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10 Mistakes To Avoid When Improving Your Online Business

Wisdom I Wish an Expert Would’ve Shared With Me 7 Years Ago

1. Work To Your Strengths When Creating Content

Try to figure out what your strongest assets are as a content creator.

Handy Hack: When jars seem impossible to open knock them on the table to release the air that’s compressing the lid.

2. Automate Everything You Can

Automation is the key to not feeling overworked as a solopreneur. It’s the difference between feeling like you’re constantly working in your business as opposed to working on your business.

3. Outsource!

As much as I would like to believe it, I’m not a superhero (if I were I would be the original 90’s Kyle Rayner).

4. Keep Creating

I did an 80/20 analysis of my income for last year and noticed that two of my products contributed about 80% of my revenue. So I kept creating content to support the marketing of those two products.

5. Diversify Your Income

Although 80% of my revenue comes from two products I still want to make sure that overall pie is as large as it can be.

Multiple income streams can result in a big pool of money.

Here’s the breakdown for last year’s income streams:

  • Product sales
  • Affiliate sales
  • Amazon ads and affiliate income
  • Music production services (recording, mixing, mastering, production)
  • Freelance consulting
  • Web design work
  • Book royalties
  • Live music performance
  • Marketing strategy consulting
  • 1 on 1 coaching

6. Tiered Pricing

One of the worst things you can do when you’re selling an online product is to offer it at only one price.

7. Offer Services

If you’re not a product person but you have in-depth knowledge and expertise in your industry, the easiest way to get started is to offer services instead of products.

8. Charge More than $100

Related to my tiered pricing advice earlier, there is something I wish I had learned much sooner.

9. Engage With Your Audience

Your business can’t be a one-way street. Make sure you take customer feedback where applicable and use it to help your business grow.

10. Ignore the Haters

I’ve talked about this before but it bears repeating:

You will be criticized for anything you do on the internet. It will be annoying and ugly. It will make you feel lousy and insecure about whether you’re contributing anything of value. You’ll dream about abandoning your work to go live as a hermit in the mountains. (That last part might just be me…).

Conclusion

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Bjorgvin Benediktsson

I write about music, creativity, and entrepreneurship. My new book, You Get What You Give, is out now. Grab it here: https://geni.us/YGWYG