You want your Internet business to succeed and grow so that one day you can sell the online business at the best valuation possible. The last thing you want is to be making mistakes that are undermining your vision and detracting from your business in subtle ways, but this is very common problem from which many online businesses suffer. Taking some time for careful introspection and knowing what mistakes to look out for can help you to maximize the potential your business has for success and make your company as attractive as possible in the future to those looking to buy an online business.
Here are four of the biggest and most common mistakes that Internet business owners make that you’ll want to correct or avoid making to ensure the health and value of your business now and in the future.
1. Making It All About You. If someone were to navigate to your website right now, how much would they find out about your company, your products and your services and how much would they learn about you? Even if you bring your unique knowledge and experience to your company, you shouldn’t be the star of the show. Promoting yourself before your business simply doesn’t make sense when you consider the perspective of a prospective buyer. When you sell the business, you’ll be exiting the picture, and if you’ve only spent time growing your own reputation and not building your brand, it will be difficult for your online company to provide a steady revenue stream for the next owner. While it’s fine to make reference to your own credentials, make sure your website is more about the merits of the company rather than your own personal strengths.
2. Being a One Man or Woman Show. While it’s true that an online business doesn’t usually need as many employees as a traditional business, it’s not always a good idea to try and handle all aspects of your business yourself. Recognize your own strengths and identify areas where you lack the knowledge and skills to do an effective job. Consider hiring an independent contractor, an employee or an outsourcing company to handle the tasks with which you struggle. Not only could this lead to improvements in your operations, but it can also free up more of your time to do what you do best.
3. Not Learning from the Past. No business owner is perfect, and it’s expected that you’ll make some mistakes along the way in the management or operations of your business. How you handle these mistakes can have a major impact on the success of your business. After you suffer a setback, stop and take time to analyze what happened. Don’t just dust yourself off and keep going immediately. Even if it’s uncomfortable to analyze what led up to the mistake, taking the time to do so will help you to learn what didn’t work. As a result, you can avoid ever making the same mistake again and learn a valuable lesson that can make you a more effective business owner.
4. Not Using Available Resources. Just as you can’t handle every aspect of your business entirely on your own, you can’t know everything that there is to know about your industry, the online business world and the nature of running a business. Learning from others can help you improve your effectiveness as a business owner. Read books and articles. Attend workshops, classes, seminars and conventions. Seek out people who are more experienced than you or experts in related fields and pick their brains. The more you take advantage of resources, the more you’ll learn and be able to better strategize for success and run your business.
Being on alert for these potentially costly mistakes can help to put your business on the right path and help you to one day profit well from its sale. An Internet business broker can help you identify any other potential pitfalls that could stand in your way of a fair valuation, easily attracting a buyer or ensuring a smooth sales process.
Meeting with website brokers well before you’re ready to sell is a smart strategy that many business owners overlook. As experts in the sale of Internet companies, online business brokers are uniquely able to spot those obstacles to growth and profitability and provide recommendations to help business owners overcome them. If you’d like to get the professional opinion of a team of experienced, knowledgeable Internet business brokers on your company’s overall outlook, contact us today to schedule a consultation. We’ll be glad to provide you with our expert opinion regarding how you can set your business up for a successful sale in the future.