Your online business, just like the brick-and-mortar one down the street, can face issues that could eventually lead to having to close your doors for good.
As a business owner you should always be aware of the pitfalls that could suck you down under. With that in mind we have listed 10 reasons that could bring you down to your knees in the hopes that you can avoid them:
- Less than 100% Dedication: we all know the distraction that comes every time we try to get some work done. If it isn’t the latest gossip in your Facebook friend’s circle or whatever is trending on Twitter, it is those darn YouTube cats that you simply can’t stop watching.
Well, whatever your Kryptonite might be, if you aren’t devoting all your time and efforts to the constant growth and enhancement of your business process, you are already failing.
No one started or succeeded in business with less than 100% dedication.
- You either don’t have a business plan or it sucks: a business plan is the basis of all startup businesses. It is the road map you will follow as you progress and grow. If you don’t have one that is comprehensive and covers all aspects of your process you will find that the part that is left exposed will be your weak spot and will be the cause of your down fall.
Planning and execution should always be an integral and continuous part of your business’ growth.
- No Fall-back Cash: running a business is an expensive affair and even as you keep an eye on your budget you should make sure there is some extra money to fall back on. Should you find yourself out of cash there should be some sitting capital nearby that you can draw from to get yourself back on track. It doesn’t matter if it is an institution that is ready with a loan or your own nest egg – as long as you have some liquid asset to access fast.
If you don’t, you will fail.
- Sub-Par Tech: your technology keeps everything afloat. Whether it is your website (which should work perfectly with any and all browsers, devices and platforms) or you hosting provider (which should make sure your site is always up and accessible), you will need to make sure everything is in sync.
Otherwise, it is like you don’t even exist – your clients and customers won’t find you. So, choose your technology wisely.
- Poor Delivery Service: most times, in the ecommerce world, you promise to deliver a service or product that your customers pay for. Once they have paid, it is up to you deliver. A very good reason for your business to fail would be if, indeed, you were unable to do exactly that.
A successful business relies on a swift and secure service/product delivery system. People that have paid money will almost always be unhappy with you if they receive broken, corrupted or late deliveries. So, let’s not even go into lost ones that never arrive.
Make sure you have the best delivery mechanism available.
- No-Returns Policy: not all your sales will go through smoothly; sometimes, people will buy something from you and then – for one reason or another – decide they want to return it back to you. Now, although you could simply put a little note in your Terms & Conditions that clearly states that “all sales are final,” it would go a long way towards customer satisfaction and retention if you didn’t.
Instead, how about developing a policy that allows for some goods to be returned on certain, strict criteria? Just knowing the option is there will increase customer confidence.
- Poor Customer Service: you would want your hosting providers, for example, to be there when your website goes south, wouldn’t you? You expect them to wait on you, hand-and-foot, and 24/7 – right?
Well, as a business owner, you too should extend that same courtesy to all your clients. Impeccable customer service is the sign of a professional business that cares about its clients. Anything less and you will be bleeding customers.
- Poor Marketing Skills: although you have probably been bombarded with abbreviations like SEO, SEM, SMM – you should know it is for a reason. You should market your website and never stop doing so. Just having a website and not marketing it is a cardinal sin.
There are billions of websites out there and you should stand out from the crowd with your unique approaches and perspectives. So, sell that uniqueness to the world with an intense and incessant marketing campaign.
- No Goals, Plans or Strategies: business owners need to know which direction their businesses are heading. They need to plan and strategize – it is an ongoing process. There should be a plan for everything: way forward, growth, failure, etc. Nothing should be left to chance.
- Thinking it Will Run Itself: a common misconception is that once you have set up an online business, you can kick back and start partying. Well, it doesn’t work that way. Owning an online business means that you will probably have to work harder than the last real-world job you had. With your online business you will need to put in 100% – and nothing less.
