Starting a profitable online business is a popular desire these days. Most money online is made by selling products. Even though you can sell services as well, or something that doesn’t fit neither of these categories. However, selling products is the only way to start with limited experience and capital.
Growing a profitable online business
Here, we’ll go through the three main stages of growing a profitable online business. So, without further ado, let’s get into it.
#1 Get a feel for it
While certainly inefficient, you have to dip your toes in and start by doing everything yourself. Consider this to be the sandbox phase. This means ordering supplies, adding them into sales platforms, processing orders and handling shipping.
Obviously, these mundane tasks don’t grow your business. Research, development and experimentations do. Nonetheless, it’s important to do novel things yourself until you understand the cogwheels at work. Once you get the hang of it - move to the next step.
#2 Automate it with the right software
Obviously, you can’t keep doing everything yourself. To grow your profits the scale of your operations absolutely has to increase. Therefore, you need a helping hand. However, no set of hands is going to be as time- and cost-efficient as virtual ones. We’re talking about adapting software.
Your first priority should be getting an inventory management solution. Given it’s low price and full feature access across all price plans, Multiorders probably is the top pick as of now. We’re not going into an in-depth description here, however you’ll find all relevant information on the provided links.
All you need to know right now is that this software automates all processes related to inventory. This includes stock control, orders, shipping and restocking. Basically, all you’ll have to do is a couple of mouse clicks and to physically pack and send the goods.
A profitable online business needs to automate everything they can. This includes the physical part of packing and shipping the goods. Amazon has come up with a great solution. Basically, you send your products to their warehouses, where they store, pack and ship them for you, once you get an order.
You can order supplies straight to the warehouse, as well. This service is called Amazon FBA / MCF and you don’t have to be on Amazon to make use of it. For example, you can only be selling on eBay and still use FBA / MCF.
Out of the top 10,000 sellers, 66% of them use FBA. - Gennifer Carragher
Using both Multiorders and Amazon’s FBA / MCF, you’ll barely have anything to do. This is a tempting moment to relax, because you’re making some money passively. But those who resist this temptation run the most profitable online businesses.
#3 Keep putting in time
As previously mentioned, inventory tasks will not grow your business. Rather, research, development and experimentations will. This means you need to keep looking for the next big product. You have to analyze performance reports and make informed business decisions and changes. On the internet, all industries move faster - you can’t slow down and expect to stay ahead.
After all, this is the exciting part of owning a profitable online business. You’re a shotcaller who has very little routine tasks - they’re all taken care of. It’s critical to keep putting in the time. Growing an empire is no different from maintaining it.
Profitable online business summary
As you can probably already tell, starting a profitable online business is not the hard part - maintaining it is. There’s a clear pattern between successful online merchants and we’ve shared it with you. Of course, there’s a lot more to learn along the way, but the mindset is here. Hope you find this useful in your path to a profitable online business.
Be sure to check out Multiorders, it’s an incredible asset. You can also try it for free. No credit card required.