Want to start your own business this year? Great idea! In order to avoid some common pitfalls in the online industry or in general, you should know about a few critical things.
1 Consumer Services And Sites Are Sometimes Easier To Grow Than B2B Services
What kind of service or website do you want to start? Always keep in mind before sinking money into any venture that certain niches are not only low-margin niches, they are also incredibly difficult to grow. If you’re content with a lifestyle business (I am) that will allow you to travel and seek novel experiences then a small B2B niches may be exactly what you’re looking for, but if you’d like to start the next Groupon and make ten million a year then you should carefully consider how to enter your specific niche. It’s often easier to get traction for a consumer product that appeals to millions because you’ll get a lot more traffic if you can find something people need on a daily basis. It’s often far more difficult to gain traction for a product that appeals only to a couple thousands businesses, again UNLESS you meet a critical need businesses in that industry can’t meet without your solution. Either way, make sure to know your audience and become part of it before trying to sell to them.
2 Ad-Blocking Is More Prevalent Than Ever Before
Before you start relying on ad-revenue, make sure to know that advertising is dying. Ad-blockers have never been installed on more machines than today. Explore alternatives like affiliate marketing and high-margin services before relying on a paycheck from Google or other CPC companies.
3 Starting A Business Is A 24/7 Commitment During The First Years: Adaptogens & Stress
If this is your first business, you should know that the first years will require you to work around the clock. Taking weekends off is not such a splendid idea if you want to gain traction. Because of the incredible stress this kind of situation can cause, you should spend a great deal of money and time on making sure you stay healthy. Here are recommendations on supplements and why things you hear from popular doctors are not only NOT helpful but can actually harm you. Instead, make sure to read as much as you can about natural adaptogens, they are the hidden supplements that the pharma industry does not want you to know about.
Adaptogens such as Maca Root or even Ginseng will work wherever they are needed and can help to greatly reduce stress and anxiety. Entrepreneurs and business owners are constantly filled with adrenaline. This adrenaline overload will deteriorate your health in the long run. Aside from Maca, you should consider boosting your immune system and blood flow with a combination of Lysine and Arginine. Natural roots like Maca (grown in Peru) have become incredibly expensive thanks to Chinese importers driving up the demand, but it’s one of the best things you can take if you are serious about your health.
Also don’t forget to spend some money on gym equipment!
4 Trends Come And Go, Don’t Follow Them
Trends are unpredictable. No one can really predict them. VR was invented in the late 90’s but it never really took off until now. Tablets were first invented by Microsoft in the early 2000’s but they never took off until Apple introduced the iPad.
My point is, you should not get into an industry that is hot, rather you should follow your heart and interests. In order to be innovative you need to be passionate about something. There’s also a good chance that the industry you’re in will take off big time one day. We tend to underestimate what an impact certain industries could have years later even if they are considered ‘dead’ right now.
5 Create A Steady Cashflow
In order to run a business you need a steady cashflow. Businesses can die within months if money is not constantly coming in. Whatever you do, always try to automate the processes that help you to make money. You got to spend some money to make money. If you don’t spend it and neglect your business, it will die. Period.
I’ve previously written an article about how to make sure your company will survive the next 5 years.