4 Mistakes New Business Owners Make: Part 2

In our last article I pointed out a mistake most new business owners make when they start their new business. Today I want to touch base on the #2 mistake I see most business owners make when they are ramping up their new business….drum roll please……..

#2 THEY Invest Too Much Money in the Wrong Things! 

If you have cash to burn and don’t care where your money goes stop reading! However if you want to pour into a new business the capital necessary to get it up and running and care about an ROI, don’t spend to much money on the aspects of your business that wont help you pull a recurring residual or acquire a new client. Yes you need a product, yes you need an accountant and yes you need business cards and marketing material, but none of those things will put money into your pocket until you either make a sale, make a transaction or have a contract signed. I’ve met all types of business owners with home grown businesses, ideas that originated in a garage, worked from home, worked the “4 hour” work week and made a ton of money because they knew how to market their product and sell their product. I have also met business owners that have spent countless of dollars up front in product research, opening a new office, new equipment and only to find that cant get the product to move out the door! Bottom line, unless someone uses your product or buys your product you have NO BUSINESS! You have an idea, a pipe dream, an unfulfilled vision, what have you! If you want to see you business grow and you want to see it move forward, put your money into SALES AND Online MARKETING!

Invest in a Consultant or Mentor! 

Sales and Marketing is what primes the pump, it keeps the juices flowing and what causes the business to move forward. If you own a business and you are not good at Marketing or Selling, you have options. Option One: Hire an agency like ours who will get you on the map and get your business the exposure it needs. Option Two: Learn to do it on your own! I do have one un-biased warning if you decide to go at it alone; if you have a limited budget, limited funds or don’t know how to sell, DON’T GO AT IT ALONE! In the very least get a mentor, hire a private consultant like me for a few hours a month, but get some kind of help. Getting this type of help will in the very least give you the advantage and expertise without the headaches. Experience can be expensive, but it doesn’t have to be!

I’ve met some very successful people in business who understood the underlying principles of Sales and Marketing, but also understood their limitations both physically and mentally. Your business deserves a shot and the difference between you and the next guy is that the guy you are competing with has either figured it out after pouring time and money down the toilet, or hired a company like ours to ensure the leads where there so they could generate a profit.

I am offering a FREE Consultation this month to anyone who needs help with getting their business off the ground. If you want more exposure  more leads and more clients, we can help. What you’ll find about our company is that we prefer performance based relationships and will even fund your venture over time with the promise of an ROI in the long term. We partner with business owners, we don’t entertain short term relationships! If you need help or advice, call me you’ll find our agency to be pretty knowledgeable when it relates to Online Marketing, Start Ups and producing an true ROI on behalf of our clients!

To your success!

Emilio Yepez
305 389 8955
emilio@lighthouseinternetmedia.com
www.lighthouseinternetmedia.com

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Top 4 Mistakes Made By New Business Owners

Of course as many of you know, I am an online business consultant.  My expertise is in ecommerce, online marketing, operations and designing business efficiency systems and processes. If you would like more information on who I am please visit my Linkedin page by clicking here or my site by clicking on this link. I have probably consulted now close to 260 different businesses over my career. Some of those businesses include:

  • Shoe retailers
  • Fragrance retailers and shops
  • Ticket brokers and ticket sellers
  • Pharmacy businesses
  • Hispanic related businesses
  • Travel & Tours
  • Electronics & equipment
  • Warehouse & Shipping products
  • Law related businesses of all types
  • Products & services geared toward Hispanics
  • Women’s skincare products
  • Women’s clothing and shoes

Check the Ego at the Door Please!

I first want to say to my audience that I am not the “proverbial not it all”, I do however think my extensive career has afforded me the opportunity to gain valuable insight into how successful businesses are managed and operated. I’ve been able to see how different businesses work, the unique business models used to generate a profit, but more importantly the key principles that dictate the success and failure of a business.

In the month of February, I am dedicating a few articles to new business owners and entrepreneurs. I think you’ll find the principles I will share to be practical, but also insightful and hopefully worth your time. I am not a writer by trade, however I do tend to put a spin on my articles that I think helps others relate and see things differently, hope this helps!

Mistake #1: Running Out of Gas!

Oh the excitement of owning a business! It doesn’t matter whether you’re a team of one or a team of 100 in a start-up, owning or operating a new business can be fun & exciting. Creating something that is your own based on a vision, is inspiring, however what do you do when “30 days later” J you lose some of that momentum, the fire in your belly is quenched and it dawns on you that the business you envisioned is going to be much harder to get up and running than you could have ever imagined?

There is a saying I heard someone say the other day that really spoke to me and I think is appropriate within the context of this article: “Fatigue makes cowards of us all”! Isn’t this the truth!

A common mistake I see “new” entrepreneurs make is not mentally and physically preparing themselves for the demands of a new business and the JOURNEY. Owning and operating a business is a marathon, not a sprint! It takes time and there is plenty to do, so do yourself a favor & enjoy the journey.

If you have run out of gas and need inspiration, go back to the vision you had and let it fuel you. I don’t know of any other financial instrument like building a business to generate wealth.

Your vision and dream is worth it, but it’s going to cost you a lot, if not everything to see it happen. Look, your not the only one to have feelings of doubt or fear and if your physically tired, rest and get back on the horse. Remember, building a business can take months, years and in some cases a lifetime. It’s not a sprint, it’s a marathon!

I will be posting the next 3 mistakes in other articles this month!

To your success!

Emilio Yepez
www.lighthouseinternetmedia.com
emilio@lighthouseintenetmedia.com
305 389 8955
Twitter: affiliateagle
Linkedin: http://www.linkedin.com/pub/emilio-yepez/12/326/50a

BIO:

Emilio Yepez is an e-commerce consultant located in Miami, Florida with over 16 years of operational and internet marketing experience. Emilio Yepez has worked with top Internet Retailer 500 companies and has generated Millions of Dollars in sales in both affiliate marketing programs while at ARC and ARC Media and ecommerce business development projects, like Navarro.com. Recently, Emilio Yepez developed and managed the Navarro.com ecommerce site, the largest Hispanic Owned Pharmacy Chain in the US.