Many people offer ‘getting rich with dropshipping’ tips in ecommerce, but be careful with those types and always challenge where you get your information, though here’s a perspective from a designer who has worked with a bunch of > $1,000,000 ecommerce businesses.
I can promise you that will not get rich by “tips” such as skipping your daily latte at Gloria Jeans or your local coffee shop guy (hi Dave!).
People are out there trying to sell you to save money, talking about how debt is bad and save, save, save. Look, if you don’t have income then there is no money to save. Don’t let anyone give you the idea that you need to skip your coffee and save $5 a day and that will somehow turn into a fortune.
I can skip my $5 coffee every day and save $2,000 each year, but if you think $2,000 is going to change your life, you’re not just broke, you’re unaware of the kind of money it actually takes to get rich.
If you are serious about getting rich, you need to get your mind focused on income, not on what you can save like the guys over at Channel 9 are telling you to do.
Increase your income enough and you will be able to start to save something worthwhile. Here are 5 tips you can use that will actually get you to millionaire status with an ecommerce store:
1. Learn to increase your ability to make more ecommerce revenue
People who run successful stores invest time, energy, and money in improving themselves. Improve yourself so you are in a position to help someone else out with what you sell. I invested in design, accounting and business from when I was 22-28 that skyrocketed my income producing ability.
Focusing on helping someone specifically with their need and you will see large growth.
2. Invest in the correct ecommerce platforms where people buy
All companies live from this thing called revenue. If you have all the sales tools there for clients I can’t promise you a sale, though I can promise you you’ll learn more about products that sell.
Make it easy for your customer to buy.
Platforms like WooCommerce and Shopify give you all the tools to check out easily and quickly with what merchant you prefer, ie. PayPal or Stripe.
3. Get great at what you sell
Get committed to being great, not just average.
Any product can be a painful to sell for average and bottom performers, but massively rewarding for those that are great. Those that live, breathe, and eat their product—those that are obsessed—become great. I have never met a great business owner that wasn’t all in and completely consumed by their product. Have you? The fact is, if you aren’t great you are average and I know you don’t want that. The rich get great at one thing they sell and be known for that for a long time. Usually only moving into other fields after getting rich.
3. If you don’t advertise, you don’t succeed
I always explain that the biggest suckers in business are ones that never advertise.
I’ve watched a company put a 1/6 of their yearly revenue into a marketing budget and go nuts with ads on billboards and Facebook. They have grown year on like wildfire.
Not advertising is a huge risk. Even bigger risk then breaking even on ads. At least with advertising people are becoming ‘brand aware’. On Coca-Cola’s worst day they are trying to make you see them 7-times. Annihilating their competition.
4. Get multiple income flows
You won’t get rich without multiple flows of income.
That starts with the income you currently have. Increase that income and start adding multiple flows (like a simple ecommerce store).
You want what is called symbiotic flows to that first flow of income. Do NOT add disconnected flows first. Find other ways you can add income to the job you already have. Too many people go from one flow to a second flow resulting in two flows that do nothing. Your flows should always be connected.
5. Only invest in multiple flows when your ecommerce run rate is consistently high
Only invest in other ventures when you’re in a position to do so? What does that look like?
You need to prove to yourself that you can go out and get money. If you only have $10,000 saved, your only priority should be increasing your income so that you can save more. Saving $100,000 shows that you have an ability to make money and to keep it. Most people can’t do either of those things. Once you can make money and keep it, then you can start multiplying it.