Summary
- E-commerce is a great choice because it has less competition compared to blogging or lead generation.
- Many people think you need to invent a product and invest a lot of money, but that's a common misconception.
- E-commerce typically offers higher profit margins. For example, an Amazon affiliate selling skin cream makes a 5% commission, or $5 on a $100 sale.
- By Drop Shipping or producing your own skin cream, you could make a 40% margin, earning $40 on a $100 sale.
- Higher margins mean more money for marketing, diversifying traffic sources, and increasing your earnings.
Video
How To Take Action
Implementation Strategies for Small Business, Entrepreneurs, and Personal Growth
I would suggest diving into e-commerce because it has fewer competitors than blogging or lead generation. It's also much easier and cheaper to start than you might think.
Start Simple: Instead of inventing a new product, consider Drop Shipping. This way, you can sell existing products without having to stock inventory. Partner with brands that already have a proven market.
Focus on High Margins: Choose products that offer higher profit margins. For example, with Drop Shipping or creating your own product, like a skin cream, you can earn a 40% margin compared to a 5% commission as an affiliate. This means more money from each sale to reinvest into your business.
Leverage Marketing Funds: With the extra money you save from higher margins, invest in marketing. Use a mix of social media ads, SEO, and email marketing to reach more customers. This will help you diversify your traffic sources and grow your business faster.
Keep Overheads Low: Utilize free or low-cost tools to build your online store, such as Shopify for platform management or Canva for creating marketing materials. This reduces upfront expenses and allows you to spend more on growth strategies.
Learn and Adapt: Keep learning about new e-commerce trends and tools. This knowledge will help you adapt and keep your business competitive.
By implementing these strategies, you can grow your e-commerce business efficiently without a large initial investment.
Full Transcript
now there's many reasons you want to get your hands up in the e-commerce pie for one there's less competition than let's say blogging or lead generation many people think that e-commerce is hard to get into people be like you mean I need to invent a product and shell out a bunch of money to get it made not knowing if it'll oversell another huge reason to start Ecom is because it just makes more money and that's due to higher margins as an Amazon affiliate if you sell some skin cream you're going to make a 5% commission rate so if that skin cream cost 100 bucks you just made $5 now if you're Drop Shipping skin cream partnered directly with the skin cream brand or hell you made your own skin cream you're looking at 40% margins your $100 sale just made you $40 and that's more money for marketing diversifying your traffic and filling your bank account thanks for watching and remember to subscribe for more videos just like this one
