Your business plan is not set in stone; you can change it along the way.
But it’s essential to get a good start with your business and build a model that lasts, which is built on filling a gap, solving a problem, and making the best out of the industry you operate in.
Here is my take on that as featured on Store Domain!
Three Main Components
Traffic, average order value, and conversion rate are your business’s lifeblood.
You need to invest your budget and marketing tactics to improve them over time.
Traffic is about how many people get to your website, so you can set a budget for Google Ads and do it for free by creating valuable content to improve your ranking.
Your average order value can be increased with small items that you can upsell to customers to complement their ordering and add a high-ticket line of products to boost your product catalog.
And your conversion rate can be optimized with improved product pages, CTA buttons, and by crafting better copywriting for your website, along with adding some reviews.
Creating Value That Lasts
You should help your customers with your content, not just for the purpose of improving your SEO.
If you run a hair business like Private Label, you can put step-by-step styling videos or blogs.
If you offer an educational digital product, you can offer comprehensive sneak peeks.
This can help you create an authority that helps your brand image and ranking in the long term.
Be More Realistic
Expect to sell less in the beginning until you fully build your business. So, set a realistic budget for your expenses, like tools and subscriptions.
It will take some time, so don’t burn through the money too early.
Control Your Inventory
You need to balance your inventory; if you stock up too much, you increase your opportunity cost and sunk cost because you could invest this money more conveniently, like in crypto, gold, or stocks.
But if you stock so little, a successful ad can suffocate your business because you’re unable to fulfill the orders. So use a sophisticated inventory control system to get things done properly.
Read Entrepreneur to ‘rollout’ busload of food truck concepts – Featured on What Now Atlanta
Master the Structure
Unfortunately, you can’t do it all by yourself and your AI chatbot.
So you need to hire a CPA to manage your finances.
It’s not simple because, when you run an online business, you need to set a legal structure, register your business, and meet all the requirements in your state.