One of the most common questions I get is about the competition in the online shop world.
A lot of people, maybe even you, think that there are just too many other online shops in the ecommerce world and there is no way to stand out.
I’m here to tell you that’s false. In fact, I think we are heading into ecommerce 3.0, and this will be the biggest year ever for online shops.
How An Online Shop Is Different Than Other Businesses
In 2020, just like in 2019, I think an online shop is the fastest way for you to get to a million dollars in revenue. One of the main reasons I think this is because it’s one of the few business models that allows you to make money online 24/7 regardless of where you are or what you’re doing.
If you’ve got the Shopify app then you know that beautiful cha-ching sound that it makes each time you get a sale. That sound does not discriminate based on where you are or what you’re doing. Walking through Target… cha-ching. Laying on the beach during vacation… cha-ching.
If you are a doctor, lawyer, or really any service business, then as soon as you go home there are no more sales. The customers only come when you are physically there. Not there, then no sales. That’s the beauty of having an eCommerce online shop; it’s always working for you.
The Power of Selling Physical Products With An Online Shop
People love buying physical products because they are tangible. You can touch them, squeeze them, and even gift them. It’s going to be easier to sell physical products versus digital products because of this.
I have a friend who is a personal trainer, and he told me about a woman that came in asking about personal training packages for sale. He told her that, for $300, she could get 3-months of personal training to help her get to her goals. She told him it was too expensive.
The next week, can you guess who walks in the front door of the gym? Yup, that same woman.
But she wasn’t coming back because she was now ready to buy. She was coming in to get advice on the supplements she had just spent OVER $300 on. You see, it was easy for her to rationalize the $300 purchase of a physical product but not on an intangible product or service.
You’re Next For a Million-Dollar Online Shop
The first step to creating your million-dollar online shop is believing you can build a million-dollar online shop. If you don’t think it’s possible, the chances that it actually happens are slim. If you never strive for more than $50,000, guess what, you’ll probably never make more than $50,000.
You need to set big goals, but you have to be realistic about how long it’ll take to get there. If you think next month you’ll be the proud owner of a 6-figure online shop, then the chances are you’ll be disappointed. You need to start by making your first dollar, which is by far the hardest dollar to make. Then $100. Then $1,000. Then $10,000. The $100,000.
If you wanted to lose 100 pounds, you’d first just try to lose 1 pound. Then 10 pounds. Building a million-dollar business is no different. Start small, celebrate your little victories, and keep moving forward.
Remember, today there are more people buying products online than ever before. And tomorrow there will be even more. And guess what, they want to buy your products, but if you never get out there, they’ll never have a chance.
Your online store is a 24/7 cash machine waiting for your permission to start taking people’s payments. Are you going to let it?
If you want to watch the video from this presentation on why now is the best time to start an online shop, you can check it out here.