If, after reading this title, you actually clicked to read the article, it shows that in the first place you believe in yourself.
And there you go, now you learned the first and the most important lesson that we are going to give you today in this article, BELIEVE IN YOUR SUCCESS!
“Nothing happens unless first we dream”; In literal and metaphorical meaning, this is the ultimate truth in everyone’s path to success in life, in business, in anything we want to do or happen. And if you don’t have this in you naturally, if you are not born highly optimist and enthusiastic, that just means you will have to work a bit more on this area and although it might feel awkward sometimes, like everything else, it just takes practice. So, believe in yourself, believe in your success and then you can start to create something, your own successful business.
Everything starts with the idea. But the next step is equally if not more important, and that is turning that idea to a feasible plan. Everything you plan to do, you need to “put on paper” and analyze in order to make sure all aspects of it are realistic and profitable – to create a business plan. This you can do with “simple” SWAT analysis or try some more complex approach, or even hire an expert (this is financially challenging but, it is the best solution if you don’t have any knowledge about business planning).
Try to keep your starting costs as low as possible. There are two reasons for this… First is that keeping low starting costs means that you will have more money to “experiment” or push a bit more investment for example in marketing or in some opportunities that might come along the way; and have enough money to cover some possible unexpected costs or longer business development period (period without making profit). The second is, the darker one, in case your business fail or shows signs of not having success, you will still have some money left to try something new next time.
One of the ways to keep the starting costs low is to select e-commerce business instead of brick-and-mortar business type.
Select the perfect niche to start the business in…
What is the most popular? What is unique and interesting? What do others say? What do you feel?
Many questions and that many correct answers… You can give any of these questions proper reply and make a case for it. But when you start your business, it’s always only your decision.
Let’s talk about playing it safe and selling what’s popular. You cannot play it safer than selecting to sell cell phones. Today’s market for cell phones is huge. In today’s world, there are more (working) cell phones than there are people. According to statista.com in 2019 the number of cell phone users is forecast to reach 4.68 billion; And it is estimated that around 67% of the population will own a cell phone in 2019. This is truly a huge market and keep in mind that, according to Recon Analytics, an average life of a handset in the U.S. is about 21 months, so we can say it’s fairly expendable merchandise.
E-commerce or brick-and-mortar?
As mentioned before, you want to keep your starting costs low. E-commerce requires little to none money investment…of course, the more you invest, the more likely you’ll get your profit back faster.
By choosing to do drop shipping business you can easily start your business with minimum investment and risk taken, especially if you want to sell cell phones on some specialized websites such as eBay, or some local ones. This will, of course, get you less profit than having a web store on your own website.
“Doing business without advertising is like winking at a girl in the dark. You know what you are doing but nobody else does.”
It says it all… Since the next step after making a business plan and putting it into work, is to increase your sale and that can be done with the little help of marketing.
Considering that you already managed to get some considerable customer base, email marketing can be a very successful way of increasing your sale. From product promotions to just keeping in contact with customers, you can do it all by sending a simple newsletter once or twice a week.
Social media marketing is a must. Instagram, Facebook, Pinterest, Twitter…all offering a great opportunity for reaching out to already existing customers and more importantly to the new ones.
Doing online marketing does require some level of knowledge and you might want to get some online course about email and social media marketing or hire an expert to do this for you. Both solutions have their ups and downs, but if your profit is already good enough, hiring someone is definitely the best solution.
Having your own stock and selling “of the shelf”
Only when you can get your own products stock, you will get wholesale prices from the distributors and suppliers. Purchasing larger quantities will get you a better price per piece and subsequently get you more profit. Also, it will give you the opportunity to arrange your own shipping method, it will give you more space to plan and make strategies for price changing, marketing actions, customer engagement…
Of course, this requires quite an amount of money in your business account and warehouse stock handling knowledge. But this is the way big sales companies do business. And besides, if you come to this stage, you are definitely earning $10k a month.
If it’s done before, it can be done again!
It may all sound like a dream or made up success story frame, but this is how it works (in simple words of course). There is a lot of examples of modest beginnings turning into great business (take Chinavasion as example), so it is definitely possible.
Keep in mind that the first year is all about survival! Do not expect some significant (if any) profit in the first year…but, don’t give up! Be prepared, be patient and persistent, the reward for your effort is just around the corner.