The E-commerce Entrepreneur Philosophy
The wave of entrepreneurs getting involved within e-commerce is growing like never before — with products easy to source and the ROI great when done correctly this wave is going to continue to grow.
E-Commerce can be a very lucrative business when done right — but is this not the same with every venture out there? Higher the risk the higher the results and revenue which can be gained, which is why it baffles me when I hear, and see in groups and forums people looking to quit or stall. You signed up for it so why quit?
There has never been a better and easier time to start and grow your e-com business — Find people who need a problem solving, give them the solution. But still people go about it in the wrong way.
I take the Triple M approach, — (Find) Market, Market to them, Make Money.
The main purpose of a backpack is to carry items from A to B with ease that can be carried by your back, that is the overall main goal of a backpack — If you can make it attractive and stand out to a certain portion of a market then your on to a winning formula.
For example Hello Kitty Backpack for children — Portion of a market, who have a need and want for a product = FLAMES!
Everyone is looking for that million dollar answer or solution but guess what you don’t have to! You don’t need to always hit a home run, you don’t need to be the next Amazon or the next Zappos but at the same time you can take the great aspects of what they are doing especially Zappos when it comes to customer services for example.
Everyone knows these big companies and guess what, you don’t need to be known by everyone.
You don’t need to be targeting everyone under the sun. There are over 7 billion people on this planet surely a % of them will happily give you money if you can provide them with something of value?
Look at it like this (I hope you can get the picture) your store is like you’re baby, whether you are rolling with Shopify, Magento or one of the other store platforms available. If your baby keeps crying day in day out are you going to just quit on them and give them away? Of course not (I hope not anyway…)
This is no different when it comes to building your store. Its going to take time, patience, its going to take mistakes and you are going to have setbacks but at the same time of having the setbacks there is going to be times that you have great moments.
You will make that first sale, you will have record breaking days! At the same time you will have refunds and unhappy customers — It is all part of the journey and the sooner you get to grips with it the better!
And surely this is what makes it fun right?
This is a roller-coaster, if your not ready to jump on then its best you don’t get on if you cannot take the highs with the lows. Everyone wants the easy pill, but lets face the facts it doesn’t exist — so how about pulling up your sleeves…
What did you expect — it would be easy?
If it was to easy would it really be worth it? It sure wouldn’t even if you think it is think again, look back at starting to drive a car, you didn’t one day just get in the car and drive like a pro, it took time and it wasn’t easy to begin with — but once you practiced, did it over and over you started to figure it out, and now you can drive whilst multi tasking i.e talking to others in the car, changing music channel even eating.
This will be how your store will be eventually. For me I love figuring out new ways to create better converting funnels, ads etc and I love driving traffic whether it is to my e-commerce store or anything that will accept traffic!
So what currently do you find easy? What do you currently find hard? I know without even doing a survey that people find driving traffic to there site the hardest, but why? There are about 1000 different ways to get traffic, choose some.
The issue what happens is we see all these courses and training which are just mainly showing FB Ads and guess what that makes us want to do? Run Facebook Ads!
Don’t get me wrong I LOVE Facebook Ads, but what if one day Facebook decided to ban you or Facebook disappeared — guess what so would your income and your store would pretty much be over.
I am telling you — the experts make it look easy and the fact is once you do it again & again just like anything it does literally become a routine.
You have more time than you think you don’t need you’re site to be an overnight success.
You need to know your numbers inside out.
But what do you need to measure? What are you currently measuring?
– LTV of a customer
— Visitors per day
— Conversion rates
— Average transaction
These are just some to name a few and then how are you prioritizing certain area’s such as:
1) Getting more users to your store ?
2) How to convince the user buy the product he has seen ?
3) How to fulfill the order once the order is placed and make sure that the product reaches to the customer on time?
4) How to followup with the customer and make sure that the product he brought is functioning exactly like it is described ?
Any starter or entrepreneur without the correct e-commerce philosophy will be thinking — lets focus 95% 2% 2% 1%
Whereas the real e-commerce hustlers are thinking and prioritising like 10%, 10%,15%,25%,40%.
Simple tweaks to how you think and how you run your business will make it either easy or hard to run…
So lets prepare to fail, fail to prepare — what more can you do if not?
Each day what are you going to achieve within your store? You want to prepare everything but at the same time don’t prepare so much that you don’t actually get started — There is nothing worse.
Sometimes after research the team and I can have 5 really good ideas, instead of thinking which 1 to go for options we have done are:
— Flipped a coin
— Rock paper scissors
— Gone with all
You know why? Because decisions = action = profit
If it doesn’t work it doesn’t work we move on! This is the mentality you’ve got to have! Don’t start to get attached! Even though you want to grow your business, at the same time you have to be able to disconnect. If you can do this, it makes it easy to grow a store and sell it & rinse and repeat — go figure.
Tweak, tweak and continue to tweak. Facebook Ads, Images, copywritting, pricing — It never ends! This is the sign of a real e-commerce entrepreneur, the moment you stand still is the moment your sales fall off.
So when you tweak, you have to also test, It is strange when people wonder why people are abandoning their shopping cart, or even worse users not adding their product to the basket as the image they are using is the exact same one sent from their supplier! You have to put the work into to reap the rewards, its how it goes.
If you take anything from this post, then I guarantee you that your e-commerce business will be fruitful, just remove the kinks, put in the time and everything will fall into place.