So many people think that they can set up their own website and get rich, or at least make a very decent living, by selling various goods, and/or services, but so often their dreams are shattered as their business fails.
There are many reasons why this is the case, but I’ve collected some of the most common below. Hopefully, they will help you to identify any issues with your online business so you can correct them and hopefully be the successful entrepreneur you know you can be.
Not having a plan
Because so many people think that setting up an online business is far simpler than setting up a bricks-and-mortar one, they often don’t take the time to do things like write an eCommerce business plan or look at projections from the future. This is a really bad idea because, without a plan, you tend to just float aimlessly trying all manner of things without any real direction, You might get lucky, and this approach might pay off, but it’s unlikely.
Selling the wrong thing
Another really common reason for online companies to fail is the simple fact that they are selling a product that is unsuitable, not very good, or just not commercial enough to be a viable concern. That’s why it’s so important that you conduct lots of market research before you start stocking any products or offering any services, and why you should look at what competitors are doing to see if you could slide into a similar market.
Selling too high or low
Selling your product for way more than the competition is only ever going to result in boosting the bottom line of your competition because no one wants to pay more for s product or service than they really have to.
However, did you know that selling too low can also be a problem? When you’re selling online, customers often have to take things by faith, which means you need to convince them that your company, and the products and services you offer, are legitimate. If you sell for too little, customers might be wary of you and mistake your eCommerce store for a scam or your products as inferior copies which is something you really don’t want to happen. So, price competitively, but don’t go too much lower than your competition or it could backfire spectacularly.
Your marketing is off
Just like you need to have a business plan, you should also have your own marketing plan which includes a highly developed strategy for selling your stuff. You need to know exactly what you’re going to do in terms of SEO, web ds, social media posts and influencers, and you need to budget accordingly.
It’s also important that you monitor your analytics so you can see what is and is not working in terms of marketing, so you can maximize your ROI and make the best use of your marketing budget, while also increasing your sales.
You haven’t spent any time (or money) on SEO)
As I mentioned above, SEO is a really important part of marketing your business online. If your SEO is poor, then you won’t rank very highly on Google or other search engines, which will make it difficult for anyone to find you and actually purchase your products or services. It is possible to learn the basics of SEO yourself and there are lots of free and paid tools that can help you get it right, but if you have anything spare in the budget for it, hiring an SEO expert may be one of the best things you ever do for your online business.
Your web design sucks
Nobody is going to spend much time on a website that takes an age to load, is difficult to navigate, and almost impossible to find any information on. It will look sketchy and no one will trust it even if they can be bothered to stick around and try to navigate it. If your website looks more like something from 1991 than 2021, you need to change that and you need to change it fast. You need a website that’s clean, crisp, fast, and easy to navigate and there are lots of templates that can help you to achieve that so you really have no excuse.
Your copy is bad
If you want people to buy your stuff, you need to be able to persuade them that it would be a good idea to do so, and that means you need to write compelling, persuasive copy that draws them in with well-placed calls to action and gentle prods along the buying process. If you don’t do that, you can’t expect to get many sales.
Shipping is over the top
If your shipping costs are really high, no one is going to buy – it really is that simple. Obviously, you need to cover your cost with shipping, but don’t use it as a way to make extra money from your customers and do shop around for the best carrier prices.
If you can, it’s often better to add a dollar or so to the cost of an item than it is to charge for shipping, Free shipping is always a big draw, even if products are slightly more expensive because paying for shipping feels like paying for nothing, So, if you can, make shipping free and you ill probably sell far more stuff.
Your photos suck
If your photos are stock images, then chances are no one will trust you enough to make a purchase and if they are taken by you, but they don’t look particularly great, no one will be convinced to buy. They say that a picture paints a thousand words, and when it comes to online shopping, this is certainly true, so take the time to hire a decent photographer and chances are your sales will climb up as a result.
You’re like every other business
If you’re like every other business in your niche, there’s no incentive for customers to choose you over the long-established companies selling the things you sell, which is why you need to find something that can make you stand out., That could be donating part of the profits to chastity, offering products in unique colors, or…well you get the idea.
Stop failing and start thriving!