Building an Online Retail Business 2021 | Shopanova + Sheets & Giggles

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One of the most common mistakes Colin sees with young online business owners is a lack of a forward-thinking plan. They’ll buy $10k worth of product before they have a plan for how to sell it all, or they won’t forecast their break-even points.

They skip over their variable costs, and they don’t account for discounts or returns. And past all of this, they often don’t consider how their goals align with their business model.

Do they want to grow a new, industry-leading brand? Do they want to build a business quickly and sell it to a larger brand? Do they want to develop a slow-growing, sustainable business?

These questions matter when you are mapping out your business plan!

One of Colin’s biggest successes came through his crowdfunding campaign. He set up a pre-order for his initial order of sheets, allowing him to pay for his first product order with customers’ money rather than his own.

Colin’s pre-order strategy freed up his initial funds to spend on marketing campaigns, acquiring customers rather than products.

🤔(12:21) The logistics behind launching an environmentally friendly company

👔(16:43) How mentors can accelerate growth

🎥(28:20) How to scale with standout content

💵(34:41) How much should I put towards ad spend?

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