I've been in the online business space for 11 years.  I have seen my fair share of frustrated or disappointed social media posts - of business attempts that didn't work out. Here are 7 potential pitfalls that I think any new online entrepreneur should consider ↓  1/ Secure Your Audience Beyond Social Media Platforms change rules and can suspend accounts. Building an email list is your safety net. Social media (𝕏, YouTube, Instagram) and marketplaces (Amazon, eBay, Etsy) are all other peoples sandboxes. Think of an email list like grabbing your friends' phone numbers in case you ever get kicked out of the sandbox. You are ensuring you can always get in touch with them. Takeaway: Until you connect with your followers outside of a platform, they are not your customers - they are the platform's customers. 2/ Understand the rules for the sandbox you choose to play in We all believe that a bias to action is essential to getting going in online business. But don't take this advice to mean you don't need to take the time to learn the rules of the platform that you are building on. I have seen people lose accounts on Etsy, Amazon, Instagram… pick any platform. Most were due to someone not being aware there were rules they were breaking.  Action Advice: Read terms of service, be in groups where other sellers or content creators hang out, learn the rules. 3/ Diversify your baskets Having all your eggs in one basket can be risky. Due to points 1 & 2, you need to diversify your platforms and/or income sources. Caveat: Diversifying initially is not a great idea; you'll need to focus on building something properly... but once you have built your first home on the internet, you should expand your horizons. Action Advice: Use the leverage of your 𝕏 audience to build an audience on LinkedIn or Instagram - or add a second stream of income.  4/ Know the basic laws & regulations that apply to you You are running a business. When you decide to run a business, you take on the responsibility of running a business. Action Advice: Get in a group of other online entrepreneurs (or better yet, a few groups) so you'll be aware of changes when they happen. Make sure to research requirements for [fill in the blank with your thing]. For example, make sure you are following legal requirements for your website/email provider (recent Google and Yahoo DMARC requirements as an example). Also, trademarks are a thing, don't name your business a name that someone already uses.  5/ Sales tax and income tax. [For the US] Learn enough not to get yourself in trouble. Save for estimated quarterly taxes and understand sales tax obligations. Obviously, the larger your business grows - the more you will need to know in these areas; it's not a one-and-done. Self-employment income is taxed differently than income you earn as an employee. You also pay it differently (every quarter) since it is not taken automatically out of a paycheck. Action Advice: Create a bank account for just your taxes - take the portion you will owe in taxes (as soon as you are paid) and transfer it to this account. Meet with a professional to learn how much you should set aside, but plan to save roughly 30% of what you make. (Filing status, tax bracket, etc. affect this rate). If you live in a state without income tax, I envy you! For the rest of us - remember to pay quarterly taxes to your state also. Caveat: I am not a tax professional. So it goes without saying that you should consult an accountant or tax lawyer who can look at your unique business and give you professional advice. 6/ Decent bookkeeping You don't have to become an accountant, but you can do plenty to make life a lot easier on yourself come tax time. Again, remember, you are building a business - you take on the responsibility of a business. The IRS doesn't care that you're new and didn't know.  Action Advice: Have a separate checking account and credit card for only business income and expenses. Don't buy anything for personal use out of this account, ever. Become disciplined about this early on, and you'll save yourself a lot of headaches. 7/ Start with the End in Mind: Covey's Wisdom in Business Adopt Stephen Covey's approach: envision your business's end goal. Understand different business models and their scaling potential. For example, selling handmade crafts on Etsy has a different income potential than selling digital courses. Choose a model that aligns with your aspirations: substantial wealth, supplementary side income, or somewhere in between. There are a lot of OG YouTubers currently announcing they are quitting or significantly scaling back. They built a business they didn't want. They didn't want to manage large teams; they wanted to focus on their craft. Takeaway: Businesses come in all shapes and sizes. You can take the Lego blocks and design your perfect version - you just have to do it with thought and intention, or you may end up someday wanting to tear it all down. - - - Would love your thoughts - things you think a beginner should be aware of, or if you have a question you think I might be able to offer some insight on, ask below - I'm happy to share my thoughts!

@Dom_Investing 😊

@darrelltalksfi Yard work is no fun even without a grass allergy. imo. 😅

@MarkPivko Definitely not with ad creatives! So much of what we learn comes directly from what doesn't work.

@RKJourney716 Love the photo Rishi! 💪

@RKJourney716 It has. It tends to do that every so often. 😉

@paul_suvadeep haha. Probably right.

@paul_suvadeep Happy for it!

@MarkPivko Always Mark! 🫡

@GoalLoaded Thanks GL! :)

@HunterEsoteric 🙌 On it!

@Winroadsteve Nothing good happens in the waiting room of your life.

@Winroadsteve 🙌 Exactly Emmy!

@ItsMeBenChan Wouldn't have it any other way. :)

@KokoroHub Same to you Leo! :)

@Simpli_FI_Life Same!! :)

@JoshRoche108 @thejustinwelsh Right?! Only we know our own "priority" list if you will. I do love the idea of building and designing a life around those needs/preferences/interests. We're blessed to have the choices we do these days.

Yes! 100%! That's what made me start taking it. I have the worst memory. And so I'm always up for trying something! lol. Heard about the cognitive benefits... and ordered some. I think it makes a difference. It's helpful you noticed it after you ran out and stopped taking it! Sometimes it's hard to sort out when something is really helping or not!

It does right?! I know you've had some posts on it too lately! 🙃 I used to work with someone back in the day at the teen program... he'd always say "there's never been a worse time for this..." and it kind of became a running joke... when life is life'ing it's on its own time table. lol. 🤷‍♀️😊

@Megzcreates Haha. That would have been a blast.

I think both your Dad and sister seem like they're probably doing better than 99% of people with their money even though they have a different approach in this area! Have a plan... dedicate yourself to executing the plan. You'll both end up in really amazing spots financially. I often think it's the dedication... more than the specifics.