Rather than getting overwhelmed, take charge. Once you’ve made your first £1,000, here are some suggested steps to drive the growth you need and scale your e-commerce revenue.
Build your online presence
Social media is one of the cheapest and most effective ways to build your brand. Establishing a presence on Facebook, Twitter and Pinterest will help you engage with potential customers and listen to their feedback. When starting out, focus on one or two platforms, don’t spread yourself too thinly. A social media platform that starts loud and trails off into silence is not a good look for your business.
On Pinterest you can use Shopify’s Buyable Pin add-on to develop your brand’s style, advertise your products and create another platform for your customers to buy from, whether you own a brick-and-mortar store or an e-commerce website.
Write a business plan
Developing a business plan in the early days of your business will provide you with the keys to success in the long run. It encompasses your strategy and the ultimate direction of your business as well its purpose. This strategy is something that won’t change unless you decide to make a major market shift later down the road.
When developing a strategy consider your business’ unique selling proposition or USP - this is what sets you apart from your competitors. Follow this by settling on your product or market fit; by deciding what need your product satisfies you can find a way into that market where the need exists.
Invest in technology
Cloud technology is helping businesses of all shapes and sizes to grow. Whether it is responding to customer questions, having access to documents or order fulfilment, there is a cloud solution for almost everything, often at low cost. Using cloud-based technology means being able to get work done on-the-go. This is great if you can’t be at your desk all day. Being available to your customers as often as possible is also an important part of developing a loyal customer base. The Shopify Facebook Messenger tool enables you to maintain direct and instant interactions with your customers wherever you are.
Get a financial advisor
As a small business owner, you’re trying to save money wherever you can; so the idea of hiring a bookkeeper or accountant might sound like something that would only be a necessity for a much larger organisation.
Hiring a financial advisor to have a look over your numbers will save you time and money in the long run. Financial advisors have a wealth of knowledge when it comes to managing your financials, they can help you develop a business plan and think about the future. Do you have the cashflow to take on extra employees? Are you using the right pricing structure? These are all ways in which a financial advisor can help you make the right decisions now in order to grow.
If doing the numbers yourself sounds more like your cup of tea, cloud-based accounting software like Xero can give you the power to take charge of your business’ cashflow.
Developing a focus in all of these areas will have you on your way to quickly earning your next £1,000.
You've worked hard to launch your business. That's why Xero’s beautiful online accounting software and Shopify work just as hard to provide the tools you need, when you need them. Seamlessly connect your Shopify business to Xero and log in online anytime, anywhere to get a single, real-time view of sales and business finances. Try Xero free for 30 days.