Ways to Fail at a Business
Everyone wants to have a viable business that offers monetary security and time to enjoy life. Looking for the “cash cow” sometimes means that a person can fail to realize the perspective on what it means to market online.
The first way to fail at working an online business is to try to do everything at once. There are tons of gurus online telling you to do this, that and the other thing and you will be successful. What you as a person interested in online marketing has to do is successfully separate the “real” from the “fictional” and this is not always easy to interpret.
Look at the sales letter and see if there are what I call “massive statements” meaning those statements like, “Purchase this item and you will never need any other marketing tools” or “This particular item will be so easy to use that you will have $1,000′s of dollars in your bank account next day”. Exaggerated claims are the first key to knowing when you are being hyped. Only one situation will bring you success online and that is work and diligence to your business attitudes and service to customers.
Another way to fail online is to avoid spending time researching your niche or your marketplace. Your customers have a certain mindset, a way they like to shop, how they find your websites, etc. Make it easy for them to find out your attitudes, your service policies, and your abilities and do not hide behind the computer. Check other websites in your category and observe what they are doing and see how you can compete or do the service or product a better way. You will not capture every customer, but you do not need every online customer to be successful, only a portion. That is a very compelling reason to market online.
Marking a product or service too inexpensively will prevent you from becoming an online success. You do not have to have the highest pricing nor the cheapest offer online, but you do have to provide value for the dollar or you will not get repeat customers. Repeat customers, repeat this at least three times, are your bread and butter. It takes a lot to get a customer to your website, so you had better be prepared to do more than one follow up to complete that sale.
You need to decide how you will accomplish this marketing chore. Will you use autoresponders, an ezine or newsletter, a blog or just how will you correspond with your website visitors to continue to convince them of your integrity and honesty? It is a concept you should work out before you start to put up a website.
Also, you will need to have the proper tools and should consider their purchase part of your research and development to begin to build an online business. You need your own domain name or maybe a couple of domain names, a webhost, a product or service that you own and profit from, a way to build a website either by yourself or with a web designer, and you need a way to bring traffic to your website. Without any of these components, you will fail in your online business.
Only one component can compliment your ability to make a success online and that is a little four-letter word that is hard to find today. The word is “work” and there will be a lot of late nights and time spent in front of the computer before you see success in your business. If anyone tells you differently, that is a good sign that you need to run, not walk, to the next website!
Continue to believe in yourself and in your product or service and you will soon be able to count your home business as a successful and viable business. Keeping a positive attitude certainly will help you avoid countless mistakes because you have been shown a lot of the pitfalls of how to fail in a business and also how to succeed.
Just trust your instincts. Continue to build and you will reap the rewards of having a successful online business can make you very proud.
Understand Business Insurance for Small Business
Many small business owners rely upon their personal insurance to cover their small business. This is, especially true, of home business owners. However personal insurance is not designed to cover a business, and if you do need to make a claim, you may find yourself under insured, or even uninsured!
For instance, your home property insurance may have a limit of a few thousand dollars for the contents of your home. If you have computers, other business machines, or especially, business records, a loss can be much larger. It would be tragic to have an accident or damage to your home that also destroyed your business assets, and then to find that you cannot make a claim to cover your business loss.
Another common example is for auto insurance. If you bought a personal insurance policy several years ago, you may not remember the mileage or use you claimed. If you claimed that your mini van was only used for errands and soccer games, and then had an accident while using that vehicle to transport business supplies, the insurance company may have a reason to deny the claim!
Many small business owners even allow employees to use their personal cars for business. But if an employee is involved in an accident while doing your business, can you rely upon their auto insurance to cover it? This is a risk you probably do not want to take.
Now you may be able to go back and adjust your personal auto insurance policy to include business use, or you may need a commercial insurance policy.
And if you do business, you are always vulnerable to liability claims. If you do not have proper business liability insurance, one cliam can ruin your business. Even if your business is innocent, the cost of lawyers can run into thoousands of dollars. When you have a liability policy, you also have an insurance company who will work on your side to fight claims.
You really need to look into the common types of business insurance. Commercial car insurance, business property and liability insurance, and if you have employees, workers comp insurance, are three policies you should look into.
If your business depends upon the talents of one or more key employees or partners, a key man life and disability policy can protect you from ruin in case of a death or accident. Personal group life insurance provides a benefit that will attract and retain quality employees too!
And of course, we can hardly talk about business insurance without talking about group health plans. Now if you are the only employee of your small business, you will not be able to get a group health plan. You must take out an individual policy or rely upon a spouse’s health plan.
However, if you have two or more employees, you can find group health insurance. You need to look into the need for a business health benefit plan. A good group health insurance plan can be the one benefit that qualify employees are looking for, but it can also be a major expense for your business.