You’re probably aware of the fact that the majority of small businesses fail within their first 5 years of operation. Of course, that ominous statistic has never stopped anyone from putting forth their best effort in launching their first online business.

Unfortunately, even with extensive research and dozens of work hours invested, many novice webmasters still find their initial online endeavour to be a learning experience. Still, there are others who have been able to launch incredibly successful businesses without any prior experience, so fast-paced progress is certainly possible with the networking powers of the worldwide web.

With that said, here are 10 mistakes you should avoid to maximize your chances of succeeding with any online business:

1. Lack of Discipline

A lot of amateurs enter into their first project with the mindset that they can “work their own hours” and “make money on autopilot.” That’s a fairy tale. If you want to push a business to its full potential, you’ll need to be working on a strict schedule and setting specific goals, milestones, and deadlines.

2. Complacency and Stagnation

Any online business that wants to optimize its revenue needs to be aware of the risks of complacency. Many business owners will become content with a decent income and have no desire or ambition to progress further. This stagnant mindset can mean the difference between a company that makes $100,000 or $1 million annually. Sure, running an online business that makes $100k a year is great, but if it could be making $1mil with a bit of extra effort, why not push for that instead?

3. Limited Marketing Methods

Most businesses stop looking for new promotional techniques as soon as they’ve found one or a few that have started to work. Use every available avenue to spread brand awareness and you’ll have the comfort of knowing you’re maximizing lead generation potential.

4. Slacking on Social Media Presence

You’d be surprised how many online startups are able to thrive without even having a strong social media following. However, even those businesses could benefit from the traffic boost that sites like Facebook, Twitter, and Instagram can provide. Millions are made on social media every day, and it’s not an exaggeration to say that it’s easily one of the most powerful tools in a well-rounded marketing arsenal.

5. Poor Monetization Strategy

Most blogs and online retail shops aren’t monetizing their pages and products as much as possible. Combining a wide range of monetization methods like PPC, banner ad impressions, email opt-ins, digital products, surveys, retail sales, consultations, affiliate commissions, and web services will ensure that you’re getting the most out of each piece of online real estate.

6. Failing to Outdo the Competition

There are plenty of industries where the leading competitors are very similar to each other in their pricing and features. Sadly, many of those companies are stagnating simply because they’re not going the extra mile to outdo their nearest competitor and facilitate a market shift. That can mean providing more value, lowering prices, adding more features, or anything else that would make a prospect choose your business over the closest alternative.

7. Unprofessional Site Design and/or Functionality

A professionally designed site that is easy and fun to navigate will always convert more leads into customers than an amateur-looking site that loads slowly and is poorly organized. Even if your online business is already doing well with an average site, it would inevitably do better with a top-notch design.

8. Insufficient SEO Efforts

Search engine optimization – the process of making your site more prevalent and visible with search engine results – is by far the best way to establish a consistent stream of organic traffic in the long-term. If you’re not already practicing white hat, legit SEO strategies, you’re undoubtedly missing out.

9. Neglecting Video and Graphic Design

Marketing studies have repeatedly proven that video content works the best to keep visitors on the page for longer. When your business has impressive video content to showcase, it gives the viewer the impression that they’re dealing with a reputable and authoritative company. It also helps you tap into other major outreach channels like YouTube.

10. Ineffective Lead Generation and Conversion

Many businesses settle for a low conversion rate that stems from their use of indiscriminate marketing. Aim to improve conversions by using pre-selling tactics and distributing marketing material that effectively targets and appeals to an intended audience or specific demographic.

Using the Above Mistakes to Make a Checklist

Such a checklist might look something like this:

• Adhering to a Strict Schedule, Practicing Discipline – ☐
• Not Complacent, Avoiding Stagnation – ☐
• Using as Many Marketing Methods as Possible – ☐
• Maintaining a Strong Social Media Presence – ☐
• Maximizing Monetization Potential – ☐
• Staying Competitive – ☐
• Optimizing Site Design and Functionality – ☐
• Ongoing SEO Efforts – ☐
• Utilizing Video and Graphic Design – ☐
• Targeting Leads for Higher Conversions – ☐

Conclusion: Any online business striving to reach its full potential should routinely run down the checklist above to ensure that it’s covering all bases on an ongoing basis.