Starting a business and becoming an entrepreneur is no longer just a dream for many people, for many it has become a reality. Nowadays, with just a smartphone and an account on a digital platform, you can make money online. In this article, find out 5 mistakes you need to avoid immediately!
One of the best options for people who want to become entrepreneurs is to create digital content and products, such as online courses, e-books, podcasts, and subscription services. This type of content allows someone with a certain skill or talent to help and teach users around the world.
To give you an idea, a recent report on digital transformation published on ReportLinker, showed that this market will grow from USD 521.5 billion in 2021 to USD 1247.5 billion by 2026, an impressive increase in a relatively short period
Since it’s such a booming market, many beginner entrepreneurs have ventured into the digital product market without a lot of knowledge about the main tools and strategies that are available. And, as a result, they end up making mistakes along the way that can harm their business.
Examples of these creator mistakes might simply be not giving a lot of importance to the business’ financial planning, or more serious mistakes, such as adopting harmful practices that put the entrepreneur’s reputation at risk.
If you’re taking your first steps into the world of digital products, or thinking about starting, keep reading this article. We’ve listed some of the most common creator mistakes and how you can avoid them.
Financial management is one of the most important aspects of a business. When done well, it can be the difference between achieving success and closing its doors.
According to a survey conducted by Facebook, a quarter of small- and medium-sized businesses closed during 2020 due to lack of financial control.
And with digital businesses, this is no different.
Creators that take the matter seriously and plan their finances, are able to control their business’ cash flow, cover operational costs, invest in the brand’s growth, and even maintain an emergency fund.
Of course, this isn’t an easy task and it requires discipline. But a few simple things can help you handle your business’ money more responsibly:
- Do not mix your personal finances with your business’ funds;
- Always invest part of your profits in the growth of your business;
- Monitor your business’ cash flow closely, either with spreadsheets or applications;
- Define a few tracking metrics and KPIs, such as return on investment (ROI), revenue level, and net profit;
- Don’t give up when you encounter your first crisis.
Another common mistake made by creators who are just getting started, is to think that there’s no need to produce relevant content for their audience and focus only on selling.
Consumers are increasingly connected. They perform most of their daily activities on the internet and consume a lot of information online.
With this in mind, one of the most effective strategies for communicating with your audience, generating engagement, building authority, and making sales is through content marketing.
This strategy consists of producing relevant content based on your audience’s interests. This includes videos, blog posts, social media posts, and even email marketing messages.
This way, you can educate the market about the solutions your business offers, create a community of followers and fans of your brand, work on your online authority, and ignite people’s desire to buy.
Many beginner content creators make this mistake without even realizing it.
A sales page is like a display for your product. Your sales page communicates to consumers what your product offers, what its unique features are compared to your competitors, and the results they can achieve if they purchase it.
If your sales page doesn’t have complete information or, even worse, presents false information, consumers may lose interest in closing the deal.
When creating a sales page, provide all the information that consumers need to know about your product or service.
If you sell an online course, for example, present the course’s topic, what will be taught throughout the course, and what the user will learn at the end of the lessons.
If possible, use images and text to make this information even more accessible and easy to understand.
What is unique about your business? What makes your product different from the competition? What are the benefits that only you can offer audiences?
When consumers look for a product or service to buy, they’re looking for a solution to a need or problem they face.
In an environment as crowded with options as the internet, those who offer the best benefits and solutions come out ahead.
In this sense, your business needs to position itself as the answer to this problem and offer a value proposition.
This way, you can clearly inform all of your brand’s unique features and reinforce that your product is exactly what your audience is looking for.
Merely studying the market, understanding the audience’s needs, and creating good content isn’t enough. You need to have a platform where you can host, promote, and sell this content.
And one of the biggest mistakes that beginning creators make is choosing a platform that is not suited to their business needs.
Because there are many options on the market, it’s common for beginner entrepreneurs to not know which criteria to use when choosing a platform, and end up going with the cheapest platform.
Ideally, you should thoroughly evaluate all available alternatives and features to know which platform delivers exactly what your business needs.
After all, there’s no point in using a platform that charges lower fees per sale if it doesn’t offer expert support, security for the hosted content, or extra tools to scale online businesses.
You can find all of this at Hotmart.
With over 10 years of experience in the digital market, Hotmart offers dozens of solutions designed to help create, accelerate, manage, and scale internet businesses, all in one place.
Besides hosting your digital content, be it an online course or e-book, you also have access to payment tools, subscriptions, online communities, and much more.
Would you like to learn about other benefits Hotmart offers for content creators, and how your digital business can take off? Just tap the button below and take a tour of the platform.