Business Mistakes and Trends
My sister entrepreneur Marnie Pehrson Marcus and I talk in this video about the worst business mistakes we made last year, tips for online entrepreneurs that help right now, and trends. Don't have time to watch the video? You can get a bulleted list of show notes (failures, tips, trends, and opportunities) below the video screen OR download your own PDF copy of the show notes (see below).
Business Mistakes and Trends – Show Notes
Our Worst Recent Failures:
- Personal issues that impacted Marnie’s level of effort in her business
- Burnt out with business as a whole due to changes in the online world
- Failing to trust your gut when you make a business decision
- Using a brand new business as a support to your business
- Focus on your work when personal issues are large to give yourself a sense of accomplishment and focus
- Create multiple streams of income so that when you step away from business due to large personal pressing issues your income doesn’t stop
- Fatigue – go check with a doctor
- Realize what you have been facing in your personal and business life – list it all out and give yourself credit for getting through big personal and business changes
- Use retargeting and plan to reinvest your profits into your business
- Use videos on Facebook in advertising – it can be economical – create this in power editor to create an audience and then retarget that audience
- Realize that you have to constantly learn to stay on top of the tech you are using in your business
- Look for longevity when you get help for your business (and look for referrals)
- Some online business managers don’t have great communication systems in place, test that before you buy.
- If you have a team for your business put systems in place!
- Don’t hire a team if you’re not a delegator and if you get stuck in perfection – you have to work on yourself first.
- If you are the brand and the personality of your business it’s tougher to delegate social media. If you’re a big company and it’s not about you it’s a lot easier to do this.
- Book recommendation – Chris Brogan’s Impact Equation
- Online business has gotten harder, we see fall out as some entrepreneurs are going back to work
- Overcrowding in the online world (low barrier to entry, harder to gain visibility)
- You must take a long term view now to be successful online – ads take longer to build audience, retargeting is the name of the game, strategy is key
- Harder to make “quick money” throwing things out on Facebook
- Death of organic traffic – you have to pay to play – that has been true for a while but it is continuing
- Increasing tools available to help with social marketing and media (Social Funnel Engine, for example)
- Groups in Facebook instead of business pages
- People are dropping out of the online world who thought it would be quick and easy, the people with experience and longevity are left standing
- Less visibility in Facebook – you drop out quickly if you’re not in there posting and commenting
- Livestreaming from Facebook and from YouTube will be a bigger presence in your business, Google Hangouts on Air are harder to do and will fall away in our opinions
- Women entrepreneurs can ask to be a part of Sue’s secret Facebook group, the Salon of Women Entrepreneurs – to join send a PM to Sue on Facebook (http://facebook.com/suepainter)
To download a PDF version of these show notes as a reference just click here and we'll get them to you.