Mistakes Entrepreneurs Make When Starting Online
We all know how a business can become booming if you sell it online. And to be honest there has not been any alternative of online promotions and selling yet. However having a website and a business doesn’t ensure you a sure shot success, to have a successful get the business. One has to work a lot behind the scenes to ensure that the business gets the recognition that it deserved.
If you are planning to start your own business then you have to make sure that you don’t make the following common mistakes while setting up your shop online.
Going it Alone
You own the brand and business that doesn’t mean that you have to take responsibility for everything carry all the burden on your shoulders. The truth is it is practically impossible for you to start a business online all your own. For the betterment of your business, you have to hire staffs to ensure that your business is running smoothly.
In an e commerce business, there are chances that you will have competitors, only if you are in some unique business that the case might be different. You have to keep in mind to never underestimate your competitor and instead of copying them try to focus on customers make a solid reason why the customers should choose you over others.
Not Listening to Customers
For any business, the customer is everything for them and it is because of them that you are still in business. You have to keep in mind to resolve your customer’s query as soon as possible. For providing the best results you can do a market research or a survey or monitor social media comments to improve your customer’s relations. Monitoring and answering customers and new clients query can be very beneficial for you business and will serve you with vital data and information for improving your service.
Always keep in mind that your online reputation can be shattered in mere minutes so always listen to your customer’s query and try to resolve it as soon as possible.
Targeting Too Small a Market
Every business wants to be successful in a short amount of time and try to sell across a wide platform. But if the market of the product you are selling is limited that all you will see is shrinking of your company. Try choosing a larger market to give you a larger opportunity to take a portion of the market share which is irrespective of the market rate.
Having Unrealistic Expectations
If have made your mind to open a business then my friend you have to be ready to put in your sweat and effort to make your business a success. And if you think that your company or brand or website will become an overnight sensation then that’s not gonna happen. Keep away those illusions and try talking to other entrepreneurs so that you will have a better view of your business.
No Distribution Partnerships
If you establish your business in an industry which already has a well established network of agents, dealers, brokers, marketers etc then you have not much too worried for but if no then that might be a source of a problem. If your industry or product is unique and a bit harder to sell then you have to put in extra effort to find partners that will help you in expanding your business.
Whenever you are establishing a business if your product gives you a good margin then you should definitely offers discounts or cash back which could lead to large influx of customers thereby promoting your business. If you own a e commerce website these offers and discounts which you provide can be a blessing to your business. Many website likemyntra(Myntra cashback) and Flipkart(flipkart cashback) provided great offers and cash back on wide variety of products when they started initially.
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