When it comes to business ideas, Internet-only startups are probably the easiest ones to launch. You have lower overheads than traditional brick-and-mortar businesses and don’t need to lease an office or pay for employees.
There are hundreds of Internet-only business ideas you can consider, and most are perfect for budding entrepreneurs. Those ideas are also good for people who want to run businesses alongside their day jobs.
If you’re here because that’s something you’ve decided to do, it’s important to know about the potential pitfalls of setting up such businesses. Check out the following top five mistakes you must avoid to make your online business a success:
1. Choosing A Risky Niche Market
The business world is full of risks, starting from the moment you choose a niche market. You’ll likely be aware that some markets are riskier than others, and while the reward element might be high, so too can be the failure rate.
For example, multi level marketing businesses are high risk because they can often pose red flags for the financial industry. That could spell trouble for you if you’re trying to raise venture capital for your new business idea.
2. Forgetting About Cybersecurity
Cybercrime is, unfortunately, a growing issue with businesses, and even large corporations and international firms can become victims of hackers. One thing you should never do when setting up an online business is to be complacent about your cybersecurity.
You should pay particular attention to things like:
- TLS certificates for your websites;
- Strong password policies for website users and administrators;
- Two-factor authentication for consumers to help them keep their accounts safe.
3. Focusing Only On Desktop Website Visitors
According to Statista, almost 60% of all Internet traffic originates from mobile devices like smartphones and tablets. That is a statistic you can’t ignore when you set up an online business!
To that end, it pays to build “responsive” websites – ones that automatically adapt to different screen sizes and device types. That way, you can be sure you aren’t alienating specific audiences from your startup.
Plenty of online tools exist to help you test the responsiveness of your website so you can fix any issues before you officially launch your online business.
4. Failing To Have Decent Customer Support
What happens when your customers want to ask you questions about the things you sell? Or, what if they need help with their purchases?
Irrespective of the business model you choose for your startup, you must always have decent customer support to help those people. This should be a mix of telephone, email, and web chat customer services.
Also, don’t forget to answer any questions or complaints raised through external channels, like social media.
5. Having No Marketing Plan
Lastly, how do you intend to market your online business? If your response is “no idea” then you must formulate a marketing plan!
Thankfully, it’s not as scary or time-consuming as you might think. Plenty of online resources exist that can help you set one up, and you’ve also got the option of paying a marketing agency to sort it all out for you.
