9 Tips How To Make Money In An Online Store
Are the return on your investment and all your hard work living up to your expectations?
I want you to know that you will never make money simply by owning an online store; and even if you do, the best you can hope for is to line up with all of the other online store owners in the "average" category.
You will never make enough money to go and live the lifestyle you dream of. In fact, you will never get to the level of those other so-called "successful store owners" you have read so much about.
Do you want to know why? Then read on...
The most popular posts and ads on social media today, are the ones that tell everybody how many millions of dollars they have made and how they are going to share their secrets with you and show you how to do it too.
Unfortunately, many people swallow the bait and join the courses; they believe the hype and think they are going to make a lot of money as well... probably very quickly!
A lot of online entrepreneurs have written about the technicalities of how to set up your online store, how to market on Facebook, and what to do with SEO.
Undeniably, some of them are making money online, but one of the most important, yet ignored subjects is “the attitude or mindset required for success in business.”
Statistics show that over 80% of eCommerce entrepreneurs will not achieve beyond average, even though they have all the money-making tips, software, ebooks and techniques at their fingertips.
The problem confronting the 80% of online store owners, is not the business model they chose, the software/tools they used, or the techniques they applied - the problem is the mindset with which they go about their business.
6 Undeniable Reasons How You Will Make Money Online
So in this article, I am going to show you why you won't make money online like the millionaires you are trying to emulate and maybe offer you some suggestions that will make you more successful:
1. Create actionable goals
The first reason you will not make money online is that you do not have goals. Let me be more specific about it...you do not have a TOTAL PLAN!
Your goals are the guiding force that drives your business forward. Every decision you make should be made with a specific goal in mind so that you’re always moving toward something.
Your business goal is to make money.
Do you want to know what caused the majority of businesses to fail in 2022? I’ll tell you. Lack of goals and a business plan! A survey was carried out by researchers in 2018 and they found that 68% of businesses failed in 2022 because they did not have a goal or plan of action.
When you start out as an entrepreneur, you need to think about your goals. You need to know where you are going and how you want to get there.
If you don't know where you are going, how are you going to get there?
If you plan a road trip, you make sure you are on the right roads, and most of the time you have an end of the trip in mind.
Olympic athletes are a great example. Their goal is to get to the Olympics and they have a plan of action of how to get there.
You need a goal and then plan accordingly to achieve your goal. This is your roadmap that you can follow and it will help you to think clearly of the actions you need to take for your business and see the gaps you need to fill.
Studies have shown that 42% of people who write down their goals will achieve them. Sharing their goals to will improve that percentage and reporting on their weekly goals to a group or mentor, did better.
2. Implement a process for your goals
"To every sensible pursuit in life, there’s a process and it’s this process that brings about results."
Now, what most entrepreneurs fail to understand is that the process of achieving a goal is more important than the goal itself.
The process of building a successful business is more important than the money that follows it because once you have successfully completed a process and mastered it, that process can be replicated as many times as needed.
This is why I always emphasize - focusing more on the process than on the goal.
It is easy to just create a goal of “I want to make a million dollars this year”. But creating the process of how to achieve a goal is what makes people successful.
In order to measure your success in business, you need specific goals. Most entrepreneurs, however, do not link their goals to their weekly and daily tasks. As a result, we lose focus and fail to achieve the results we desire.
Setting Goals gives you a clear view of where you're headed. While most don't work hard enough to align their personal or professional life with what they ultimately want, having concrete goals will enable you to devote more time and energy towards achieving that end goal - making more money through increased productivity without sacrificing mental health or physical wellness - by writing these down for later review.
3. Set your expectations realistically
Whether you want to make money overnight or to make $1 million in the first year is not a realistic goal in Ecommerce.
You listen to all the hype - "I made 1 million in 6 months" or "I will show you how I made 6 figures in a year". If you want to make money overnight, then I am sorry to say it is not going to happen unless you win the lottery!
“I often hear people say that the Rich Dad Company is an overnight success and I think it is a fact, but it took us ten years to get there.” – Robert Kiyosaki
If you listen to or read about the really successful entrepreneurs, it took them years of hard work to get to their present income level; why should yours be any different.
When creating your goals, set your expectations realistically and know that you can achieve them.
Setting up clear, achievable objectives has been proven to provide exponential success. Using detailed long-term goals is vital for deciding what kind of future you envision - and making it happen.
Writing down short-term objectives is necessary for maximizing one's productivity so as to meet objectives such as increasing sales or generating new customers; using an Objectives Chart will help you stay motivated.
Goals are essential since they not only push us forward but also allow us to reflect on where we stand before giving up; moreover, they reinforce our commitment which allows us to make rational decisions that aren't weighted with fear or guilt (again this will be elaborated upon in future chapters).
For your business needs, always set realistic goals and create a Game Plan - don't worry if it seems too simple because anyone can devise a strategy!
4. You need to be disciplined
Lack of discipline is another reason you are not going to make money. You can set your goals, write your strategy and make lists of priorities, but if you fail to execute your plan and stay focused, you will not succeed.
I have seen entrepreneurs jumping from one money-making scheme to another, or from one niche to another in pursuit of the holy grail, making lots of money fast!
To succeed in selling products online and become successful consistently, you need to establish your priorities and focus on them.
Focus! I can’t emphasize this enough because it is a vital key to success.
Don’t make the same mistake.
5. Take action!
Most entrepreneurs dream and fantasize about becoming the next billion-dollar success but only a few will lift a finger to do something about it.
They will do another marketing course, read all about success, sign up for another workshop on how to make millions, and all their time online were spent doing video workshops with no personal support; and they fritter away their time online, instead of focusing on what they really need to do.
To become successful, you need to focus on one problem, solve one problem, become great at it, and then learn or try something new.
It all takes time.
“Excuses cost a dime and that’s why the poor can afford lots of it.” – Rich Dad
A great way to keep focused and take action is in a group of like-minded entrepreneurs with a coach to keep everybody motivated. It is hard as an eCommerce owner to stay on track because the business and team are all remote. There are no coffee chats around the water cooler! So a group is the answer.
6. Do not waste your money
One of the problems business owners have is budget allocation. You will see online owners spending money on a beautiful website (which is important as well), and plugins, courses, workshops, software, etc.
But the truth is that if you are not willing to work, your tools will only be as effective as you are.
Stop spending money on frivolous things, but spend money like a CEO with your eyes on the bottom line.
If a tool is not going to increase your profit or efficiency in the short or long run, forget about it and invest in the little things that matter.
You need to spend your time and money nurturing your existing customers. If you don't have customers yet, I would spend time and money getting in front of your customers.
You know your business best. Communicate what you know to potential customers. Let people know what you are doing.
7. Know your numbers
The growth of your business is all about time, money, and resources. Most small business owners do not realize how long it takes to get noticed in the marketplace.
No matter how ambitious your goals are, set a realistic timeline and allocate resources accordingly.
I can’t tell you how many conversations with clients are about why there are no sales at the beginning of the launch. The bottom line is it really depends on several factors how successful your marketing will be and how soon you will start making sales, and one of the biggest reasons for immediate success is no budget has been allocated for marketing. So basically, the rule is, that you have to spend money to make money!
It takes money to grow your business because it takes time to encourage people to buy your products.
8. Measure your success
Knowing which campaigns are delivering the best return on your investment (ROI), which is your conversion in this instance, is the main aim.
Then you need to decide which techniques are most efficient for your brand and will ensure your success.
And celebrate your success along the way, every day.
I tend to celebrate every sale every day! It is the first thing in the morning even before my first cup of tea. But I also keep a spreadsheet with all my numbers, campaigns, and projects so I can see what is working and what is not.
Tony Robbins says it all,
“Progress equals happiness.”
9. You are what you think you are!
If you cannot imagine making millions or, let’s be crazy – billions!! ...you will not. We are seriously our own enemy to imagine where you should be.
Really expand your vision and work toward it.
Even if you do not achieve everything you dreamed of, would it not be marvelous to be near enough?
Step outside your comfort zone, imagine the unimaginable, and DO IT!
(but be realistic)
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