I am NOT a motivational speaker.
Yet, people will put me in that category on occasion.
I do not think about personal development…
I do not read self help books…
And I do not post about how I can help YOU be a better you.
Only you can do that.
So, its interesting that people mention me like I do that at all… Since frankly, I do not.
Part of the foundation for success in any business, including ecommerce, has to be working on YOU and YOU becoming a better YOU, every day and in every way possible.
A business is only as good as its leader. So, if you have ‘issues’, so will the business, and so on…
So, it is part of my winning formula for a successful ecommerce business, I just don’t post or talk about it (except in this post).
What about capital Alan? Where does that ‘fit’ into the formula for starting a successful ecommerce business?
As far as capital required to start this business, the truth is, as much as you can afford.
But since your budget and mine may be different let’s play the hypothetical game of ‘what if’.
Let’s say you find a $1.00 product that you sell 100 of each day.
Let’s also say that product makes you $5.00 per unit profit AND you start selling 1000 units of them a month.
Your product cost is $1000.00, but you also have additional costs, like shipping, marketing, packaging, etc.
So, your real costs may be more like $3.00 per unit or $3000.00.
What if you rank on page 1 and start selling 1000 units each day? Can you afford or do you have access to capital required to fund that growth?
Whoa! Interesting, right?
I see it happen all the time and those who know how [to get the capital and such] can win, but those who do not… Fail!
So moral of the story is this…
Why do most people fail?
Because they succeed and do not know how to handle it, grow it, and fund it.
What if your product is a dog and you make zero money on it? Can you afford to lose the money? 3K or more down the tube?
If it was me, and my risk tolerance is probably greater than yours, I would ask myself how much money would I want to start with today?
Probably 15k… And I would find a good mentor.
I would pay him/her 5k to teach me what to do and then invest the rest in goods and the things needed to win.
Then I would follow the process and find access to additional capital needed to grow.
That’s been part of my winning formula for over 15 years.
Try it on!