Ah, money. Glorious money. Where art thou?
Running an online business seems to be a chaotic mess of feeling dirt poor, then super rich, then dirt poor again. You know that feeling when you get an email saying that you just got a little deposit into your paypal account? Feels good eh?
Now, how nice would it be to get emails like that ALL. THE. TIME?!
The first step to any change is awareness. And if you’re not making enough money with your online business, there’s a fair chance you’re making a few mistakes. It’s ok – we all make them – but we need to recognise them and say ‘alright, alright, alright. Let’s do something about this!’ So let’s start by first figuring out exactly what mistakes you are currently making – or have made – that aren’t helping to nurture your bank account. Here are 8 of the most common:
1. You did no market research.
I’m a firm believer that if you are running a service, there is definitely a market for you. But if you have created a product, market research is absolutely necessary. Did you take the time to see if people actually wanted it? Sometimes it’s just one tweak away from being a hit.
2. You’re fully winging it.
You’re making it up as you go. Look, I’ll be honest here and say every ‘expert’ out there is winging it to some degree. But every successful business owner has a plan behind the scenes. Strategy is important (and I’ll be covering it in the ‘Follow the Money’ chapter) and a growth plan is essential to keep your business afloat.
3. You’re not measuring your experiments.
Experimenting with many of your approaches in business is great, but if you’re not measuring their effectiveness, you’re wasting opportunities.
4. You’re on your own.
No one succeeds by being a loner. Not in health, not in life and absolutely not in business. You may consider yourself a solopreneur, but it’s essential to build a team around you to support your business development. When we do it alone, we take on too much pressure. But the worst bit? You’re setting yourself up to fail – it’s you, your ego and your fears battling it out. Never underestimate the power of talking through things with other people. They will connect the dots you can’t see.
5. You’re too vague.
The online world is rather crowded. You become lost in the crowd when you are too vague in who you help. Plus, nobody trusts a Joan of all trades unfortunately.
6. Resilience isn’t your strength.
Running a business is no easy feat. If you do not have the capacity to be resilient, to live to fight another day, you will burn out quickly.
7. Your business model is rather flat.
There are a few exceptions but relying on a single product or service is essentially killing your business. There can be slight variations of your offerings that can add more depth to your business and just may be the key to increasing cash flow. The key is to discover your lynchpin and build platforms from there.
8. You don’t even know why you started your business in the first place.
It all starts with Why. These days, people’s BS radar is on high alert and can intuitively sniff out inauthentic businesses almost instantly. There’s more to business than just making money. But if you don’t what that reason is, then how can you expect potential customers to build a relationship with you?
These mistakes are being made all the time by solopreneurs all over the globe. We’re passionate people, just not always the savviest of the business mind. Online.simplifed, my brand new book (coming Aug 8th!) is all about helping you overcome these mistakes in the most simplified, easy-to-understand form.
As I always say, there’s always a solution. If you’re making any, many or all of these mistakes, then there are solutions galore for you in this snazzy little simple book. If you want to be the first to get a copy of the book, pop on over here. I’ve got a little gift for you as a thank you for your rad enthusiasm.