Besides the faster growth, an e-commerce business has many inherent advantages over running a traditional brick-and-mortar store, including lower overhead costs, the potential to scale very quickly and the luxury of outsourcing tasks to contractors so you can run a million dollar one-person business.
But why isn’t everyone finding success in e-commerce? One reason is that running an online store requires a different mindset and habits than those needed to run a traditional offline business. Many business owners have a hard time when their mindsets may be stuck in the offline world.
Rather than talk about the latest tactics and endless shiny new objects, I’d like to take a step back and take a deeper look at the habits of highly effective Goodly and e-commerce sellers.
Based on the personal experience of the sellers selling online since 2012, masterminding with other successful sellers, as well as studying highly effective leaders in the business world, We’ve distilled it down to the following habits.
#1. Start with the finish in mind:
Rather than jumping in and trying every new tactic, what’s your end goal?
Let’s say it’s to build a million-dollar business, which is great, but then what? What will you do with your 7-figure business and how will you run it? No matter what your end goal is you first have to define it. This way you can then map out how to get there.
Ask yourself these two questions:
What is my end goal?
Is what I’m doing now going to take me there?
Take a second and ask yourself: is the ladder you’re climbing now leaning against the wrong wall?
If so, you better get off and get on the right path to your goal.
#2. Prioritize your work
Let’s face it—in this day and age we are bombarded from all directions by email, Facebook messages, Slack, Twitter, WeChat, this, that and the other thing.
How does an e-commerce seller manage to run an effective business?
They prioritize their work.
This can be done a number of ways but one effective way is to divide your tasks into four quadrants which you can label in a matrix with the following headings:
By doing this, the highly effective entrepreneur will instantly know where their tasks fall and decide how to take action on them.
They can also easily decide which tasks they should delegate.
#3. Never stop learning:
How do you stay ahead? Do you attend conferences to learn from top speakers and be around like-minded people? Do you buy courses to learn and improve your skills? Or do you read books to broaden your knowledge? Maybe you attend masterminds to bring together skills, experiences and insights from different people and hold each other accountable as you track your improvement?
Regardless of what you do to stay ahead the common theme to succeed is this: never stop learning.
#4. Be proactive:
There are two types of people in this world: proactive and reactive.
Reactive people wait for things to happen and then passively respond to them.What happens to reactive people? The market is evolving while they are stagnating. Gradually more and more competitors will come into your niche until eventually the market becomes flooded. It becomes a price war. Your sales will plummet as a result.Another trait of proactive e-commerce business owners is that they will build a moat around their business to protect it from competitors and reduce risks from external factors.
They will proactively review their customer comments (as well as their competitors’) to discover ways to improve their product and add value to it so that they maintain a high feedback review score of 4.5 stars and above.
#5. Done is better than perfect
Sometimes we can be perfectionists and try to make something the best we can before we launch it.
Instead of spending months developing a fancy custom package in version 1.0 of your product, We recommend using the existing packaging with your supplier and have a designer quickly customize the design with your logo and information. This should take only a few days. You want to validate your idea first.
Build a good enough product and worry about the last mile after you launch and get real customer feedback. Maybe what you thought was a flaw isn’t a flaw at all in your customers’ eyes.
And take the feedback that they give you to improve your product in version 2.0.