Here are some of the key mistakes to avoid when building a new business
1) Not building a business that you enjoy
- When you love it, it will be easier to maintain momentum
- Its easy to get burned-out when you don’t love your business
2) Not using a proven business model
- Don’t ‘reinvent the wheel’, especially when you are new to business
- Use a model that was already proven if you want to generate profit
3) Not building a business that others can run
- Don’t make yourself an irreplaceable part of your business (its a ‘job’ not a business)
- Think long-term – build a business that others can run in the future, without your involvement
4) Not growing your business rapidly
- To grow quickly – focus on ‘money-making activities’ which are: product improvement and marketing
- Dedicate half of the time to work on these ‘money-making activities’
5) Using the wrong type of marketing
- Most marketing is a waste of money!
- Don’t copy what ‘big’ companies are doing
- Instead, focus on ‘direct-response marketing’, so you can measure results right away
6) Not testing headlines & subject lines
- The most powerful tools you have to grow your business are the words you use when communicating
- A small change in wording can sometimes double responses (which can double sales!)
- Always test first – then automate and build into your system
7) Not installing automated lead-generations systems
- Automate as much of your business as possible – to free up your time for other things
- Use and leverage automation tools (like Ontraport.com) to reuse your marketing messages
8) Not communicating with your customers often enough
- You can’t ‘over communicate’ with customers – as long as the communication is valuable
- Customers live in a “different reality” from us – and most of them are in the education phase
- Communicate with your list at least 2-3 times per week with valuable, educational content
9) Not offering multiple products, services & prices
- Some of your customers have a lot more money than others, and want additional products and services
- Make sure to offer several products at several price points (for different customer types)
- For example: During your sale, if you offer an ‘upsell’, its not uncommon to see 20-40% of additional sales
10) Not managing your time and productivity effectively
- Time is money
- We got very little time to waste on things that don’t get results
- Develop strong productivity skills!
11) Not taking enough time off to rejuvenate
- “Your business should give you more life – not take your life from you” – Michael Gerber
- Schedule time off to relax and rejuvenate, and make sure you ‘totally unplug’ when you do (seriously!)
12) Not growing and continually educating yourself
- Winners in business never stop educating themselves
- Focus on key areas to learn in business: productivity, marketing, product development
- You will have new ‘roles’ at each phase of your business’ growth – use these as opportunities to learn
Focus on Progress, NOT Perfection
- Break down the progress into bite chunks
- Take small steps each day (instead of huge steps) – build a daily habit