We know how exciting it is to start your business. However, we’ve put together this list of common makes so you’re sure to avoid them. Now there are times when some mistakes are unavoidable and then they become lessons. That’s fine, but we care enough to show you a blueprint that can keep you from those costly lessons.
Mistake #1 – Not treating your store as a “real” business
Having an online shop can be fun. However, it’s still a business, so you must focus on the items such as developing a business plan, paying attention to pricing, and tracking your expenses. You’ll want to be very particular about the expenses and make wise decisions in this regard. One of the best pieces of advice I got was not to co-mingle personal and business funds. Whether you’re making $100 or $100,000, this is a mistake that can set you on the wrong path in your business.
Mistake #2 – Don’t give up too quickly
Entrepreneurship can be a rewarding journey. However, struggles and failures are very real. The more time you put into your Black Utopia Shop, the more you will get out of it. Alot of people are excited to go in to business. They have a great product or service, they’ve gotten their logo, they’ve launched their website and sit back and wait on sales. That would be ideal, but it doesn’t work like that. There are alot of other steps in between that. The first thing you need to do is ask yourself these questions:
- Do you offer a product people are willing to pay for? Really, is your business idea any good? Before you give up on your business, do market research, and find out what customer wants. Are you offering something that is not already out there? If it is already out there, how can you address the pain point that is missing with the product or service?
- Is there any demand for your product or service? You might have a great product or service, but that in itself is not enough. If there is no market demand for your product or service, your business won’t get very far
- Are you better than your competition? This is a tough question because it requires a lot of soul searching. When you look at your competition if you’re not better you have two options. The first is the easiest…Just quit. The other option is to change your business model and become more innovative so that you offer something that isn’t already out there.
Mistake #3 – Not focusing enough on product photography
As we discuss and go in to a bit more detail in another article, product photography is extremely important. In fact, it’s so important it might be the difference between making a sale and losing a lot of customers. The visitors to your shop will be drawn to an image before they read the text on the page so you need to make sure your images look awesome.
Mistake #4 – Not getting the word out about your business
Unless you have a sales or marketing background, you may not know where to begin when it comes to getting your business name out in front of the right people. You want to tell your story. Share your story when and wherever you can. Getting the buzz out about your business is a great way to get people talking and ensure you’re top of mind when they need a product you sell or a service that you offer.
Mistake #5 – Not knowing your audience
Knowing who may be interested in buying your product or service is key so that you get yourself out there in front of the right people. It may take some research to narrow down your audience, but once you’ve figured it out, you should have a good idea of who you need to reach.
Mistake #6 not reaching your audience
Once you know who your key audience is, you need to decide how you’re going to reach them. If your key demographic is 60+ men, setting up an online campaign on social media may not be the best way to reach them, whereas an ad in the local newspaper might.