failed business

So, after reading my introduction post, where I talk about my story on how I started on this world of trying to make some money online, you might be aware that I’ve failed miserably on my first try. I was entirely overwhelmed by the never ending information that I was consuming and – as a consequence – I rushed some phases and mixed up some other things that, needless to say, prevented me from succeeding. Thus, based on my experience of failing an internet business (an e-commerce to be more specific), I consider myself a person with enough authority to give you some tips on what NOT to do when building your own e-commerce.

1. Starting too soon without enough knowledge

This one is a classic beginner mistake. You’re enthusiastic and full of energy for building your online store. You are confident and want to make things work fast – even because you’ve seen dozens of gurus claiming to be totally feasible to start making $5000 in under 30 days. I’m not saying that’s not possible, I myself know people that have achieved such results in this timeframe, even though they had years of experience and knew all the shortcuts, but for a starter that’s completely unreal. Thereby, you get hyped and start creating your business sooner than you should, believing that in no time you’ll be making 5 digits monthly. That’s when you see things are more complicated than you thought it was. It isn’t take a long time to realize that you got yourself stuck without knowing what to do next or what you’ve done wrong. I think the majority of beginners make this mistake and many end up giving up after realizing that it isn’t as easy as they heard from internet gurus. I consider this to be one of the main reasons for my failure in my first online venture.

I consider this Shopify article essential for rookies who are initiating their journey on building an online business.

2. Thinking that clients will eventually show up

If you really think that after structuring your online store you just have to wait for customers to come and start buying all your products, sorry for disappointing you, but you’re completely mistaken. Creating your online store was certainly a challenge and costed a considerable ammount of time (and maybe money), but that’s only the beginning – the essential part, which is making sales, requires even more effort and dedication. You will have to study deeply organic and/or paid traffic if you want to start making sales. Either way, you’ll have a lot of work to do – and here I will give you some task examples just to give you a better understanding.

Organic Traffic

  • On page Search Engine Optimization (SEO)
  • Off page SEO
  • Write good and relevant content on a consistent basis
  • Networking
  • Manage all sorts of social media, etc

Paid Traffic

  • Create your video or image advertisement
  • Setting up your campaign
  • Contacting facebook pages, instagramers or youtubers
  • Analyze the results from different strategies and platforms

These are just few examples of the work that will need to be done. Unfortunately, the only way to get to know them all and to be prepared is to do it yourself. Here’s a video that will give you a better understanding on the Organic X Paid traffic matter:

3. You don’t make track of your business

That’s one common beginners mistake as well. You just simply do the tasks that need to be done but don’t make any register of anything. I think almost everyone who tried to make any type of online business was in that spot before. That’s the kind of thing you only realize the real importance when you start to make an organized log. That way, you can see what strategy is giving you the best results and focus more on the things that give you more returns. As the prominent management consultant Peter Drucker says: “If you can’t measure it, you can’t manage it.” That’s your new mantra from now on.

Conclusion

Building a successful e-commerce isn’t an easy duty – it surely has its merits. All I have to say is that you must not give up on your first failure, this is a long term game, just like a marathon and not like a 100m sprint. There are plenty of opportunities on the internet, so do not panic if you do not succeed on your first try, you still have plenty of time to improve and hopefully build the business you dreamed of.