Fabian Tan

It's amazing how much money many business owners are leaving on the table by making some simple mistakes. I'm guilty of it myself, and am trying to improve my business everyday. In this article, I'm not going to talk about every possible mistake an online business owner might make (that would take an entire book), but I'm certainly going to discuss 3 of the biggest mistakes that can leave thousands of dollars on the table.

Without further ado, here they are:

Mistake #1: Not Building A Mailing List

This is the most common mistake that online businesses make – not building that mailing list. The money IS in the mailing list! It is in the quality of your list and how much value you offer to your subscribers.

I don't care whether it's an email list or an offline direct mailing list that you build (preferably, build both if you can), but whatever you do, start building a list. Don't worry even if you are not doing well with a few hundred subscribers, once you hit a thousand subscribers or so, things will start to snowball, as you will be able to work out cross-promotion deals with other list owners in your market.

Mistake #2: Not Offering Any Complementary Products

Are you offering any complementary products in the form of up-sells or cross-sells to your customers? If not, you may be throwing a lot of money away. One reason marketers may not offer additional products is because they don't like the idea of offering too many products. They think they are 'over-selling'. Nothing could be further from the truth!

The truth is, up-selling enhances the buying experience of your customer IF they receive additional value with the purchase. Plus, it increases your profits. So it's a win-win situation!

Mistake #3: Not Keeping In Touch With The News

Some people don't bother about the latest news in the world or even the news in their industry. They're cocooned in their own world. Some just don't care; others may have become obsessed with 'time management'.

Some time management advice can be dangerous. There is a fine line between losing touch and being in control. Always try to stay in touch with the latest happenings in your industry. You never know when you can lose your business overnight because of a time management obsession or simple ignorance.

One rarely mentioned news (but still relevant) in the Internet marketing world is the falling US dollar. The falling US dollar, if you have already noticed, erodes profits and exacerbates inflation for everyone. Since the goal of internet marketing is to make money, that's very relevant. I have already taken action on this information by buying commodities to hedge against the falling dollar.

Look out for these business-killing mistakes, and squash them as soon as possible.

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