5 Dreadful Mistakes Entrepreneurs Make When Building A Business

Are you building a business or are you screwing around? If you’re an online entrepreneur you know exactly what I’m talking about.

…and I know we all screw off from time to time – it’s fine, we’re human. But I think there’s another level of screwing around that will literally stop you from reaching your business goals.

But before we get into that, let’s first define the act of screwing around.

According to TheFreeDictionary.com, to screw around is “To act or fool around aimlessly or in a confused way and accomplish nothing” and that’s NOT what we wanna do, right?

For a long time I just DID STUFF online aimlessly, without any clear goal or objective. Along with that, I also wasn’t seeing any type of results because I was treating my business like a hobby.

My goal here today is to help you avoid 5 dreadful mistakes when building your business. I hope you find them useful.

Keep in mind that for some this will be a reminder, and for others it will be a kick in the butt – enjoy! :0)

THE 5 MISTAKES TO AVOID AT ALL COSTS..

1. Not Putting Your Profits Back Into Your Business – This is very important because cashflow is crucial to keeping your business running.

Think about it. Your Hosting Plan, Autoresponder Service and any other services and tools that you use to run your business cost you MONEY.

The best feeling, especially when you’re starting out, is knowing that your business is funding itself.

I remember my first $100 day. As exhilarating as it was, I made a big mistake of spending the money elsewhere instead of on my business.

Now, I completely forget that money exist. All the tools and services I use are paid for by the profit my business brings me. You can check out the resources section to see a list of stuff I use.

The next big mistake I made was..

2. Not Having A Business Plan – BIG MISTAKE. This is why I was lost and confused. I didn’t know where I was going because I didn’t create the road map.

This includes things like:

- Choosing your niche
- Deciding on your angle (brand)
- What are you gonna sell
- How are you gonna sell it
- What’s your lead magnet gonna be
- How are you gonna automate stuff
- What do you want your business to look like in 5 years

….and some other stuff. When I answered those questions, I had a clear idea on what I wanted to do and how I was gonna go about it. If you haven’t yet created a business plan, then you DO IT!

You’ll be glad you did. The next big mistake I didn’t make was…

3. Not Having A Marketing Plan – I was learning so much about marketing stuff online that this wasn’t really a big challenge for me but it could be a challenge for you.

The first thing to realize is that this is different from a business plan. Your business plan details what your business will look like, in terms of products, branding and services. Your marketing plan is a detailed road map on how you’re gonna get your business in front of the RIGHT people.

I knew that blogging was gonna be my main marketing weapon, but you can always learn and try new ways to build and market your business that don’t include blogging. (although I think NOT including a blog is Success Suicide)

But, that’s just me. The next mistake to avoid is…

4. Not Having A Schedule For Everything – I still struggle with this but I manage.

The toughest part, I think, about building an online business is the part of it being online. Youtube, Facebook, Hulu, Twitter and all of our favorite sites are just a click away.

But I’ve learned that by having a schedule for yourself really increases your productivity.

For example, I set time for free & paid content creation, traffic generation and community building. All of these take a great deal of time and it can get overwhelming if not managed correctly.

So, take the time to create a schedule for the things you do for your business and try your best to follow it. The last mistake you absolutely need to avoid is..

5. Being Another Average-Joe (or Joy) – There’s nothing interesting about being average. When you put in average efforts, you get average results.

I remember being at the gym one day, and seeing a bunch of big dudes wearing shirts that all said, “Go Hard or Go Home.” That’s the attitude we need to have as entrepreneurs, especially if your goal is to brand yourself and become an authority in the eyes of your market.

People follow and buy from leaders, so make sure to do everything possible to put in the extra effort wherever you can. It’ll show in the results.

- Wanna attract readers? Don’t just comment on ten blogs today – Go for 15!
- Wanna get more loyal readers? Don’t write a 350 words post - Go for 1,000!
- Want more subscribers, don’t say “Get Free Updates” – Offer 3 Free Reports!

Every little bit counts. Trust me, when you do stuff like this, even if it’s just a little bit extra, you get way ahead of your competition – because they ain’t doing it!

QUESTION.. HAVE YOU HAD ANY OTHER HOMER MOMENTS?

Let me know in the comments below if there’s anything else you’re struggling with. I’ll try my best to answer your questions. …and if you have 4 seconds, please retweet and share this post - I’d really appreciate it.

Thanks

Original Post - 5 Dreadful Mistakes Entrepreneurs Make When Building A Business