Starting an eCommerce business in your spare time takes an idea but running a successful business requires more than just a passion for your products. It requires a holistic approach that encompasses your personal well-being, strategic business practices, and a commitment to continuous improvement.
5 Things That Make a Business Successful
Ultimately, what you class as a successful eCommerce business depends on your personal goals. For most, it means earning enough to be able to pack in the day job and work on their eCommerce business full time. Whilst others may have no desire to leave the security of working for someone else and aim to supplement their wage with additional revenue streams.
“When speaking with small eCommerce businesses during our research, I was surprised to find that 47.8 percent of entrepreneurs aim to make their hustle their main source of income, 42.4 percent use it to supplement other income streams and for 9.9 percent their hustle is already their main source of income. It’s inspiring to see that the majority of side hustlers set out with the goal to achieve financial freedom from their business and that’s where we want to help” – Paul Bennett, CEO and Co-founder of Hustl
Small eCommerce Business Goals
Whatever your end goal, working on these 5 elements will help you set your eCommerce business up for success:
1. You: The Driving Force Behind Running a Successful Business
You are the driving force and primary resource behind your business, without your ideas and motivation your business wouldn’t exist so it’s crucial you are consistently on top form to provide your business with the resource it needs.
When you have a never ending task list and minimal hours it can be easy to sacrifice health and wellbeing as a trade-off for more time. This mindset may reward you with positive short term results, but will eventually lead to burn out, slowing you down and setting you back.
Taking longer to build a sustainable business will ultimately outperform one you sacrifice yourself for.
Gary Vaynerchuk, entrepreneur, public speaker, investor and CEO, described his experience with health and fitness:
Despite running a multimillion-dollar company, Vaynerchuk ensures his fitness regime is built into his daily routine and doesn’t sacrifice sleep or time with family
“Give me six or seven hours,” he told Business Insider “Give me 12 a.m. to 6 a.m. every day, then I work out, and then I work. I also take seven weeks of vacation with my family. It’s extremism on my work-life balance. But I’m getting a lot done.”
Vaynerchuk has proven that you do not need to sacrifice your health to run a successful business. In fact, it is prioritising your health that will enable you to lead a business successfully.
2. Feedback: Learn, Adapt and Refine to Make Your Business Successful
Feedback allows you to refine, adapt and improve your business. Without a constant feedback loop you can’t innovate and are likely to lose to competitors who are responding to market needs.
As well as customer feedback, it’s important to seek and take on board advice from experts. As a newcomer to the industry, accepting you don’t know everything and adapting a growth mindset will allow you to learn and develop. Find experts you trust and listen to their guidance, there’s no point re-inventing the wheel when others are sharing real life experiences from their own business.
“The only true wisdom is in knowing you know nothing”. – Socrates
In Carol Dweck’s book, Mindset, she explains how success is not just down to talent or natural abilities, but whether we approach problems with a fixed or growth mindset. Her research as a psychologist into the power of mindset is particularly pertinent to any entrepreneurs who question their abilities and consider giving up.
Making mistakes comes hand in hand with running a successful business. They will occur, more frequently than you may like, but don’t let them get you down and question your abilities. Instead, try to adjust your mindset and see them as learning experiences. By making the mistake now, you are less likely to make them further down the line when they will be more costly.
“Would you like me to give you a formula for success? It’s quite simple, really. Double your rate of failure” – Thomas J. Watson, founder of IBM
On page 69 of Mindset I was particularly amazed to see the before-and-after self-portraits of students who did a five day course with Betty Edwards.
3. Consistency: The Key to Success
The entrepreneurs who succeed are the ones who put in the work and continuously take action. The results you see are directly impacted by the effort you put in, so showing up for yourself and your business daily will pay off.
The key to maintaining consistency is to not set your expectations too high, otherwise you are setting yourself up for failure. You don’t need to work on your business 2 hours every day, some days you may only be able to dedicate half an hour during your commute, and that’s ok. Doing even a little bit will keep you in the rhythm and your hustle on your mind.
“One good day does not mean you can coast tomorrow. You never have it fully licked. Making good choices is an endless process. Many areas of life that we value most – our relationships, our fitness, our craft – require a continual commitment.” – James Clear
4. Time Management: Setting Priorities to Achieve Success
There is simply not enough time in the day to achieve all of your objectives, but sadly, the objectives aren’t disappearing. Learning how to effectively manage them by setting priorities is the only way you’ll prevent yourself from becoming overwhelmed. Figuring out your most important task (MIT) will ensure you are working in the right direction. It can be easy to get distracted by the fun tasks and often it’s your MIT’s that are the boring ones. But without dedicating time to them your business won’t be able to grow.
To ensure you dedicate time to your MIT’s, when you first wake up, write down your to do list for the day. Then allocate time to each task, giving your MIT’s the most. If possible, complete your MIT’s when you are at your most productive. Your peak productive time depends on your circadian rhythm and personal preferences, but for most it is within the first couple hours of awakening.
5. Smart Working: Optimising for Efficiency within your Successful Business
Although similar to time management, smart working is a broader concept that focuses on optimising work processes and systems using technology and innovation to achieve better results in less time. The aim is to make the most of available resources and strategies to achieve optimal results.
Applying smart working to your business could translate as leveraging business apps so you can manage your side hustle on the move. This enables you to make the most of dead time such as commuting, waiting in queues and maximising your lunch hour. You only get 1440 minutes a day, so make sure you get the most out of each one.
Conclusion: What Makes a Small eCommerce Business Successful
The journey of running a successful eCommerce business is both rewarding and challenging. As you navigate the entrepreneurial landscape, remember that success is not about achieving immediate gains, but building a sustainable and resilient venture. Embrace the learning experiences, adapt to feedback, and, most importantly, prioritise your well-being. By doing so, you lay the foundation for a business that not only survives but thrives in the competitive world of eCommerce.
