Tag Archives: Mistakes

Money Mistakes New Entrepreneurs Make

Money Mistakes - Entrepreneurs3 Money Mistakes that Keep Your Business Broke

Poor money management has been the cause of more business failures than any other single issue. And it’s no wonder. We aren’t born knowing how to manage money. Most of us aren’t taught how to handle it either. We figure it out along the way, through much trial and error.

Those same mindset issues and bad habits that wreak havoc in our personal finances can plague our businesses as well if we’re not careful. These are the three money mistakes entrepreneurs tend to make…

Money Mistake: Catching Shiny Object Syndrome

Some things are just hard to resist—especially when your friends and colleagues are all jumping on board! New tools, training, group coaching programs and even business models can all have a strong pull, and if you aren’t careful, these shiny objects can quickly distract you from your current goals.

If you find yourself catching shiny object syndrome frequently, try this two-step plan instead:

  • For “too good to refuse” offers, make a plan for achieving a positive ROI before you purchase. If you cannot find a (realistic) way to make the purchase pay for itself, don’t buy it.
  • For exciting new business ideas, create a “someday” list. Jot down your idea and a basic outline, then get back to the task at hand. Now that great idea won’t be lost, but it also won’t join the ranks of half-finished business plans that litter the internet.

Money Mistake: Falling for the Sunk Costs Fallacy

If you’ve ever said to yourself, “I’m not using this subscription, but I can’t give it up! I’m still paying the launch price and now it’s much more expensive!” then you’ve fallen for the sunk costs fallacy.

This common mistake is famous among economists, and we all fall victim to it from time to time. Simply put, the sunk costs fallacy is what makes us justify investing more money or time in something—even though we’re not seeing results—because we’ve already spent so much. It’s what encourages us to repair the car one more time (after all, you just put new tires on it), eat a meal we don’t enjoy (simply because you’ve paid for it), and yes, continue to pay for tools and resources you’re not using.

Take a few minutes and examine your current business expenses. What are you paying for month after month that you’re not using? Either make a plan to put them to work for you, or cancel them. Stop falling for the sunk costs fallacy.

Money Mistake: Too Much Penny Pinching

You thought this was all going to be about overspending, didn’t you? Here’s the kicker: Spending too little is just as bad for business.

When you’re constantly on the lookout for free and low-cost tools or working 16-hour days because you “can’t afford to outsource,” you’re not doing your business any favors. Sure, it looks like you’re bootstrapping and working really hard to make something from nothing, but what you’re really doing is digging yourself a rut it will be nearly impossible to climb out of. Not only that, but you’re reinforcing a scarcity mindset that will continue to plague you for years if you let it.

Rather than pinching pennies, learn to spend money strategically. Buy what you need, when you need it. Invest in top-quality products and programs rather than settling for the low-ticket, half-baked plans. Just like quality clothes, cars and furniture, quality services and software last longer and work better.  And unlike that car, good quality business tools will pay for themselves.

I learned early on as an online entrepreneur that money mistakes would cost be dearly. This is solid advice and I’d love to hear your thoughts on this topic.

I’m Connie Ragen Green, online marketing strategist, bestselling author, and international speaker on the topics of entrepreneurship and inner game mind shifts. Let’s connect to see how I may best serve you in the near future. And please be sure to check out my Internet Marketing Six Pack training course.

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The 3 Marketing Mistakes Most Online Entrepreneurs Make

Marketing MistakesMarketing mistakes can be costly. After working with online marketers for ten years now, I’ve seen them run into the same problem over and over again. Even though they have amazing things to offer their customers, they get stuck and stagnate.

I’d hate for that to happen to you, so let’s put a stop to that right now and talk about the 3 mistakes to avoid…

Mistake #1: Not Marketing Consistently

It never fails. Most new bloggers, affiliate marketers and product sellers get excited when they start out, so they tell everyone they can about their project. But then…

They don’t get the results they were hoping for and just give up.

OR

They get some good results, but fail to keep it up.

The thing is, marketing is an ongoing process, but it doesn’t have to be a difficult one. It just has to be Done for You Templatespart of your overall business plan. Each daily plan needs to include at least one marketing item, so you develop a habit and stay consistent with your growth.

Mistake #2: Being Wishy Washy

Oh yeah, I see you over there nodding your head. I get it…you’re a blogger or you’re a writer. You’re not a marketer and the last thing you want to act like is a used care salesman. I do NOT blame you.

But the thing is, marketing is not the same as a high-pressure sale. If you do it right, marketing blends in with your content creation process. It becomes a part of everything you do. There’s nothing wrong with being proud of your work and recommending it to others and that’s exactly what a smart marketing plan does.

Mistake #3: Trying to Reinvent the Wheel

The world of online marketing can certainly be difficult to navigate, but what you need to succeed is right in front of you. See what is working with others and figure out how you can apply that to your own business.

Of course, sometimes that’s easier said than done. How do you know what’s really working and how can you apply the strategies without copying someone else?

Well, I’m sure you know that I’ve got your back and have the solution just right for you….

My friends Ron Douglas and Alice Seba have been at this for a long time. They know what works and what doesn’t, and they’re always willing to share freely.  They’re the perfect example of marketers who don’t sound like used car salesman, but certainly aren’t wishy-washy. They engage their audiences by educating them and making them feel like they need their solutions.

That’s one of the reasons they opened up DFY Templates and I’m inviting you to join me over there. Each month, they offer you their fill-in-the-blanks templates to help you get your marketing done quickly and effectively. You have full rights to edit the templates how you’d like. You can even use them with your clients or brand them and resell them.

The special charter member opportunity expires very soon, so go here now and get the lowest price possible. I want you to have instant access to your first marketing template package and let me know what you think.

 

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