Why do some resellers fail, while others succeed?
Here are a few reasons why, and it just might surprise you.
Be positive; set yourself up for success with a good attitude.
According to Success.com, it takes a positive attitude to achieve positive results. If you have a mindset of fear of failure, not being 'good' enough, or an overall bad or negative outlook, then you will fail before your business even begins! Your attitude may determine your outcome.
Stay positive, even when business is slow. The market naturally experiences highs and lows; when you feel discouraged and stuck in a slow month, don't fret; instead, use that time to educate yourself on business trends and resources to improve your productivity. Shift your mindset by replacing negative thoughts with positive ones. If you fear failure, then focus on your recent success. (example: the customer was upset because she purchased a broken item, but I made it right by replacing it, and she was happy when I offered her 20% off her next purchase). Focus on your strengths and how you can use those to your advantage in your business. Write down words of affirmation and place on your computer or work area. Surround yourself with positive people, and put on music that uplifts and energizes you as you work.
Set realistic goals
Setting unrealistic goals can be one of the most frustrating things you do to your business. Instead, make sure each goal is achievable and within reach and within the parameters of a realistic timeframe.
-Be specific when setting goals and expectations.
-Measure your goals and track your success.
-Reevaluate your goals periodically; make necessary adjustments that best benefit your business.
-Effectively communicate goals with your team so that your employees feel connected and understand how their work impacts the business.
Reinvest your earnings
Be astute to your business' needs, especially in terms of the finances. Before spending your profits, consider this valuable tip: It's important to pay yourself; after all, you are doing this to earn a paycheck, right? But it's essential to re-invest that money back into your business by purchasing more inventory, buying better business tools and resources, or business supplies. Set aside a portion of your profits to buy more stock, such as wholesale liquidation lots or pallets, so that you continue to benefit from a sustainable business.
Develop a system that works for you.
Behind every great business is a great system to operate that business. Start by creating a system and sticking with it. It’s not going to be perfect, especially the first time around. Still, it’s essential to develop a plan that works for your business by writing it down, implementing it, and then, adjust it if necessary. Creating a system saves you time and money. For example, what is your return policy? If you don't have one, create a system to refer to when handling returns. This will save you time and money because you won't have to deal with frustrating back and forth communication with the buyer on how to handle the return. It also avoids the potential of an impulsive decision, which may cost you more than if you had a policy in place. With a well-defined return policy and the right system in place, returns and exchanges turn into an opportunity that has the potential to generate new profits for your business and increases customer loyalty.
Want more e-commerce biz tips? Check out this article: https://wholesaleninjas.com/blogs/ninja-news/make-your-e-commerce-business-a-success