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Type of Shopify Store (General or Niche?)

Published on: December 7 2022 by Nick Peroni

Type of Shopify Store (General or Niche?)

The above is a brief introduction to Type of Shopify Store (General or Niche?).

Let's move on to the first section of 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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