12 mistakes new online businesses must avoid
Setting up a new business is an exciting undertaking. But more than 18% of new businesses fail within their first two years of operations. This data point from the U.S. Bureau of Labor Statistics can be quite concerning for aspiring entrepreneurs. To ensure that one’s business is well-settled on the path to success, there are a few mistakes one should avoid making when setting up an online business 1. Not making a business plan Without a business plan, one is setting their new enterprise up for failure. Every new business must have a plan, even if it’s only one page long. This plan details the cost of operations, anticipated sales, and the product’s unique selling point (USP). Having a plan of action will help one build a successful business. There are a few things one’s business plan should include. Background information Confidentiality Products and services offered Industry status Market analysis Production and quality control strategies Financial projections Executive summary 2. Taking too long to launch Once the business plan is ready, do not wait too long to launch. Timing is everything. If one has noticed a niche in the market that is not being catered to yet, it’s time to do research and get ready to launch.
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