will come knocking at your door. This is far from the case, as there are millions of products vying for the attention of your customers.
Solution. What you need to do is figure out who your market is: a group of people who are interested in and willing to pay for your goods. Then you give them a better or more distinctive way to get what they desire. With the iPod, the iPhone, and now the iPad, Steve Jobs (Apple) developed a whole new customer experience. The same can be said for Amazon.com, which revolutionised the online shopping experience for consumers.
Selling with logic is mistake #3.(online business ideas)
The majority of people base their purchasing decisions on their emotions. The average shopper will purchase items that appeal to their inner desires. When you’re creating and promoting a product, it’s critical to know what your customers want. Your goods must appeal to the desires of your customers.
Solution: Always consider the benefits of your product to your customers before selling them to him.
Mistake #4: Selecting the Incorrect Market
Another typical blunder made by many businesses is marketing their product to the incorrect market, or sending the wrong message to the wrong people.
Allow me to explain. You can’t offer baby supplies to single individuals unless they’re thinking about establishing a family, for example. Similarly, selling single-family houses to a single person who is not yet ready to settle down and raise a family would not be successful. Despite this, most marketers make the mistake of marketing to the incorrect audience.
Solution. Find and research your target market, then observe what types of marketing promotions they respond to, listen to their complaints, and fix their problems.
Mistake #5: Taking advantage of opportunities rather than planning ahead.
Opportunity seekers are those who are continually on the lookout for new methods to make money. They are always on the lookout for the next big thing, never really settling down to develop actual businesses. This approach can be found in almost every new online business. I am not opposed to making money; however, if the sole purpose of creating a business is to make money rather than to serve the consumer, you are doomed to fail.
On the other hand, if you start your company with the goal of serving your market and providing excellent products and service, you will have a better chance of succeeding online.
Furthermore, you will not give up if you meet the initial obstacles that most start-up enterprises face, since you will see them as part of the learning curve in your entrepreneurial adventure.
Be strategic in your approach.
When it comes to beginning a business, you should have a clear vision and purpose in mind. Take the effort to learn about and understand your customers and the market you service. You will have an unfair advantage over your competitors if you adopt this mindset.
Mistake #6: Insufficient knowledge and skills
One of the biggest reasons small businesses fail, according to SCORE (the service core of retired executives), an advising arm of the US Small Business Administration of America SBA, is a lack of knowledge and business skills on the side of the business owners. The unfortunate reality is that this problem also affects small enterprises operating online.
The majority of entrepreneurs buy generic websites, sell items they don’t understand, and aren’t enthusiastic about.
As a result, you won’t be able to attract clients, and your firm will fail.
The internet is a platform for conducting business…
It doesn’t mean you can get away with anything just because it’s simple to put up a website, create landing pages, and pay copywriters to produce sales letters for you. Users on the internet are sophisticated, and they can tell when you don’t grasp or know what you’re talking about.
Solution. You must work in a field that you are familiar with. You can study, research, and reflect even if you don’t have a passion for the area you’ve chosen. Another alternative is to seek out professionals in the field in which you work and develop collaborations with them. Remember that you want to establish a positive reputation for yourself and your firm.
Source: online business ideas , online business
