Don't Make This MISTAKE ON SHOPIFY!
Are you planning to open an online store on Shopify? Are you excited to start selling your products to customers around the world? Well, before you get too excited, there's one mistake you should avoid at all costs. This mistake can cost you time, money, and even your business. So, let's dive in and explore what this mistake is and how to avoid it.
What's the mistake?
The mistake is not doing proper research before selecting a niche for your Shopify store. Many people make the mistake of choosing a niche based on their personal interests or passions without considering if it has a demand in the market. This can lead to a situation where there's no demand for your products, and your store doesn't get any traffic or sales.
Why is it a mistake?
Choosing the wrong niche can be a huge setback for your business. It can result in wasted time, money, and effort. It can also lead to a lack of motivation and frustration. In the worst-case scenario, it can even lead to the failure of your business.
How to avoid it?
To avoid this mistake, you need to do proper research before selecting a niche for your Shopify store. Here are some steps you can take:
1. Identify your target audience: Who are your potential customers? What are their interests, needs, and pain points?
2. Research the market: Is there a demand for your product in the market? Who are your competitors? What are their strengths and weaknesses?
3. Analyze your product: Is your product unique? What are its features and benefits? How does it compare to your competitors' products?
4. Consider your resources: Do you have the resources to market and sell your product? Can you handle the logistics and customer support?
By taking these steps, you can make an informed decision about your niche and increase your chances of success.
In conclusion, choosing the wrong niche can be a costly mistake for your Shopify store. To avoid this mistake, you need to do proper research and analysis before making a decision. By identifying your target audience, researching the market, analyzing your product, and considering your resources, you can make an informed decision and increase your chances of success. So, don't make this mistake on Shopify, and start your online store on the right foot.
Don't Make This MISTAKE ON SHOPIFY!
In this video, Sean discusses the number one mistake that beginners make when trying to choose a product to sell online - not choosing a product with healthy margins.
- A product with healthy margins allows you to spend more on advertising and make more money.
- The consensus among experts is that a product with at least a three to four times ROI is considered healthy, but Sean disagrees and prefers a product with a 5 to 7 times ROI or more.
- Sean gives a real-life example of a product he sold with healthy margins, but the cost of acquiring customers through advertising eventually outweighed the profits.
- The exception to the rule of choosing products with healthy margins is having a dope ass upsell sequence in place, which can bring in free money with every sale.
- Sean recommends choosing a product that is at least over a $29 price point to ensure healthy margins and maximize profits.
Choosing a product with healthy margins is crucial for success in e-commerce. While the consensus among experts is to choose a product with at least a three to four times ROI, Sean recommends choosing a product with a 5 to 7 times ROI or more. The exception to this rule is having a strong upsell sequence in place. Ultimately, choosing a product with a price point of at least $29 is essential to maximize profits.
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