Ten Business Mistakes (Conversation with Marshall Wayne)

By Stew Smith
DIYmediamarketing.com Blog

In a recent texting conversation with an old friend and a brilliant brand developer Marshall Wayne, we discussed some of the mistakes we have made as well as seen others make in business. These mistakes and tips are not just for online businesses – these apply to any business.  Here is list of things to consider about your business and how avoid common mistakes.

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  1. Find a Niche – Do one thing and do it well! Keep your business focused and to the point! However, be bold. Stand out from the crowd. Take chances. Take risks. Break the pattern. Pattern interrupt. How are YOU different from your competition?
  2. Get it Done! – Do not take too long to get things done. Sometimes done is better than perfect. You can always update and fine tune in the next few weeks and start taking orders immediately. Listening to your customer’s comments and emails may even help you fix things according to their needs and clarify any confusing sections of your product, service, advertisement (post, article, website, video).  IconEngineeringSystem.com
  1. OUTSOURCE! Outsource what you’re not good at doing or things that take away from your time. Several hours doing five-dollar an hour work may not be your best use of your time and effort. Also hiring a professional to do high end professional work should be considered if you are in a position to invest in your business.  Check out Fiverr.com for things you can find people to do time consuming business tasks for you.  For instance, unless you are a graphic designer, do not waste your time trying to design a logo, website branding, and even ebook covers.
  2. JOINT VENTURES – Do not be afraid to ask. I spent a lot of time being afraid to ask people to work with me, or joint venture partnership with me. That is a costly mistake. Kicking around ideas with other people in similar businesses and working together on something is a great way to build your business and customer lists. You may even find a new friend or at least a better way to do business.
  3. Don’t be a recluse. Get out and network. It is important to get out meet people and shake hands not only for customers but for others in related or supporting businesses. Let people know what you are doing – all the time. TheAgencyDeclassified.com
  1. Customer Service – Always value a customer. Even a customer at the low-end of the scale can someday turn into a big customer. Don’t burn that bridge. Also, that customer at the low-end of the scale maybe friends and have partners at the high-end of the scale. Don’t burn that bridge. Make sure your low-end items / services are a funnel into bigger and more expensive premium products and services. NEVER OUTSOURCE CUSTOMER SERVICE.  No one will care more about your customers than YOU!
  2. Stay in Growth Mode – Stay open to new opportunities. Just because you think you are in one business now, do not close yourself off to other opportunities even in a new genre. Let things take you where they take you. TheAgencyInnovationLab.com
  1. Keep Learning – Technology changes online business every year. New platforms, apps, equipment, and software can make your efforts to conduct business decrease significantly and the quality of your products and services multiply.
  2. Diversify – Yes, you must do one thing well, but you can take the ONE thing you do well and diversify to make more products and attract more customers. For instance, I write about fitness tests. I started with acing fitness tests to get into the Navy SEAL program.  Then, other Special Ops programs were developed and now every fitness test the United States uses as an entrance exam into military, police, and fire fighter professions have been created.  However, make sure your low end products can push people toward your high end products (funnel).
  3. Back to the Basics BUT Update your Vision and Strategy – Stay focused on your goal and work to dedicate your energy to your vision. If opportunities arrive, take them, but verify it is parallel to your initial goals and strategies . Often, I find that going back to the basics every year is a way to address opportunities missed and help to get the company back on track.

These are the links of my friend Marshall Wayne.  We will be interviewing him (webinar) and learning more about his story and his business in the future. We hope to be using his #4 of the above list with Marshall in the future!





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