1. Waiting too long to launch a product/service
When you
start blogging or podcasting to build an audience, it’s easy to get stuck on
the content “hamster wheel” for months or years without ever offering something
for sale.
There are
a few reasons this happens.
Some
people are waiting for some magic audience size “1,000 subscribers” or maybe
“10,000 visitors” or whatever your number might be.
Some
people just can’t find the time to blog or podcast or make videos AND to build
a product at the same time. It’s tough.
Some
people simply talk themselves out of creating a product because they’re afraid
no one will buy it. They don’t want to fail after putting in so much time
creating content.
Whatever
the reason, this is a fatal trap. If you’re building a business, you need to
address the biggest risk head-on. The biggest risk you’ll face as a business is
in creating something no one will pay for.
Plus, you
need practice at building and launching products. Your first one might not be
all that good. The sooner you put something out there, the closer you get to
sustainable revenue.
2. Solving an unimportant problem
If the
problem your business solves is important enough, you won’t even have to look
for customers. Imagine if you had a cure for cancer, for example.
Businesses
fail all the time because they try to solve a problem nobody really cares
about. If you put your product or idea out there and nobody buys it, there’s a
good chance you should look for a more important problem, not a bigger
audience.
3. Not really listening to customers
How do
you know if the problem you solve is important enough?
Listen to
your customers. Really listen to them.
Don’t
just listen to the customers who provide validation. Listen to the ones who ask
for refunds or buy your product but don’t use it. Listen to the people who tell
you they won’t buy, and find out why.
Don’t
just pay lip service to your customers. You don’t have all the answers, they
do. There’s a reason why “the customer is always right,” because without customers
you don’t have a business.
4. Not being different
In most
markets, customers have different options to choose from. If your business has
competition, you have to give your potential customers a reason to
choose your offering over another.
I see
this all the time with new bloggers. They jump into a popular topic and
essentially mimic or copy what other popular bloggers are already doing. I
suppose they think “if it works for them, maybe it will work for me.”
But think
about it from the reader or customer perspective. If they find your
blog, they’ll be asking themselves “why is this blog worth spending any time
on?” You have to answer that question quickly and clearly, before they click
the back button.
You can’t
expect to grow an audience by being an inferior version of some other better
known site. Even if your site or product is arguably better than the
competition, “better” is subjective.
Instead
of simply trying to be better, you need to be different. Then, when someone asks why your
site or product is worth her attention, your answer will be objective and easy
to understand.
5. Choosing a topic you don’t care about
Whatever
you choose to focus your business on, you’re going to need deep subject knowledge,
fresh creativity, and unwavering stamina.
There
will be competition who cares more about the topic than you do. How can you
compete if the gap between your love of a topic and your competitors’ is wide?
This
doesn’t mean your business has to be your #1 “passion” or life’s work (most of
us don’t have one single passion in life), but don’t make things impossible by
choosing something you don’t care about.
If you
love your topic, stamina won’t be an issue. If you love your topic, creativity
will flow, and influence will be easier to build.
Don’t ask
yourself what the world needs. Ask yourself what makes you come alive and then
go do that. Because what the world needs is people who have come alive. -Howard
Thurman
6. Starting with vastly wrong expectations
This
won’t be easy, and it won’t be quick.
Building
a successful business is a massive undertaking. You probably can’t do it while
traveling the world. If you have a full-time job, it will be much, much harder.
If your
plan involves four-hour workweeks, or if your timeline is measured in weeks or
months, you will probably fail.
These are
the hard truths that people rarely talk about. Overnight successes don’t exist.
Your original plan will probably have to be completely re-written, maybe
multiple times.
Ask
yourself: will
building this business still be worth it if it takes years to get there? What
if building the business is harder and more stressful than your current job?
Talk to
some entrepreneurs who have achieved something close to what you want to achieve.
Ask them what it really took. Ask them about stress and timelines and giving
up. Ask them not to sugarcoat it. Really listen. Then ask yourself if you’re
prepared for your own version of that.
7. Spending too much time thinking and not enough doing
Not much
to say here that isn’t perfectly summed up in this quote:
Genius is
one percent inspiration, ninety-nine percent perspiration.
-Thomas Edison
-Thomas Edison
If your
ratio of thinking-to-doing is anything less than 80% doing, think again
do more.
As Chase likes to say, entrepreneurs have
two modes, CEO mode and worker-bee mode. In a one-person business, you have to
be both.
8. Going it alone
The only
reason my business exists today is because other entrepreneur friends wouldn’t
let me quit. Seriously, I tried to throw in the towel and start over with
something else, but they wouldn’t let me. They talked me out of it.
No one
can succeed in business alone. You need people to make it work. Your customers
are people, your suppliers are people, your service providers are people.
Most
importantly, you need support from other entrepreneurs who are at similar
stages as you are, and from others with more experience.
The more
connected you become with other entrepreneurs, the more normal your quest
becomes. You’ll no longer feel crazy or alone, and you’ll realize that we all
face obstacles just like you’re facing.
The
entrepreneurs who talked me out of quitting were part of a little group that
met weekly to hold each other accountable. It didn’t cost any of us a thing,
other than an hour of our time each week, but it turned out to be the most
valuable resource I ever used in my business.
Reach out
to another entrepreneur or two, and ask them to meet weekly. Share your
struggles and goals, and review your progress each week. This simple process is
so powerful.
9. Confusing “blog” with “business”
Repeat
after me: a blog isn’t a business. A blog isn’t a business.
A blog is
an incredible platform for sharing your ideas, connecting with people and
growing an audience. The same is true of podcasting, YouTubing, or any other
place you might publish content for free.
Giving
away free content isn’t a business. It’s a tool for building influence. Don’t count on turning that
influence into sponsorships or advertising dollars. You’ll need a more direct
plan for earning an income if you want your blog or podcast to pay off.
See point
#1 above about launching a product/service.
You can get more of this from fizzle.co
Create a business plan and think of
1.
cost/some services are free but you want look
professional as we move on
2.
choosing your niche wisely-when choosing a niche
think of your audience
3.
research- your niche should be updated
4.
think on the lines of how you and your client
will benefit
5.
advertisement costs/social media ads
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