End Of September Update
End of September Odyssey Update
During the start of my independent study, the center focus has been running my ECommerce business. My daily schedule has consisted of going to school, either going to the gym or going straight home, and working the daily operations of my business until I go to sleep. The workload without a doubt is extremely heavy, considering that I'm in the most difficult year of school while trying to grow a business by myself. After getting home from school that is when my workday starts, which is difficult, but I don't think I would want it any other way.
The E-Commerce store which I am running as of now is not my first, I tried three others before finding success with my current store. Although the first three stores which I tried all failed miserably. I learned a little more and more through the horrible stores and advertising tactics. I had confidence that at some point I would be able to find something which would work eventually as long as I didn’t stop. I had the smallest clue of when I would do something right, but eventually, I did!
The business model which I apply in my current E-commerce store and previous is called drop shipping. Dropshipping is a fulfillment model that allows you to buy products individually from a wholesaler and ship them directly to your customer. In dropshipping, there is not a large sum of capital required to be invested in order to start. Although it is easy to get started, that does not mean it is easy. The low entry-level makes it more difficult due to the saturation and competition. Advertising is a crucial element in the drop shipping business model. Nobody is randomly going to land on your website and buy a bunch of stuff. The saturation of drop shippers makes acquiring customers difficult and expensive. There are many other things which go into E-commerce business, you need to have a desirable product, great advertising campaigns, the ability to gain the trust of buyers, the ability to convert traffic, target traffic, and most importantly understand the importance of the backend online business. Now I feel that I have a very good understanding of the front end process on my E-Commerce business and acquiring customers, I need to focus on the backend of the business. Explaining the “Backend” is another whole other discussion, but it is an important one.
Many amazing business started with the dropshipping model. I have recently completed reading The Everything Store which is a book that explains the story of Jeff Bezos and his greatest creation, Amazon. In Amazon’s infancy, they were a book retailer, and they held no physical inventory, once an order was placed on amazon.com, they would ship the book directly to the customer. They kept this business model even while they were doing hundreds of millions of dollars in sales. (It must have been nice to dropship back before everyone and their grandpa had a drop shipping store) The dropshipping model is a great way to start a business, It’s perfect. Although I am acquiring lots of customers, more importantly, I am acquiring knowledge which I can retain into my current business and all my other business in the future.