Successful eCommerce Business Venture Explained

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As we continue looking for ways to maximize the benefits of technology it comes as no surprise that one of our favorite pastimes, shopping, has gone from “brick-and-mortar” to “click-and-order.” Not only is it convenient to browse and purchase the things we want at a moment’s notice using our beloved devices, but online retailers also offer better deals and more perks than your traditional store on Main Street.

Without spending money on expensive operating costs such as rent, payroll, insurance, licenses, equipment, supplies, utilities, etc., companies choosing to operate digitally are able to sell products and services for much less and still be highly profitable. Simply put, online businesses can run on much slimmer margins, and the savings are passed on to the consumer. If you combine this with the power of the Internet it is easy to see why the eCommerce industry continues to grow at more than 20% every year, and why it has become the #1 trending industry over the past decade with an annual spend of more than $750 billion worldwide.

Take a look around. Brick and mortar retail companies are closing their doors left and right. They simply cannot compete with online prices, especially with computers and Internet becoming more affordable and accessible over the recent years. This past year, due to the pandemic, there was a huge surge in money spent online as people were forced to quarantine. How else are we supposed to buy the things we want and need? But wait, there’s more! Groceries can now be purchased online and delivered to your doorstep?!? Let’s face it; shopping online is the new norm. Even the small percentage of people who were opposed to shopping online have pretty much been forced to do so at this point.

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Now, if you are business-minded, chances are you have already starting thinking about possible ways to capitalize on this trend. As the saying goes, “the trend is your friend until it ends.” Well, let’s follow the money and see what opportunities are within our grasp.

For entrepreneurs looking to start a business, it is very important to keep overall risk low. This cannot be ignored. You want to avoid taking massive risks when starting a business for the first time. So, does that make starting an eCommerce business a good idea? Well, it might. It also might not though. Allow me to explain.

Owning and operating an eCommerce business offers tons of amazing benefits. Imagine being your own boss, having the luxury of working from home, the flexibility of working remote (a coffee shop or anywhere with internet access), setting your own schedule, not having to answer to anybody, no more unrealistic deadlines imposed by your manager, nobody looking over your shoulder, and having a business to call your own that you can pass on to your kids one day. This is absolutely possible! Proceed with caution though.

Companies like Shopify, Go Daddy, Weebly, Big Commerce, Wix, and WooCommerce make it very easy to get an eCommerce store set up. They can register a domain name for you, build a website for you, host it for an affordable monthly fee, and even point you in the direction of suppliers who can give you products to sell. If you decided to go that route, which seems pretty easy, then technically you would be considered an eCommerce business owner. Are they really doing you a favor though? Shopify, the best known of the bunch, has a 1-Star Rating and just shy of 300 complaints just in the last 3 years on the Better Business Bureau. That’s almost 100 complaints each year. Why is that?
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Those companies are great at pumping ads so you know who they are, but they don’t give you the level of support that your business needs to function correctly. They don’t provide the guidance and direction you need to avoid pitfalls which can be costly. They don’t offer any training or marketing strategies in order to gain momentum and maximum the exposure of your company. There is no mention of business development or help with building your brand or scaling your business. They are not able to give you the competitive advantages that your company needs in order to stand out and attract customers. Lastly, they don’t offer the processes and systems you need in order to optimize daily tasks. For this reason, customers are left feeling like they were victim of a turn and burn scheme. This is why business consultants and marketing agents like me will always have plenty of work.

These types of companies give false hope and ultimately set people up for failure. However, there are still plenty of people doing well in eCommerce; I speak with them every day. These people didn’t just sign up with Shopify though. It’s not that simple. You need to be much more diligent and strategic in your approach. With the right entry strategy, training, marketing techniques, support, products, partnerships, and work ethic you gain a huge advantage and put yourself in a position to make a lot of money. If you have the right resources, game plan, and systems in place then you can literally out work, outperform, and outlast your competition.

I have owned my own online marketing agency for about 8 years now, and so when new websites and eCommerce businesses hit the scene I usually reach out to the owners to introduce myself and offer my services. Now, I could be shooting myself in the foot here by giving free advice, but I truly don’t believe I am. There is plenty of business out there for me on the World Wide Web. Anyways, I encourage you to look into a company called My Business Venture aka MBV. I have crossed paths with many of MBV’s clients during my career. They always seem to be doing just fine. Even when I follow up with them a year or two later they typically still don’t have any need for my services, which is pretty rare. Usually there is something that I can help with. Nonetheless, it’s refreshing to see. I enjoy seeing entrepreneurs succeed and accomplish what they set out for.

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Look into the company on your own time and you will find out they have been in business 25 years, and are A+ rated with the Better Business Bureau. They definitely have a footprint in the industry; it’s just a bit smaller than those main stream companies I mentioned earlier. My Business Venture offers all of the things those other companies lacked, including a training program up to 12 weeks long. They even pay for your customers’ shipping so you can advertise “Free Shipping” all throughout the year. That really surprised me. I couldn’t believe it. Online shoppers love free shipping! That’s an entirely different conversation, but just search “the power of free shipping” and you will see all sorts of research studies about the massive impact it has for an eCommerce company’s sales. Some people even refuse to shop somewhere unless the shipping is free.

Based on what I researched, the startup investment to partner with My Business Venture is roughly 20-25% more expensive than if you did everything on your own, but it’s convenient if you don’t have the resources or the knowhow. Most would agree that’s not a big deal considering you get a turn-key business inside of a booming industry with promising returns. The services they bundle would be a huge undertaking even if you did know how to do it all. They are not a huge company though. I believe the company has about 50 employees, but in my opinion that’s a good thing. It’s a more customized approach to eCommerce for each client. I know plenty of small to medium sized companies in this industry that do fantastic work.

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All around, there just seems to be much more attention and care for the business owners they partner with. In addition, I found out that they not only automate your inventory, but they also process all of your orders as your website makes sales and forward tracking to your customer. They take a lot of things off your plate. I believe you even get a Marketing Director assigned to your store that you can use as a resource and lifetime support. In my opinion, it’s better to invest a little more money up front than to cheap out and be stuck up creek without a paddle. This company is the real deal. Check them out for yourself.

I love doing what I do, but it’s awesome to see a company doing things differently… I just had to share. At the end of the day, if I didn’t enjoy helping people then I would probably be in a different line of work. I have tremendous passion for helping business owners. Whatever you decide to do in life, just be fully committed. That’s my best advice. If you need help with your eCommerce business once it gets off the ground then reach out to me by filling out the form below. I offer many services and have lots connections within the industry. I always recommend learning how to do as much as you can on your own. If you reach a point where you need professional assistance to grow your business, I am more than happy to help.