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MISTAKES TO AVOID: THE TOP 10 

You've Found Some of the Best Tips for Success that You'll Ever See!  Some Charge Big Bucks for This Info.  Here, the Top 10 Tips Are Free.

Mistakes to Avoid: Number One     Mistakes to Avoid One

Selling to the wrong clientele.  Have you ever tried a multi-level marketing business?  How did it go for you?  Was it all it was cracked up to be when you were "sold" on it?  Chances are that it wasn't.  Only the multi-level marketing programs that provide real value succeed.  And, they succeed by selling to the same loyal customers who usually happen to be the associates for the MLM organization. 

If you've ever tried one, you probably ended up trying to sell to everyone all the time.  You probably irritated a lot of people in your incessant pestering (or used your relationship with them to guilt them into buying things they didn't want or need).  You probably did the most "work" on your family and friends, who would love you no matter what.

Don't try to sell to everyone!  Identify your desired clients and sell to them.  Feel free to say no to people who you know are going to be problem clients.  Let your competition get tangled up with them.  Focus on the 20% of your clientele that generates 80% of your profits.

Mistakes to Avoid: Number Two     Mistakes to Avoid Two

Excessive spending.  It is relatively easy to start a business on the internet.  Even so, the costs can add up quickly.  You can easily spend a load of cash before you even know whether or not you will see any return on your investment.

Start cheaply and test your market.  If it works, expand and spend more money to make it a success.  Don't build warehouses before you make a single sale.  You need to have a plan and strategy in place that outlines how you expect to break even to recoup your initial investment.  Then you need a plan outlining how you expect your business to gro and generate profits.

You should be able to clearly explain why any expenditure you and/or your online business makes is both justified and necessary to the long-term success of your venture.  If you can't justify the expenditure, you likely shouldn't spend the money.

Mistakes to Avoid: Number Three     Mistakes to Avoid Three

Inadequate spending.  Tools save you time and energy.  There are numerous tools that have been developed specifically for most jobs.  Starting an online business is no different.

 

These tools usually cost money, although some don't.  Remember that your time is a non-renewable asset.  If you have all the time in the world to spend learning the required knowledge to start a business and keep it running, great.  Most people don't.

 

Don't be afraid to outsource tasks that you don't have time to do yourself.  And, don't hesitate to spend a reasonable amount of money on tools that will help you succeed.  After all, who digs a ditch with his bare hands these days?  Shovels are made for that! 

 

Your chances of success go up significantly when you purchase proven tools to assist you.  Additionally, if you can afford not to, don't use antiquated technology or programs.  Ensure that the technology you are using is adequate and compatible with all the current technology used today.  For example, if you need one of the programs in the Microsoft Office package, look into getting the OpenOffice software suite.  OpenOffice is just as functional as Microsoft's version and is compatible with Microsoft's software.  And, it is completely free.

 

Ensure that the technology you are using is adequate and compatible with all the current technologies that are commonly used today.  It doesn't have to cost a fortune.

Mistakes to Avoid: Number Four     Mistakes to Avoid Four

Faking the funk.  Don't fake it.  Be yourself.  You aren't a robot.  You have quirks and idiosyncrasies that make you who you are.  Don't try to squelch them out of existence.  You'll most likely be miserable trying to fake it anyway.  And, you can't hide your true colors.  Eventually, they will come out.

 

Of course, understand when it is appropriate to be formal or casual, but don't just adopt an all-business-suit-every-single-day policy for no good reason.  Being too formal can get in the way of relationships, and good relationships are what will get your business humming along. 

 

Don't pretend to be something you aren't.  If you are a one-person operation, don't pretend you are a multi-person, multi-national business organization composed of the top ten geniuses on earth and a few bright aliens.  People will know you are a fakester.  If you are a one-person show, use "I" instead of "we" when referring to your business.

 

Don't pretend to be a nuclear physicist if you barely passed Physics 101 in high school or college.  Faking it will eventually backfire when the truth comes to light.  Save yourself the problems and be real with people.  That way, you will have people partnering with you who know you for who you really are and actually want to partner with you.  Trust me, that is better than tricking someone into thinking you or your business is something it isn't.

Mistakes to Avoid: Number Five     Mistakes to Avoid Five

Putting absolute faith in contracts.  Buyer's remorse happens.  When it happens, people will bail.  The more unethical society gets, the more this will happen.  It will likely happen to you at some point.

 

If a corporate entity decides they really want out of a contract, they will violate it 99% of the time.  Individuals will as well.  Remember, the relationship is what matters.  If the relationship fails, the contract will likely follow.

 

Don't get me wrong.  It is better to have a contract than to not have one.  I'm not advocating going back to the days of spit handshakes to seal deals.  You need contracts.  My point is that you should never put absolute faith in a piece of paper.  If you take action based on a contract, be sure you have a backup plan.

 

If you spend money that is supposed to come in based on a signed contract, you are playing with fire.  If the other entity reneges on the contract, you could end up bankrupt.  Get a contract, then take delivery, then spend or act based on the finalized deal.

Mistakes to Avoid: Number Six     Mistakes to Avoid Six

Failing to create value.  The ultimate purpose of any business is to serve others by providing them with value.  If you get sidetracked in a frenzy of money lust, you will lose focus and likely end up broke.

 

When you maximize the value that your business provides for others, you will find that you can then also maximize the value it provides for you.  If you try to make it work in reverse, beware.  Don't just sell stuff and try to turn a profit.  Know what value you are seeking to provide.

 

Know why you are in business.  Iron out your Business Philosophy.  Know why you are in business and what benefits you are seeking to bestow on others.  Then, let these principles guide you as you create valuable content or products for your customers, clients, or whomever you serve. 

Mistakes to Avoid: Number Seven     Mistakes to Avoid Seven

Falling victim to your own tendencies to meander about.  You must be efficient.  Time is always of the essence.  At each new stage of life, you realize that the previous stage held fewer demands on your time. 

 

You must find ways to deliver the high-value content/products that people need and want while minimizing monetary and time expenses.  Value creation is, far and away, the most critical aspect of any website or blog (or any other venture).  But, there are always business aspects of any venture that don't just take care of themselves.

 

Any process you put in place should be evaluated regularly.  Find ways to save time or money as you improve the process.

 

If you can, do a process less frequently.  If possible, find a solution that automates the entire process so that you aren't paying someone to do something that a computer and/or machines can do much more efficiently and cheaply.  Look for ways to improve the bottom line by outsourcing certain tasks.  Ask yourself if you really need the process at all.

 

There really is a cycle.  The cycle is this: the more value you create for others, the more income you generate as a by product of serving happy customers, which allows for more valuable content to be created, which attracts more happy customers.  So, be efficient.  Don't meander.  Work with purpose.  Set goals, plan your time and schedule, accomplish what you set out to do . 

Mistakes to Avoid: Number Eight     Mistakes to Avoid Eight

Ignoring marketing.  Don't wait until you have a completed product or perfect site.  If you are waiting for perfection, you'll be waiting a long time.  Start marketing as soon as you can.  Put your income back into the business to grow it.

 

Be sure to check with your tax professional, but advertising is usually a tax-deductable expense for businesses.  So, take your profits and pour them back intot the business to grow it.  Think of it like a business subsidy!  Do this until you either need the money from your now-much-bigger business, or you want to retire from that business or sell it.

 

Devote resources to marketing from teh very beginning of your endeavor.  Making the first sale is a critical step.  Once you get that accomplishment under your belt, keep it up.  Learn marketing principles.  Develop and apply marketing strategies to your online business.  Be sure to check out the Marketing Your Website department.  Never underestimate the value of one good idea.  Then, never stop looking for them!    

Mistakes to Avoid: Number Nine     Mistakes to Avoid Nine

Compromising your conscience.  Don't violate your conscience to make a buck.  I am, of course, assuming that you won't lie to, cheat, or steal from others.  If you will do those things, fold up shop now.  Better never to go into business than watch your business end abruptly from the inside of a jail cell.  If you are prone to lie, cheat, and steal, business isn't for you.  Try politics.

 

In addition to the lying, cheating, and stealing, if you don't feel comfortable venturing into a new partnership or affiliate relationship because something just seems shady, don't do it.  Business should develop one's character, not undermine it.  Make sure everything you do is honest. 

Mistakes to Avoid: Number Ten     Mistakes to Avoid Ten

Not holding fast to that which is good.  Make sure everything you publish to the web is the truth.  You should be able to prove it.  Don't make outrageous or sensational claims to sell things unless the claims are straightforward, not misleading, and verifiable.

 

Don't write to belitte or shame non-public figures.  And, be careful if you choose to single out public figures.

 

By no means engage in fictitious slander.  And be careful if you decide to make truthful claims regarding individuals.  You are legally entitled to do it, as long as what you write is true.  But, evaluate closely whether you really want to go down that road.

 

Lawsuits are no fun.

 

 

Copyright © 2009-2010, Issachar Knowledge, LLC: Mistakes to Avoid

 

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