10 Common Online Business Assumptions Made Daily By Solopreneurs

Not all online business strategies work for all businesses. Unfortunately, many Solopreneurs will continue to force themselves to follow a standard. Don’t let it be you. Learn some PROVEN tactics to help you avoid these common assumption pitfalls and set your brand up for profitable success.

With over 4 billion active online businesses, all fighting for attention, the Internet has made it possible for businesses of various sizes to compete on a level playing field. The main problem remains that most of these companies are not sure how to get the buying attention of potential customers for their products or services. Creating a Power Crew will be essential to your success as a Solopreneur because you will have to rely on someone to help you manage the daily tasks. Check out these 10 common assumptions made in online business to avoid in order to get a successful head start.

1. Skimming on investment. There’s a big difference between spending smart and just being cheap. What is cheap is expensive (“Cheap is Expensive” – Judge Marilyn Milian). Reciprocity is very useful and helps you build a secure and reliable network. Everyone wants a deal when they spend their hard earned money. Most entrepreneurs have heard the saying, “you have to spend money to make money.” In reality, when you take your brand seriously enough to invest in it, whether it be time or money, you will ensure that everyone in your Power Crew is properly compensated. This could be financially or through barter systems. Either way, you must be willing to give as much or more than you take from others.
2. Stay blissfully ignorant. Are you leaving clients unattended because you refuse to explore new opportunities and creative possibilities? Put some investigative action behind your motives. Ask your virtual assistant or intern to check out some new avenues. Hire someone to manage these new lanes for you and add them to your Power Crew. Typically, they would be focused on these tasks for at least 5 hours a week; 1 hour a day. Ignorance is not bliss, especially in business. there are just too many opportunities for Solopreneurs to step up and dominate some corner of their market.
3. Blind Financing Without Reason. How can you properly guide your brand to financial success or at least avoid bankruptcy if you can’t keep track of how much money is flowing into your business? If you’re amazed at how much money you’ve spent in a year, are constantly looking up all your expenses at tax time, and/or are always living in the red, then you’re doing it all wrong. Don’t accept that your business is a financial burden to you. You should have a budget in place to help you stay on track. Remember, this was started by the FREEDOM of not trading one set of shackles created out of frustration for another.
4. Maintenance is an option. I see many clients who believe that paying someone to run their website is a waste of time, yet these are the same people whose websites are constantly outdated behind the scenes and left vulnerable. Your carelessness is a hackers dream key to their information buffet. Much of these elements can and should be automated, but you must remain vigilant in protecting your online business. If you are collecting customer information, there is no room for being casual about the security and maintenance of the website.
5. Keep up with the neighbors. Going out of your way to follow what the crowd is doing instead of taking stock of what will work for your brand is ultimately a waste of time for you. This is not to say that watching your competitors and friendly peers can’t be a learning experience. you simply have to learn to take the knowledge of learning and chart your own destiny.
6. Online businesses don’t need a budget. As an extension of financing your business blindly, you should realize that just because you have an online business, you are not exempt from having a budget. many believe that because they don’t have the rent of a brick and mortar establishment, they are free to spend big. That is not the case. Your “rental” is your hosting provider, your domain name, and your SSL certificate. Your “utilities” are your financial manager (account/apps), email automation services, payroll, and anything else that helps you run your business. You MUST keep track of these and make sure you are not using all your resources without making some sort of profit to pay your rent or mortgage AND put food on your table.
7. Disconnected from the reality of running a business. Stay grounded and connected to the roots of your business so that you are aware of what is happening and are ready to rework any strategy accordingly. Even when people consider themselves “successful,” they know that there is ongoing work involved in maintaining the level of success they enjoy or want to excel at. Taking into account everything we’ve discussed, these pieces come together to help you face, head-on, the realities of running a business.
8. Blame others for your failures. The blame game is a waste of time. Don’t let responsibility become a passive catchphrase in your business. Live up to how you would like to be treated by customers and other businesses. If you or your brand fell short or messed up, take it as an opportunity to improve and get back on track. Ask for feedback. Failure is not a bad thing if you don’t allow it to become a stumbling block or a crutch. Drive and take responsibility while showing others who work with you that they must do the same. Showing is much better than telling!
9. Being online is an automatic success. No online business is an automatic success and anyone who tells you otherwise is lying to you. I figured once my website was up and running I would be good to go. Well, not exactly set, but most of my work would be complete. I was so wrong and I didn’t even realize how wrong I was. I had to quickly learn about email marketing, copywriting, and product creation to really make my business work. I’m no expert, but I had to get my ass in gear fast to be able to drive enough to get things where I wanted them to be. Automation can make things easier for you, but without ACTION behind the KNOWLEDGE you collect, your brand is dead in the water.
10. Disinformation. Stay as informed as possible. “He Said, She Said” doesn’t work when you need to share information with your Power Crew and clients. Never miss out on innovative movements happening within your industry or across other industries. If an app or software wasn’t compatible with your business in 2011, check back and see if things have changed. if you didn’t think Twitter, Pinterest or Instagram were a good fit for your business and your customers would not be interested in a company blog, reconsider these moves. Try things. You may be surprised by the results and the new information that flows from these various options.

boss up

Once you’ve figured out what makes your business thrive like a well-watered plant, you’ll begin to reap the benefits of an overall profitable business and brand. I think of my business as a well-watered plant because there is energy attached to it. He needs my care to survive. My emotions affect my business and I need to maintain them both.

Clients want to know that you, as a business owner, care enough to pay attention to the small details while maintaining the overall picture of success.

the summary

Put all of yourself into your business. After all, most of us aren’t here for a one-night stand. Instead, we’re in it to win it! So go out there and build your brand against these 10 common assumptions most Solopreneurs make in online business.

For your continued success and learning!