Over the years of running all different types of online businesses I’ve made quite a few mistakes.
Now there is nothing wrong with making mistakes in my opinion. The key is to make sure that you learn from the mistakes that you are making and act on those lessons.
I think the biggest key is the acting on them.
It’s great to learn from them, but you have to do something about it and that comes from action.
As a way of giving back I thought I’d do a blog post on the 5 biggest mistakes I’ve made so that you can hopefully avoid these on your journey to running a successful business online or offline.
What Are the 5 Biggest Mistakes I’ve Made in Running My Business?
- Not focusing on building assets soon enough.
- Focusing too much on 1 traffic source.
- Trying to do too many things at one given time.
- Not outsourcing enough.
- Working too much.
Now you may have made some these mistakes yourself or maybe you are making them now. Either way I encourage you to dig in below and really understand my reasoning behind the top 3 of these mistakes. I’m pretty sure the last two are very self-explanatory, but remember that work is important but you need to refuel, re-charge and re-energize so that you can be at your best.
So…without further ado:
#1 Not Focusing on Building Assets Soon Enough
One of the biggest issues with the online marketing world is the barrier to entry is so low. I’m mean really low, you can get a new business up and running for almost nothing these days. Even the tech barrier is incredibly lower since when I first started.
Now that has it’s pros and cons one of which is distraction, which I’ll get to in a minute.
The other major thing this leads to is a lack of treating your business like a real business.
What I mean is real businesses focus on building assets.
- Email lists
- Customer databases
- Systems and Processes
- Employees, Staff and Outsourcers
- JV partners
- Relationships with customers, vendors, service providers, JVs
- Products (information products/courses, physical products, intellectual property)
- and the list can go on and on.
For me my biggest mistake I made early on was NOT focusing on my email list. This mistake alone has cost me a massive amount of money and I would say definitely 7 figures.
If you are not focusing on building a list, fostering a relationship with that list and monetizing it with their interests (found out from surveys) you are missing out big.
Action Step: Focus on building a list, fostering a relationship with that list and monetizing that list with offers that match their needs/desires/wants.
#2 Focusing Too Much on 1 Traffic Source
In the online world traffic can be king. Without traffic you don’t have a business.
The bottom line is you need traffic to make money.
Now there are tons of ways to get traffic.
You can do:
- FB ads
- and the list goes on and on.
Here’s the thing a lot of these traffic sources are fantastic, but the problem lies in focusing too heavily on one particular traffic source.
For me that was SEO. I focused on SEO for a long time and still do. SEO traffic is a big part of my business and it converts like crazy.
However, I came to realize the hard way that being to reliant on one traffic source can be very damaging to your business.
Especially when you don’t have control over the traffic source.
I think there is a fine line here though. If you can get really good at one traffic source you can make boatloads of money.
So it gets tricky, but I still think diversification in traffic sources is the smart and solid long-term play.
My advice to my past self would be to get really good at one type of traffic source. If I could make a recommendation I’d have to say paid traffic and email marketing are 2 to highly consider. If you need help in finding a course that teaches these things just email me.
These are skills that can pay dividends for you over and over.
Action Step: Focus on one traffic source, but diversify into other traffic channels. If you don’t have the skill set for a traffic source learn it or hire it out within your team.
#3 Trying to Do Too Many Things at One Given Time
It seems like entrepreneurs are attracted to shiny objects, doesn’t it?
We are always seeing the opportunity in things and in doing so we are always getting ideas and wanting to start new businesses.
It doesn’t matter if we are making a lot of money in our primary business it seems like everyone wants to build out other projects.
Now is this a good thing or is this a bad thing?
Well it’s hard to say really because sometimes distraction can be good and a new project can take off, but more often than not it’s bad.
In my opinion distraction does a few things that are worth noting:
- Distracts you…duh!
- Limits your focus and allotment of brain power
- Pulls you in different directions
- Honestly I could list dozens of things, but if you think about how distraction works in your life you’ll get a good idea of what I mean.
So the moral of the story is that for me doing too many projects at one time cost me a lot of money. It made me distracted, pulled me in all kinds of directions, cluttered my brain and a whole host of other things causing me to lose time, money and a cause of stress/frustration.
Action Step: Think about how distraction is altering your business. Plan how to eliminate it and be able to focus on one business. You’ll be amazed at what can happen.
Now that you know my biggest mistakes I’d ask you to really consider any mistakes you are making right now in your business. Post them below in the comments and if you don’t know how to solve them let me know and I’ll see if I can help.
Also, I’d encourage you to make an action plan on what you now need to do in your business to improve now that you know this information. The faster you can go and implement these types of changes the better off you’ll be.
Speed here is very important.
In fact speed of implementation is critical to running, growing and maintaining a successful business.