For sales I mostly used Google Ads and have never used Facebook ads. I prefer Google because you're only showing the ads to people that are searching for your products. With Facebook, you're mostly showing ads to people that have no interest in buying your product.
I have FTSE Global All Cap Index Fund Accumulation and Global Equity Fund - Accumulation. I prefer global funds. I'm not American. These may or may not suit you. I didn't do hardly any research but just picked two that seemed good. If I was American, I might choose some US index funds instead.
Awesome. Last question! Did you/would you in future use a platform like Shopify or would you take the time to develop a website yourself? Or use WordPress as a happy medium?
I would definitely use Shopify. It's perfect for ecommerce. WordPress is awful. No point developing my own when Shopify already exists. Do you have any products in mind.
Thank you. I thought Shopify would be the easiest to get up and running but not ideal for the long term for a few reasons eg limited customisation, slower than a custom site (not ideal for SEO) etc. I could be wrong or my thinking could be outdated.
I don't have any products in mind, I've spent the last 2 years or so trying to think of the perfect product or products but I'm getting to the point now where I think it's better to just start with something
Yes, it's really tough these days. Finding good products with enough profit margin is impossible for most people. It takes a lot of hard work. I'm going to be writing a few posts about ecommerce soon, so stay tuned.
I did this quite a few years ago, so finding products and suppliers was easier. Nowadays it's very difficult. I think the main thing you can do to overcome this is to try to find very niche products. At the moment, I've been looking at some wooden tables that all have unique designs. There's not likely to be much competition.
If you try to sell generic products, it will be pretty impossible. Most suppliers will already be selling direct to the public.
Smaller suppliers, like those making a few tables a day are more likely to want a buyer to take them all. Finding those suppliers is difficult. I travel a lot so am always on the lookout for unique things to sell.
It's more difficult to find suppliers unless you get out and about. If you have a specific niche in mind, trade shows can be a great place to find suppliers.
Also, quite a few of my suppliers found me once I started getting established. My sister owns a shop selling fabric. I asked her how she found suppliers. She said that as soon as her shop opened, lots just started turning up. It's a bit funny that while we're looking for suppliers, they are also looking for us.
Unfortunately, there's no easy way to find them. If there was, there'd be too much competition. What gets you an edge is being able to find those suppliers that others can't find. That takes a lof of work.
This is great advice, thank you so much for the info and sharing your experience!
When it comes to e-commerce how were you driving sales? Facebook ads and then optimizing?
For sales I mostly used Google Ads and have never used Facebook ads. I prefer Google because you're only showing the ads to people that are searching for your products. With Facebook, you're mostly showing ads to people that have no interest in buying your product.
What index funds do you invest in?
I have FTSE Global All Cap Index Fund Accumulation and Global Equity Fund - Accumulation. I prefer global funds. I'm not American. These may or may not suit you. I didn't do hardly any research but just picked two that seemed good. If I was American, I might choose some US index funds instead.
I enjoy your content and look forward to more.
Thanks. Much appreciated.
Thank you. I'll look into those.
When you say e-commerce do you mean dropshipping or actually selling your own products?
Neither. I bought in bulk.
Nice. And did you sell multiple products on the one store or just one product?
The store had around 50 different products. I started with just one though. It took around 6-12 months to build up.
Awesome. Last question! Did you/would you in future use a platform like Shopify or would you take the time to develop a website yourself? Or use WordPress as a happy medium?
I would definitely use Shopify. It's perfect for ecommerce. WordPress is awful. No point developing my own when Shopify already exists. Do you have any products in mind.
Thank you. I thought Shopify would be the easiest to get up and running but not ideal for the long term for a few reasons eg limited customisation, slower than a custom site (not ideal for SEO) etc. I could be wrong or my thinking could be outdated.
I don't have any products in mind, I've spent the last 2 years or so trying to think of the perfect product or products but I'm getting to the point now where I think it's better to just start with something
E-commerce seems so lucrative but such a tough barrier for breaking in. I’ve heard the drop shipping era is over
Yes, it's really tough these days. Finding good products with enough profit margin is impossible for most people. It takes a lot of hard work. I'm going to be writing a few posts about ecommerce soon, so stay tuned.
In the meantime, check out my Side Hustle & Passive Income Blueprint here --> https://mikelewis77.gumroad.com/l/xyjqkm
Check out my Side Hustle & Passive Income Blueprint here --> https://mikelewis77.gumroad.com/l/xyjqkm
Great share Mike.
I've been thinking of E-commerce for a long time, and I'm eagerly seeking to pursue it. However getting legit suppliers have been a challenge for me.
What were your challenges with suppliers if any, and how did you overcome that.
I did this quite a few years ago, so finding products and suppliers was easier. Nowadays it's very difficult. I think the main thing you can do to overcome this is to try to find very niche products. At the moment, I've been looking at some wooden tables that all have unique designs. There's not likely to be much competition.
If you try to sell generic products, it will be pretty impossible. Most suppliers will already be selling direct to the public.
Smaller suppliers, like those making a few tables a day are more likely to want a buyer to take them all. Finding those suppliers is difficult. I travel a lot so am always on the lookout for unique things to sell.
It's more difficult to find suppliers unless you get out and about. If you have a specific niche in mind, trade shows can be a great place to find suppliers.
Also, quite a few of my suppliers found me once I started getting established. My sister owns a shop selling fabric. I asked her how she found suppliers. She said that as soon as her shop opened, lots just started turning up. It's a bit funny that while we're looking for suppliers, they are also looking for us.
Unfortunately, there's no easy way to find them. If there was, there'd be too much competition. What gets you an edge is being able to find those suppliers that others can't find. That takes a lof of work.
Thanks for the feedback Mike, I appreciate