Type of Shopify Store (General or Niche?)

Published on: December 7 2022 by Nick Peroni

Type of Shopify Store (General or Niche?)

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Table of Contents About Type of Shopify Store (General or Niche?)

Type of Shopify Store (General or Niche?)

Type of Shopify Store (General or Niche?)

startTime	durationTime	text
00:00:00	00:00:05	so now we come to the last lesson of
00:00:03	00:00:07	this introductory ecommerce training
00:00:05	00:00:10	where we have first looked at the
00:00:07	00:00:12	different types of e-commerce business
00:00:10	00:00:14	models then I walked you through
00:00:12	00:00:16	choosing the right business model for
00:00:14	00:00:18	you in the last lesson we looked at the
00:00:16	00:00:23	best e-commerce platform ins using
00:00:18	00:00:26	Shopify to actually start launch or grow
00:00:23	00:00:28	your e-commerce business and in this one
00:00:26	00:00:31	I want to just go a little bit more in
00:00:28	00:00:34	depth last last video was really all
00:00:31	00:00:36	about introducing Shopify and explaining
00:00:34	00:00:38	in depth you know the features and
00:00:36	00:00:41	benefits of using it and the full
00:00:38	00:00:42	functionality of the platform and so in
00:00:41	00:00:44	this one now I want to tok a little bit
00:00:42	00:00:46	more practikally about how this applies
00:00:44	00:00:48	to the type of Shopify store you're
00:00:46	00:00:50	going to build okay so
00:00:48	00:00:52	chakra five-plus Shopify themes is
00:00:50	00:00:54	basically where you get the ability to
00:00:52	00:00:58	create any type of store that you want
00:00:54	00:01:00	and choosing the best type of store
00:00:58	00:01:02	theme is going to be based on your goals
00:01:00	00:01:04	what you want to sell who your target
00:01:02	00:01:05	market is right because you're creating
00:01:04	00:01:07	a brand and so there's there's
00:01:05	00:01:10	differences are you building a one
00:01:07	00:01:13	product store or are you building a
00:01:10	00:01:15	multiple product store are you selling
00:01:13	00:01:18	to older generation or a younger
00:01:15	00:01:20	generation right the based on your theme
00:01:18	00:01:22	I'm sorry based on the type of thing
00:01:20	00:01:24	that you're selling and who your target
00:01:22	00:01:26	market is there's going and based on the
00:01:24	00:01:28	different functionality you might want
00:01:26	00:01:30	within your stores well that's gonna
00:01:28	00:01:33	determine the type of theme that you
00:01:30	00:01:36	choose okay but it's also what what we
00:01:33	00:01:39	want to look at even more is just like
00:01:36	00:01:41	overall what type of store you're
00:01:39	00:01:43	building okay and there's a few ways to
00:01:41	00:01:46	classify that one is a general store
00:01:43	00:01:48	okay this would be a Shopify store that
00:01:46	00:01:51	is really broadened and sells anything
00:01:48	00:01:54	and the picture example here is Walmart
00:01:51	00:01:56	right Walmart is just the brand new
00:01:54	00:01:59	doesn't mean anything right it's a very
00:01:56	00:02:03	it's just a very general brand name and
00:01:59	00:02:07	Walmart itself sells everything excuse
00:02:03	00:02:09	me from produce to apparel to home items
00:02:07	00:02:12	to kitchen and baths and while that's
00:02:09	00:02:13	home items but you get it like you if
00:02:12	00:02:15	you've ever been to a mall
00:02:13	00:02:17	they're one of the largest retailers in
00:02:15	00:02:20	the world and they have the online site
00:02:17	00:02:23	as well they sell anything and
00:02:20	00:02:25	everything possible Under the Sun all in
00:02:23	00:02:28	one place okay that's considered a
00:02:25	00:02:32	general store now pros and cons to this
00:02:28	00:02:35	okay the pros are that it's easy to move
00:02:32	00:02:38	and adapt because you are not like
00:02:35	00:02:41	pigeon holed into any one niche so you
00:02:38	00:02:42	have you have room to like pick and
00:02:41	00:02:45	choose around different things and
00:02:42	00:02:47	there's room in the scale but that's a
00:02:45	00:02:49	very that's kind of a weak Pro all right
00:02:47	00:02:50	I just want to be fair to the model
00:02:49	00:02:53	because it can work if you know what
00:02:50	00:02:55	you're doing but the cons are that it's
00:02:53	00:02:57	it's too broad okay it's really
00:02:55	00:02:59	difficult to compete with big players at
00:02:57	00:03:02	this point and you're probably going to
00:02:59	00:03:04	waste lots of money testing bad ideas
00:03:02	00:03:07	and honestly it's starting to become a
00:03:04	00:03:09	saturated market alright with the rise
00:03:07	00:03:11	of drop shipping and all these courses
00:03:09	00:03:14	that have come out and flooded the
00:03:11	00:03:18	market and funded our news feeds in the
00:03:14	00:03:21	past year or two okay it is just
00:03:18	00:03:22	becoming you know to a point where so
00:03:21	00:03:24	many people are trying to set up this
00:03:22	00:03:26	general store idea and just sell
00:03:24	00:03:29	everything and a lot of these stores are
00:03:26	00:03:31	selling the same exact products and
00:03:29	00:03:33	ripping each other off and using you
00:03:31	00:03:35	know the same branding and same product
00:03:33	00:03:39	descriptions creating terrible store
00:03:35	00:03:41	names like so yeah I personally think
00:03:39	00:03:44	that this is a model you should avoid
00:03:41	00:03:47	unless you have some type of unique
00:03:44	00:03:50	strengths right like for example the
00:03:47	00:03:52	guys that founded wish calm which is a
00:03:50	00:03:54	huge drop shipping site it's a billion
00:03:52	00:03:57	dollar company at this point I think
00:03:54	00:03:59	those guys had a huge strategic
00:03:57	00:04:02	advantage all right they were both the
00:03:59	00:04:04	the two guys that started that I believe
00:04:02	00:04:06	that I know for sure they used to work
00:04:04	00:04:09	for Google I believe they were the top
00:04:06	00:04:11	coders that like helped turn Google into
00:04:09	00:04:13	what it is and then they left that
00:04:11	00:04:16	company in decide to start wish right
00:04:13	00:04:18	they had a strategic advantage of their
00:04:16	00:04:20	knowledge and their business and
00:04:18	00:04:22	probably their resources and connections
00:04:20	00:04:25	and and startup cash of what they wanted
00:04:22	00:04:26	to do right if you don't have that type
00:04:25	00:04:28	of unique
00:04:26	00:04:30	advantage I don't think a general store
00:04:28	00:04:32	is a good way to go I think it's gonna
00:04:30	00:04:34	be way too broad and way too difficult
00:04:32	00:04:36	to find success and I don't want to see
00:04:34	00:04:41	you waste a ton of money charming a path
00:04:36	00:04:42	like this alright but it can work now a
00:04:41	00:04:44	lot of the stores that you're gonna see
00:04:42	00:04:47	out there that are working right now
00:04:44	00:04:49	like inspire uplift we're started you
00:04:47	00:04:51	know a year or two years ago when
00:04:49	00:04:53	competition was a lot lower and they've
00:04:51	00:04:55	been able to take advantage of like that
00:04:53	00:04:56	first mover advantage and really grow
00:04:55	00:04:59	into something powerful now where they
00:04:56	00:05:01	have a well-established brand lots of
00:04:59	00:05:04	customers and lots of credibility and
00:05:01	00:05:05	you know lots of startup cash behind not
00:05:04	00:05:07	startup cash but lots of cash flow
00:05:05	00:05:08	behind them to continue running this
00:05:07	00:05:09	model because it's kind of a
00:05:08	00:05:11	turn-and-burn model right you're
00:05:09	00:05:13	constantly testing new products and
00:05:11	00:05:15	trying to find new winning ideas and
00:05:13	00:05:17	you're moving across multiple multiple
00:05:15	00:05:20	collections okay again it's not to say
00:05:17	00:05:22	that it can't work inspire uplift is a
00:05:20	00:05:24	great example of the general store on
00:05:22	00:05:26	Shopify that does work and they do very
00:05:24	00:05:28	well I just think it's extremely
00:05:26	00:05:33	difficult to get started this way
00:05:28	00:05:35	nowadays a niche store is the opposite
00:05:33	00:05:37	side of the spectrum right this is a
00:05:35	00:05:40	store that would only focus on selling
00:05:37	00:05:44	items in one niche so for example here a
00:05:40	00:05:45	dog store okay think of any dog store in
00:05:44	00:05:48	the world that you've ever been into not
00:05:45	00:05:53	a pet store right a dog store all they
00:05:48	00:05:56	sell are food toys items for dogs okay
00:05:53	00:05:58	now the pros to this are really high
00:05:56	00:06:01	brand value okay because you're so
00:05:58	00:06:04	focused in okay your audience is gonna
00:06:01	00:06:05	connect so strongly because it's a
00:06:04	00:06:07	targeted audience you know exactly who
00:06:05	00:06:10	you're selling to it's easier to create
00:06:07	00:06:12	a loyal following which makes it easier
00:06:10	00:06:16	to sustain and also easier to build
00:06:12	00:06:18	assets and eventually sell as well right
00:06:16	00:06:18	there there's higher brand value for
00:06:18	00:06:21	that
00:06:18	00:06:22	now when I say easier I don't want that
00:06:21	00:06:24	confused that would saying that it's
00:06:22	00:06:27	easy to build an inter store okay I just
00:06:24	00:06:30	mean that in the sense of like it's
00:06:27	00:06:31	trying to do those things trying to
00:06:30	00:06:33	create a loyal following and create
00:06:31	00:06:36	something sustainable and having one
00:06:33	00:06:38	unique targeted audience with a general
00:06:36	00:06:40	store is very difficult because you're
00:06:38	00:06:42	all over the place right
00:06:40	00:06:43	but with a niche store you're you're
00:06:42	00:06:46	much more narrowed in and you're much
00:06:43	00:06:48	more focused and so the idea of why it's
00:06:46	00:06:50	easier is because all of your efforts
00:06:48	00:06:53	are continually going into the same
00:06:50	00:06:55	thing so you're naturally building brand
00:06:53	00:06:56	equity if you're doing your best and
00:06:55	00:06:58	you're trying and you're constantly
00:06:56	00:07:00	adapting and innovating you're naturally
00:06:58	00:07:02	brown dating brand equity you're
00:07:00	00:07:04	naturally building assets in what you're
00:07:02	00:07:07	doing because you're always focused in
00:07:04	00:07:09	the same area with the same customers
00:07:07	00:07:13	with the same audience okay
00:07:09	00:07:14	the cons to a niche Stewart or one that
00:07:13	00:07:16	it can be capped for earnings okay
00:07:14	00:07:18	depending on the niche you choose but
00:07:16	00:07:20	the size of that niche is and where
00:07:18	00:07:22	you're selling it might be capped right
00:07:20	00:07:24	that's called a market cap their their
00:07:22	00:07:26	main there there may be a sealant to how
00:07:24	00:07:30	much money you can make with that store
00:07:26	00:07:32	all right or it might be too small or
00:07:30	00:07:35	too competitive based on what you choose
00:07:32	00:07:37	now as an example dogs is not something
00:07:35	00:07:40	too small or too competitive all right
00:07:37	00:07:41	because it's a huge massive message that
00:07:40	00:07:43	you're so many breeds of dogs it's so
00:07:41	00:07:45	many dog owners all around the world
00:07:43	00:07:47	right like it's and there's constantly
00:07:45	00:07:50	new dog products coming out it's not too
00:07:47	00:07:53	small or too competitive but something
00:07:50	00:07:55	say like well an example I've always
00:07:53	00:07:56	used because I think this is a really
00:07:55	00:07:59	good example say something like
00:07:56	00:08:01	steampunk now you may not even know what
00:07:59	00:08:05	steampunk is but if you do it's like a
00:08:01	00:08:09	it's like a style of like this vintage
00:08:05	00:08:12	sized sci-fi kind of apparel and and
00:08:09	00:08:14	dress okay it's a really small niche
00:08:12	00:08:16	right like if you go into the steampunk
00:08:14	00:08:18	nature you're gonna be capped for
00:08:16	00:08:20	earnings in my opinions that would be
00:08:18	00:08:22	very difficult I think to even build a
00:08:20	00:08:24	million-dollar year business in the
00:08:22	00:08:26	steampunk niche right so that's an
00:08:24	00:08:29	example of choosing a niche that is too
00:08:26	00:08:31	small and is probably too cap and may
00:08:29	00:08:35	even be too competitive because it all
00:08:31	00:08:37	it takes you know Neil Patel has a great
00:08:35	00:08:41	concept that I heard him say once where
00:08:37	00:08:45	I said it's it's much it's much easier
00:08:41	00:08:48	to get a it how does you say I don't
00:08:45	00:08:51	wanna mess this up it's much easier to
00:08:48	00:08:54	get a small slice and carve out your
00:08:51	00:08:57	business in a billion dollar industry
00:08:54	00:08:59	then it is to carve out a big piece in a
00:08:57	00:09:02	million dollar industry right like
00:08:59	00:09:03	generally the idea being that if you can
00:09:02	00:09:05	find a big niche with a lot of
00:09:03	00:09:07	opportunity and lots of money to be made
00:09:05	00:09:09	it's going to be easier for you to build
00:09:07	00:09:10	a million dollar business in that
00:09:09	00:09:12	because there's so much money to go
00:09:10	00:09:14	around so much opportunity if you focus
00:09:12	00:09:16	on a niche that there's only you know a
00:09:14	00:09:18	market capital of a few million dollars
00:09:16	00:09:21	and there's already multiple competitors
00:09:18	00:09:23	you're gonna be working so hard just to
00:09:21	00:09:26	try and scrape that out you know your
00:09:23	00:09:26	piece of the pie it's and it's not worth
00:09:26	00:09:29	it
00:09:26	00:09:32	right focus on something bigger that has
00:09:29	00:09:34	more opportunity here's an example of a
00:09:32	00:09:37	niche store on Shopify boom by Cindy
00:09:34	00:09:40	Joseph it's a fantastik store the the
00:09:37	00:09:42	guy who runs this as a Firestone is
00:09:40	00:09:45	considered one of the top ecommerce
00:09:42	00:09:49	experts in the world and you can see
00:09:45	00:09:50	that this store is focused on women's
00:09:49	00:09:52	health and beauty all right and they
00:09:50	00:09:54	only sell a few products and these are
00:09:52	00:09:56	the products here there's like three
00:09:54	00:09:58	four products like these boom stiks
00:09:56	00:10:02	here that are basically skin care
00:09:58	00:10:05	products for women right and women 45
00:10:02	00:10:08	years and up basically so its niche it's
00:10:05	00:10:10	focused only on a few products but that
00:10:08	00:10:12	niche of what they're doing is actually
00:10:10	00:10:14	quite large all right as of the time I'm
00:10:12	00:10:16	recording this I know that this
00:10:14	00:10:19	company's done like 50 million dollars
00:10:16	00:10:21	in sales in the last three years right
00:10:19	00:10:22	so that's incredible you know they're
00:10:21	00:10:25	doing almost 20 million dollars a year
00:10:22	00:10:27	in sales and they're doing it within a
00:10:25	00:10:30	very specific niche with only a few
00:10:27	00:10:32	products okay and by the way that they
00:10:30	00:10:35	are white labeling these products right
00:10:32	00:10:38	this is a private label brand so you
00:10:35	00:10:41	know like it's it's an example of a good
00:10:38	00:10:43	niche that has room for scale and growth
00:10:41	00:10:47	and potential and something that he
00:10:43	00:10:49	could sell eventually as well right now
00:10:47	00:10:50	here's an example of a single product
00:10:49	00:10:52	store right because they sell multiple
00:10:50	00:10:54	products here in this niche this is an
00:10:52	00:10:56	example of a single product store I
00:10:54	00:10:59	don't really know anything about the the
00:10:56	00:11:00	numbers of how much this store is making
00:10:59	00:11:03	but I thought it was a really good
00:11:00	00:11:06	example they only sell one product it's
00:11:03	00:11:07	it's one brand it's the snooze and it's
00:11:06	00:11:11	basically
00:11:07	00:11:13	a Bluetooth speaker right that operates
00:11:11	00:11:16	has multiple different functions so
00:11:13	00:11:19	again it's a big niche right Bluetooth
00:11:16	00:11:22	speakers is something that Oh snooze I
00:11:19	00:11:24	actually peaceful white noise so it's a
00:11:22	00:11:27	Bluetooth speaker specifically for
00:11:24	00:11:27	helping people sleep so interesting
00:11:27	00:11:30	right
00:11:27	00:11:32	that's very niche down because now it's
00:11:30	00:11:33	not just a speaker it's a speaker with a
00:11:32	00:11:37	specific function only for helping
00:11:33	00:11:39	people sleep but still you know how many
00:11:37	00:11:41	you know like everybody sleeps right and
00:11:39	00:11:43	so and a lot of people have sleep
00:11:41	00:11:46	problems or problems going to sleep it's
00:11:43	00:11:48	a big rising industry and rising trend
00:11:46	00:11:51	of people looking into how to sleep
00:11:48	00:11:54	better and get more quality sleep so
00:11:51	00:11:56	this is one product one niche but an
00:11:54	00:11:59	example of a good niche with a lot of
00:11:56	00:12:02	room for scale and potential to build a
00:11:59	00:12:07	nice business that has a good exit
00:12:02	00:12:09	strategy now a small business store all
00:12:07	00:12:11	right so taking you existing hobby or
00:12:09	00:12:13	business and putting it on Shopify pros
00:12:11	00:12:15	to this yeah this is specifically
00:12:13	00:12:16	because I want to make sure I'm
00:12:15	00:12:19	inclusive of everybody that might be
00:12:16	00:12:20	watching this so they're the pros to
00:12:19	00:12:22	this are obvious right you have your
00:12:20	00:12:24	existing brand value you already know
00:12:22	00:12:25	your audience you probably have an
00:12:24	00:12:27	existing social following even if it's a
00:12:25	00:12:30	small one right it's something to start
00:12:27	00:12:32	with so it's it's logical for you to
00:12:30	00:12:34	expand and open an e-commerce channel to
00:12:32	00:12:37	be able to sell more of your products I
00:12:34	00:12:39	don't see any cons to this at all other
00:12:37	00:12:42	than getting it set up and managing it
00:12:39	00:12:45	which is not difficult so if you have an
00:12:42	00:12:47	existing hobby or or business then you
00:12:45	00:12:51	should definitely expand that onto
00:12:47	00:12:54	Shopify here's an example of one like we
00:12:51	00:12:56	looked at earlier joslyn's kitchen where
00:12:54	00:12:59	they had their products and they have
00:12:56	00:13:00	their actual physical location and they
00:12:59	00:13:03	may even have wholesale distribution
00:13:00	00:13:05	within stores around them locally and
00:13:03	00:13:08	nationally within the country but they
00:13:05	00:13:10	also have their Shopify store where our
00:13:08	00:13:13	people can actually visit them because
00:13:10	00:13:15	selling online social media is selling
00:13:13	00:13:16	is really powerful and you're gonna be
00:13:15	00:13:18	able to reach a much wider audience and
00:13:16	00:13:20	as long as you can handle this shipping
00:13:18	00:13:22	of wherever you're selling that product
00:13:20	00:13:26	then it's it's a very natural and
00:13:22	00:13:30	logical thing to expand your business on
00:13:26	00:13:31	to the Shopify platform now the hybrid
00:13:30	00:13:34	store is what I mentioned briefly
00:13:31	00:13:37	earlier and what I want to tok about
00:13:34	00:13:39	again here is this is where you are
00:13:37	00:13:41	meeting in the middle of general and
00:13:39	00:13:43	niche right so like Dick's Sporting
00:13:41	00:13:48	Goods Dick's Sporting Goods is one of
00:13:43	00:13:51	the largest sports goods retailers in
00:13:48	00:13:54	the world and they have multiple niches
00:13:51	00:13:58	right so the idea is you're taking a
00:13:54	00:14:00	broad level concept of in this example
00:13:58	00:14:03	that broad level concept is sports and
00:14:00	00:14:06	recreation right a huge multi
00:14:03	00:14:07	multi-billion dollar category and then
00:14:06	00:14:11	they're narrowing it down to certain
00:14:07	00:14:13	niches within that that broad category
00:14:11	00:14:16	so they sell basketball they sell
00:14:13	00:14:17	football they sell soccer or football
00:14:16	00:14:19	based on where you're watching this from
00:14:17	00:14:21	they sell fishing they say camping ok so
00:14:19	00:14:26	there's all these different categories
00:14:21	00:14:28	within that but the idea excuse me the
00:14:26	00:14:32	idea of why this is this is great is
00:14:28	00:14:35	because this is something that can have
00:14:32	00:14:36	a lot of overlap within within your
00:14:35	00:14:39	audiences right it's it's kind of the
00:14:36	00:14:41	same demographic in a way ok I might pay
00:14:39	00:14:43	to play basketball and somebody else
00:14:41	00:14:45	might play football but we're both kind
00:14:43	00:14:47	of the same demographic where athletes
00:14:45	00:14:49	right we're active people that like to
00:14:47	00:14:53	play sports and are interested in sports
00:14:49	00:14:55	so it's it's a good strategy because you
00:14:53	00:14:57	can still keep a good brand value at the
00:14:55	00:15:00	broad level ok
00:14:57	00:15:04	and within that overlapping audiences
00:15:00	00:15:05	you are able to move and adapt find the
00:15:04	00:15:08	niches that work for you the niches that
00:15:05	00:15:10	don't it's also still going to be easier
00:15:08	00:15:12	to build an asset and sell because again
00:15:10	00:15:15	that overlapping audience is going to
00:15:12	00:15:17	allow you to create loyalty and create a
00:15:15	00:15:20	real brand right something that is is
00:15:17	00:15:22	clear and defined and not just
00:15:20	00:15:24	completely random the the totally come
00:15:22	00:15:27	to this I think is that you're not going
00:15:24	00:15:29	to have as deep a connection to any one
00:15:27	00:15:31	of those niches right like Dick's
00:15:29	00:15:33	Sporting Goods you know if I'm a say for
00:15:31	00:15:37	example I'm a basketball fan I'm going
00:15:33	00:15:38	have a deeper I'm gonna have a deeper
00:15:37	00:15:40	one let's see let me let me think of a
00:15:38	00:15:42	different example say for example I like
00:15:40	00:15:46	to fish right because I know there's
00:15:42	00:15:50	there's a fishing brand out there that's
00:15:46	00:15:54	that's called salt life right so Dick's
00:15:50	00:15:56	Sporting Goods may sell fishing stuff
00:15:54	00:15:59	and I may go to Dick's Sporting Goods to
00:15:56	00:16:01	buy fishing stuff at some point but I'm
00:15:59	00:16:03	gonna have a deeper connection probably
00:16:01	00:16:05	with the salt life brand because that's
00:16:03	00:16:08	all about fishing right that's that's
00:16:05	00:16:10	represents a lifestyle of people who
00:16:08	00:16:12	only fish okay so I'm probably gonna
00:16:10	00:16:14	have a deeper connection with that but
00:16:12	00:16:17	still the exported goods I know is a
00:16:14	00:16:19	place that I am interested in still as
00:16:17	00:16:21	somebody who likes to fish because they
00:16:19	00:16:23	offer the type of stuff that I like
00:16:21	00:16:27	there all right so I just wanted to you
00:16:23	00:16:29	know kind of explain that so you can
00:16:27	00:16:31	still create a really good brand value
00:16:29	00:16:32	but the only con I see is that you're
00:16:31	00:16:34	not going to get the deepest level of
00:16:32	00:16:37	connection with that niche which I don't
00:16:34	00:16:38	honestly really think of as a con I just
00:16:37	00:16:40	want to mention it to be fair to the
00:16:38	00:16:43	business model and the things you should
00:16:40	00:16:46	be aware of so here's an example hybrid
00:16:43	00:16:48	store on Shopify this is this stores
00:16:46	00:16:52	called couples choices and basically
00:16:48	00:16:57	they sell items for relationships
00:16:52	00:16:59	couples okay and they are broad enough
00:16:57	00:17:01	at the level that it's not just one type
00:16:59	00:17:03	of couple right like there there may be
00:17:01	00:17:06	multiple different types of categories
00:17:03	00:17:09	and things that they sell from
00:17:06	00:17:10	Valentine's gifts to couples t-shirts
00:17:09	00:17:12	and hoodies the people who are married
00:17:10	00:17:16	the people who are engaged the people
00:17:12	00:17:18	who are just dating to anniversaries
00:17:16	00:17:20	right like they're there but they're all
00:17:18	00:17:23	overlapping all the audiences are
00:17:20	00:17:24	overlapping and they sell both dropship
00:17:23	00:17:26	products like this stuff these rows
00:17:24	00:17:29	there's up top here these are these are
00:17:26	00:17:31	dropship products right here and they
00:17:29	00:17:34	sell print-on-demand products right here
00:17:31	00:17:36	so you have a hybrid match between the
00:17:34	00:17:39	dropshipping the print-on-demand between
00:17:36	00:17:42	the broad level the broad level category
00:17:39	00:17:43	and niching it down until like these
00:17:42	00:17:46	these kind of sub niche categories
00:17:43	00:17:48	within the store I think personally this
00:17:46	00:17:51	is the best place to start
00:17:48	00:17:53	with this hybrid store model and the
00:17:51	00:17:56	couples choices is a great example of
00:17:53	00:17:57	that right at the general level it's
00:17:56	00:18:01	just about relationships relationships
00:17:57	00:18:03	is a huge broad level buyers market okay
00:18:01	00:18:05	but when you niche it down a little bit
00:18:03	00:18:06	right here in the middle you'll see that
00:18:05	00:18:09	they specifically tok about couple
00:18:06	00:18:10	shirts and couple hoodies and like so
00:18:09	00:18:12	they niche it down in the different
00:18:10	00:18:14	audiences a little bit and then they're
00:18:12	00:18:16	also meeting in the middle with both
00:18:14	00:18:19	dropship products and print-on-demand
00:18:16	00:18:21	products so I hope that I've explained
00:18:19	00:18:25	that the different types of stores to
00:18:21	00:18:27	you well and the blend of what I think
00:18:25	00:18:30	is the best type of store is the hybrid
00:18:27	00:18:32	store in and why I think it's the best
00:18:30	00:18:33	okay now it doesn't mean you can't just
00:18:32	00:18:35	go with print-on-demand if you have a
00:18:33	00:18:37	great print-on-demand idea and you're
00:18:35	00:18:38	not interested in dropship products sure
00:18:37	00:18:40	you can go that way
00:18:38	00:18:42	or if you have you just want to build a
00:18:40	00:18:44	one product store here and you don't
00:18:42	00:18:45	really feel the need to do parental
00:18:44	00:18:47	manage you know sure you can go that way
00:18:45	00:18:49	I think both print-on-demand and drop
00:18:47	00:18:52	shipping are fantastik ways to start an
00:18:49	00:18:54	e-commerce business but when it comes to
00:18:52	00:18:56	the niche that you choose I would
00:18:54	00:18:58	definitely do the hybrid route right
00:18:56	00:19:01	where you are trying to create like a
00:18:58	00:19:03	kind of a broad level brand idea and
00:19:01	00:19:04	then be able to include a few different
00:19:03	00:19:06	niches because it gives you the
00:19:04	00:19:09	flexibility to move around in the
00:19:06	00:19:12	beginning when you may not yet exactly
00:19:09	00:19:14	know what's niche is gonna sell the best
00:19:12	00:19:16	right so say I started a veteran's store
00:19:14	00:19:17	I could sell an army veterans I could
00:19:16	00:19:19	sell the Navy veterans like you know I
00:19:17	00:19:22	could sell to different categories
00:19:19	00:19:24	within the overall or better yet it
00:19:22	00:19:27	could just be a military store and I
00:19:24	00:19:29	could sell to Army Navy Coast Guard
00:19:27	00:19:30	right there there Air Force there's
00:19:29	00:19:35	different categories of which I could
00:19:30	00:19:36	include within that store of items okay
00:19:35	00:19:39	and so that's why I think that the
00:19:36	00:19:41	hybrid model works best and then
00:19:39	00:19:43	eventually if you find one niche that's
00:19:41	00:19:46	performing better than the others like
00:19:43	00:19:48	say okay Army's my niche I just somehow
00:19:46	00:19:50	and really able to connect with the army
00:19:48	00:19:53	and sell army items then it might make
00:19:50	00:19:55	sense for me to take that and move it
00:19:53	00:19:57	into its own store because I've proven
00:19:55	00:19:59	the niche right I've proven that this
00:19:57	00:20:01	works and that that I know that I can do
00:19:59	00:20:05	this in and build this or
00:20:01	00:20:07	the idea so that's that's what I would
00:20:05	00:20:09	do first right you start from an idea of
00:20:07	00:20:12	giving yourself a platform and on a
00:20:09	00:20:14	store to be able to test and find out
00:20:12	00:20:15	what works in a smart way right not in a
00:20:14	00:20:17	way that you're just throwing money out
00:20:15	00:20:19	there okay this is all strategy and
00:20:17	00:20:21	research from the beginning to make sure
00:20:19	00:20:23	you're testing in a smart way that's
00:20:21	00:20:27	going to help you identify and find
00:20:23	00:20:29	success quickly and then from there when
00:20:27	00:20:31	you've identified and necessarily
00:20:29	00:20:33	working for you well you can build it
00:20:31	00:20:35	into its own store and its own brand and
00:20:33	00:20:37	really just try to scale it and automate
00:20:35	00:20:40	it and start building the assets and all
00:20:37	00:20:42	of those things all right and so here's
00:20:40	00:20:45	the final slide that I'll show you is
00:20:42	00:20:50	just my general breakdown example that
00:20:45	00:20:53	I've used since day one to kind of
00:20:50	00:20:56	identify this pattern and this is work
00:20:53	00:20:59	and continues to work and I think will
00:20:56	00:21:01	work and continue to be relevant because
00:20:59	00:21:03	it just is something if you're building
00:21:01	00:21:05	a store and you're getting started again
00:21:03	00:21:08	it gives you up here this broad level
00:21:05	00:21:10	idea Dick's Sporting Goods and then here
00:21:08	00:21:12	you're giving yourself three really
00:21:10	00:21:16	broad level categories basketball
00:21:12	00:21:18	football baseball right so you give
00:21:16	00:21:20	yourself three those are still really
00:21:18	00:21:23	broad right basketball is a very broad
00:21:20	00:21:25	level category baseball football all
00:21:23	00:21:27	broad level categories but you could
00:21:25	00:21:30	start a store in here and say you know
00:21:27	00:21:33	Nick sportinggoods.com and that makes
00:21:30	00:21:34	sense that brand value still makes sense
00:21:33	00:21:36	here to include all three of these
00:21:34	00:21:39	because it's all the same demographic
00:21:36	00:21:42	it's all athletes and active people okay
00:21:39	00:21:44	and then within here you start to
00:21:42	00:21:47	identify sub niches okay so basketball
00:21:44	00:21:51	you could have basketball t-shirts
00:21:47	00:21:53	you could have basketball actual
00:21:51	00:21:54	basketball gear I'm just trying to think
00:21:53	00:21:56	of a better word for it but like after
00:21:54	00:22:00	all basketball gear like basketballs and
00:21:56	00:22:01	pumps and you know training devices and
00:22:00	00:22:03	then here you could have basketball
00:22:01	00:22:05	sneakers right so you have three sub
00:22:03	00:22:07	niches now that again they're so broad
00:22:05	00:22:10	enough to have multiple product ideas
00:22:07	00:22:12	and and scale but you're breaking it
00:22:10	00:22:13	down and then from there is where you
00:22:12	00:22:15	would start going out and trying to
00:22:13	00:22:17	identify good start
00:22:15	00:22:21	product ideas okay so I choose
00:22:17	00:22:23	basketball and I have basketball items
00:22:21	00:22:25	or basketball gear right and I could
00:22:23	00:22:30	have actual basketballs basketball pumps
00:22:25	00:22:33	oh and basketball training devices right
00:22:30	00:22:35	and so that now that's the general idea
00:22:33	00:22:37	of how I would get started and how I
00:22:35	00:22:38	teach people to get started if you're
00:22:37	00:22:41	starting brand new and you don't know
00:22:38	00:22:43	where to start right and this gives you
00:22:41	00:22:46	the ability to really give yourself some
00:22:43	00:22:48	flexibility and create something and
00:22:46	00:22:49	then and then you just start testing
00:22:48	00:22:51	products right you start moving through
00:22:49	00:22:54	and testing products building your data
00:22:51	00:22:55	and understanding not just wasting money
00:22:54	00:22:58	and throwing stuff out there but really
00:22:55	00:23:02	doing research and then spending money
00:22:58	00:23:05	to get data find out how your market is
00:23:02	00:23:08	reacting move and adapt and and start
00:23:05	00:23:10	you know start moving forward in a
00:23:08	00:23:12	systematik process to identify which
00:23:10	00:23:14	products are gonna sell and allow you to
00:23:12	00:23:16	start scaling which niches are working
00:23:14	00:23:18	for you the best and are gonna allow you
00:23:16	00:23:20	to maybe start putting your focus on and
00:23:18	00:23:23	building something real and sustainable
00:23:20	00:23:25	all right so I hope this has been really
00:23:23	00:23:27	valuable for you as an introductory
00:23:25	00:23:30	level into e-commerce e-commerce
00:23:27	00:23:33	business models how to choose a business
00:23:30	00:23:34	model and then finally how you are going
00:23:33	00:23:37	to be this is strategy stuff right
00:23:34	00:23:39	finally how you're going to be choosing
00:23:37	00:23:42	your Shopify store and building your
00:23:39	00:23:44	Shopify store to get started and in the
00:23:42	00:23:48	next model now I'm sorry in the next
00:23:44	00:23:49	module we're going to start taking it so
00:23:48	00:23:51	this was all like the foundational
00:23:49	00:23:54	ecommerce stuff in the next module we're
00:23:51	00:23:56	going to take it to all the foundational
00:23:54	00:23:59	online marketing knowledge that you need
00:23:56	00:24:02	now so I'm excited to get into that I
00:23:59	00:24:02	will see you in the next module

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