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[MUSIC PLAYING] Before we wrap up this module, I think it's important to go over some of the most common mistakes new store owners make. While all of these aren't exactly related to getting your first sale, these mistakes will impede your success, especially early on. So it's better to learn from my mistakes, or the mistakes I've seen now, then make them later and slow down your progress. However, never forget that mistakes and failures are part of the journey.
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Remember that your failures and mistakes are lessons to help you improve your business and yourself. By the way, you will make mistakes, and fail along the way, and that's OK. There is no success in failure, only success in learning. So here are the few of the most common mistakes store owners make when trying to start and getting the first sale. Number one is a failure to focus on the things that bring traffic and sales.
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Too often, new store owners focus on the things that feel good or are fun and neglect the things that actually bring traffic and sales. It might be fun to think up new logos and theme designs for weeks, but it's not productive. Drop shipping's biggest benefit is it allows you to move fast and test. So move fast and test. Number two; expecting customers to stumble across your online store.
1:13
Remember that build it and they will come does not apply to business. When you launch, you need to work to drive traffic to your store. It might take a very long time before any organic traffic starts coming into your store. That's why it's so important to understand the different channels that provide immediate results with a little investment. Number three; investing in long-term marketing and expecting quick results.
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Content marketing and SEO are great marketing strategies. However, they also take a long time to yield results. It might take months to begin to see the fruits of your labor. That's why it's important to have patience. Or if you're impatient like me, you focus on marketing that brings immediate results, such as paid ads. I should note that results does not always mean sales. Results can mean clicks, likes, add to carts, et cetera. The most important thing is we're gathering feedback that we can use to improve our ads and adjust our offer.
2:05
Number four; setting margins too low. This can be one of the most crippling things for new store owners if they aren't mindful of their pricing. Ideally, you want to have a significant margin that allows you to invest money on advertising. It depends on what you're selling, but I advise at least 50% margin. Of course, a 200% margin or more is better if possible. These are just some of the mistakes I've seen new store owners make.
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The worst thing you can do at this point is worry about the mistakes you will make. Don't let the idea of a potential roadblock or failure prevent you from ever getting started. We're here to take what we learn, apply it, grow from the feedback and results, and build something that matters. So how do we finally take action? I'll see you in the next and final module where I'll go over your next and final steps.
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