dead knife

5 Simple Mistakes That Kill Businesses

I love business and I hate it at the same time.  But do you know what I really hate?  Well, I'll get into that in just a second, but first let's talk about something that you probably don't want to hear – your business is going to fail.

Yup, it's going to fail… unless you avoid these 5 simple things that are some of the most notorious business killers known to man.  You ready?  Let's go.

1. Bouncing Instead of Bolting

You are probably like me and you can't help but think of great new ideas that you can implement that, at the time, seem like they are winners.  But, I know from experience that more often than not these ideas do much more harm than they do good.

Learn to bolt instead of bounce.  In other words, you need to do something and stick with it until you make consistent cash flow and then you can move on to the next thing. However, the “next thing” should be something that compliments the first thing.  In other words – your next big thing should be able to “bolt” onto your existing business.

2. Failing to Leverage already existing marketplaces

If you are starting a business or already have a business that's bringing in income, don't be a fool and stick to your own channels.  There are a ton of marketplaces out there that already have an audience waiting for you.  Whether it's Amazon, eBay, the WordPress repository, or whatever, even though you may lose some profit to fees you are gaining a lot of eyeballs.

3. Relying too much on one marketplace

While taking advantage of another marketplace is awesome and leverages someone else's hard work, if you stick to only a few of them as your primary sales channel you are putting your business at risk.  What happens if Amazon changes their policy and no longer allows your type of product?  What if eBay limits the quantity you can sell in a month?  Anything can happen when you are playing in someone else's playground.

4. Not thinking ahead of your competition

Some people get locked into one way of doing things.  The sad thing is that more often than not, things change and the person that has been focused on doing one thing for years is left in the dust.  You need to be one step ahead of your competition.  don't be obsessed with them, but pivot somewhere they are not headed.

5. Making dumb excuses

Remember at the beginning of this article that I would share the #1 thing that I hate?  Well, this is it – dumb excuses.   I loathe people that make dumb excuses as to why they fail.  Most of the time these excuses come from one thing – not listening.  I can't tell you how many times I have coached people and laid out a perfect strategy for them, only for them to chase after some shiny object.  I know a ton of people that completely ignore their customers or the writing on the wall with their market and they wonder why their business is slowly collapsing.

Listen to what's going on around you.  If the market is saying one thing and you do the opposite, don't blame anybody but yourself if you fail.

 

About The Author

Dean Soto

Founder of the Online Empire Academy and creator of Wooshmetrics.com

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