Whether it’s selling courses online or other digital products, there’s never been a better time to start your own digital business. But many knowledge entrepreneurs stumble before the starting line.
Let’s go over 3 fatal mistakes to avoid and how to overcome them.
Mistake #1: Wasting too much time on tech
You should spend time researching the best solutions for your digital business. Make sure it fits your needs and will help you achieve your business goals. Remember though: your business is built around growing your customer base and revenue. It’s not about constantly testing and integrating software tools and services.
The tools you select for your online business should amplify your efforts. You can’t knock on every potential customer’s door but you can lean on email marketing tools to knock on millions of virtual “doors.”
Businesses too often get dragged down in tweaking and testing software and solutions. If you’re fiddling with 26 different Wordpress plugins, you have less time to focus on the most important aspects of your business.
If integrating various software tools and testing out new products and services every week interests you … then, of course, do it. Maybe you can even create online courses so others can learn from the mistakes you’ve made.
That’s not the case for the vast majority of you out there. Your time will be best spent creating your digital products and finding the audience to sell to. Make sure the technology you’re using doesn’t detract from that.
How to choose your tech for your online business
Here are a few important elements to consider when choosing your tools for your digital business. Your software should allow you to:
- Create digital content to sell
- Identify your audience
- Drive that audience to your site
- Entice them with a solution to their problems
- Nurture the relationship
- Persuade them to invest their time and money in your products
- Have analytics and metrics to measure the health of your business
- Get repeat sales.
Additionally, you should also look for something that:
- Is easy to use but also powerful and filled with the features you need
- Has strong support elements if things go wrong
- Can grow with your business.
A platform like Kajabi is tailor-made for digital business owners. It includes all the tools you need to start, manage and grow your online business. It also includes a robust community to learn from, world-class support and has led to more than $1.5 billion in sales from online entrepreneurs like you.
Mistake #2: Treating your business as a side hustle
Another mistake is not treating your online business like a business. You may hear an online business described as a “side hustle” or “passive income.” There are very, very rare occasions where this is true.
The vast majority of successful online businesses are run by people who are dedicated to it as a business. We understand that not everybody can quit their job and focus on their Knowledge Commerce business, though.
Running your business as a business isn’t just about the time you dedicate to it. This includes two important components: a business mindset and taking the proper business actions.
Having a business mindset
Having a business mindset is a way of thinking. Digital entrepreneurs like you are:
- Problem solvers: you’re willing to roll up your sleeves to solve all the challenges you’re facing every day.
- Open to new ideas: your business is based on the idea that you can do it better than the competition.
- Open to risk: building your own business is risky but the rewards of ownership are worth it.
- Ultimately optimistic: you wouldn’t start a business if you didn’t think it could be successful.
A business mindset alone is not enough, though. You have to take the proper steps to put this mindset into practice.
Taking the right business steps
The best online business owners translate their mindset into actions. There are likely thousands of positive things entrepreneurs do but here are three main tendencies of the successful business owners:
Knowing your numbers: Your business lives and dies with your revenues and expenses. A shocking amount of business owners simply don’t know what’s coming in and out of their business.
You don’t have to know every line item, especially if you hire an accountant. But, it’s vital to know to know the basics on the health of your business. Ideally, you’d also know the other business analytics that are critical to your company.
Investing in yourself and your business: You and your business are worth investing in. This means putting dollars in your business itself, as well as in yourself. This could be in training, online courses or even in hiring people and services for things like accounting or marketing.
This also means not having the initial sticker price be the only factor you look at when you’re choosing your business platform. Of course, cost is important. You should look at the total cost of running your business with various tools and services when you decide what to use.
Putting in the work: There are some glamorous moments to being an entrepreneur. You can and should celebrate wins at work for things like your first sale, your first six figures in revenue and more. Those moments will seem fleeting, though.
Most successful knowledge entrepreneurs are grinding a lot in order to be productive. There’s nothing wrong with delegating or outsourcing, either. It’s smart to let experts focus on fields you’re not good at so you can put your energy toward moving the needle for your business.
But, you still have to put in the work.
Mistake #3: Thinking it will be easy
Running any successful business is hard. That’s true for your online businesses, too. There’s no “easy button” for sustained success. You’re going to have to continually work hard.
In most cases, if you build it, they won’t just come. You can’t just build a website and courses and then expect the money to come flowing in. You’ll have to build or leverage your existing audiences, continually optimize your marketing efforts and evolve as the market changes.
This article isn’t meant to discourage you whatsoever. Yes, it’s hard to run your own online business but the rewards are amazing. We have Kajabi Heroes who are literally millionaires and those who have bought new cars with their online course revenue.
In addition to the monetary upside, it’s hard to calculate the value of taking ownership over your financial future. You can also make a dent in the universe with something you’re passionate about.
Tools like Kajabi can help you to start, manage and grow your Knowledge Commerce business. We include all the tools you need to create a website, build your digital products, attract and retain customers, and analyze how your business is performing.