Glad to have you back on the blog once again and today, we are going to be talking about why you just might not succeed in the Mini eCom business and maybe any other business as well.
So, before we proceed, you will agree with me that there are so many successful young guys and gals in the Mini eCom business, right? Or you don’t agree? If you don’t, hear it today; people are succeeding BIG TIME in this business, but then, a load chunk of persons are NOT and let’s see where you probably might fall in.
I have this colleague in this business, anytime we get to meet, do you know what he always says; he will say, “wait o, what if there is no Mini eCom business, wetin I for dey do by now?”, dude just got his third car from this business.
Why did I bring that up; the Mini eCom business is more than worth it but then some people are not getting it right and here are some of the reasons.
First, You are Giving up way too quick
And I’m going to share my own experience.
I remember when I ventured into this business way back in 2015 0r 2016, the first set of products I was selling; this time I even invested serious money upfront in buying 100 pcs of that product and each one was costing me about 2,000 Nigerian Naira; then come shipping fee; roughly I spent almost 400,000 naira bringing in the product, unlike what you have today with eComX; you absolutely don’t need to spend a dime upfront to get products, there are hot products readily available on the platform for you to sell.
So, I brought in this product and this is a product you can’t add great margin on, because it won’t make sense; this is where knowing what to sell comes in, and again eComX has helped beat that process by providing you with what to sell; products that are selling already.
Long story short, I couldn’t sell 20 of that product; some of the orders were not even collected and I lost.
But what was very much important was, I DID NOT GIVE UP!
I continued in the business; but then, I learnt what and what not to do.
So many persons today, after giving their first or second shot and they made money or probably Break-even or loss, they give up and start looking for another thing to venture into and same thing happens and then it becomes a circle.
Listen up, to succeed in whatever business you are in or planning to go into, consistency is key. It’s on the table of consistency you’re going to learn the ropes and keep getting better and better.
My advice? Don’t be in a rush to quit the Mini eCom business no matter how your first experience was. Keep keeping on.
You subscribed to eComX this month, made sales, made profit or break-even or even made loss and then, you’re giving up already in the next month? You are only teaching you how not to be consistent which is not good, even with life.
Don’t be in a hurry to giving up.
Secondly, why you might not succeed in the Mini eCom business is because You’re SCARED!
Your success is at the other side of FEAR!
If you’re used to succumbing to fear, you can never go far in life, seriously.
Every great achiever, everybody doing great things or accumulating wealth are Risk Takers and guess what; that doesn’t mean they were not or are not scared, but they’ve learnt how to overcome or let me say, Manage Their Fears.
Everybody is scared, but then, don’t let FEAR hinder you from trying big things or taking actions.
You started running your Facebook ads with 1,000 naira daily budget and you’re scared to scale to 5,000 naira daily budget; you are only limiting yourself and your possible earnings.
Facebook algorithm has been configured to favour those spending more; so if you’re spending 1k daily and I am spending 5k daily, ofcos, I will get more orders than you and do you know the jinx, you spending 1k daily and getting 3 orders does not mean that me spending 5k will get 15 orders; I might get far more than that; so it’s not a proportionality.
Spending more on Facebook will give you more engagements and more reach; for an ad to get more engagement the algorithm tends to show it to more people that are likely to patronize you and by so doing, the guy spending more is milking all the sales.
So, stop been scared. Go hard or go home, they say; ofcos I know you don’t wanna go home, right?
Another reason why people don’t succeed; ok, this is the third; it’s because You are too DESPERATE!
Now what do I mean by being too desperate.
I’ll just share a live experience here.
I remember selling a product and one of the orders I got, the customer has asked that we deliver. On getting to the location of delivery, the dispatch guy called me and was like, the man is with him and saying he can’t collect the product, that it’s not worth the amount, blab bla bla.
I told the dispatch guy to give him the phone and I spoke with him politely and here’s what I said;
Hello sir, you saw the product on our website and ordered for it, we called you and you still asked us to bring it down, we spend money bringing that product to you already and now you’re saying this; anyways, we are running out of stock already, kindly give the product back to the dispatch guy as another customer is on standby already waiting to collect.
His voice started breaking and stuttering, he was like, ok, fine, let me pay so so so amount, which was lesser than what we’re selling; I turned it down and said he shouldn’t worry, we will bear the loss.
That was the end of our conversation.
The next call I received was from the dispatch guy; he said; the man collect the product oo and paid fully!
I’ve repeated this same strategy in so many cases, and the customers ended up paying for it.
There are some persons, when you hear the customer is about to reject the item, you start fretting and reducing the price, some even go as far as begging, damn!
You are providing a solution bro, you should be bold to collect your bill for that.
Stuttering or begging a customer will make them think your product is not genuine and you will end up losing that sale.
The fourth reason why you just might not succeed in the Mini eCom business is WRONG MINDSET!
So many starters have the wrong mindset about this business, especially with terms of delivery.
See, let me tell you straight up now, the real eCommerce has not started in Nigeria or even Africa. It becomes eCommerce at least, when the customer is willing to pay upfront for the product before it is delivered to him or her; but then, we understand that we are in the era of Payment on Delivery. This model has given the customer a higher hand over you the seller; so there is a room for the customer to mis-behave, there’s little to nothing you can do about it.
What am I saying in essence, don’t have the mindset that when you get 10 orders sent out for delivery, the entire 10 will be delivered, Naaaaaa; die that thought.
Especially in a country like Nigeria where some funny and annoying people are.
Have you experienced a situation where a customer asked you to be coming and on getting to his gate, he stopped picking his calls or his number is switched off?
There are so many people like that.
That is why I always advice, if you plan on delivering 10 orders, run your ads to get at least 15-20 orders; then you can be rest assured of 10 delivering effectively.
This is getting long already, but I hope you’re getting the point now…
Let me share one last one before I call it a day.
The final reason why you may not succeed in the Mini eCom business is You’re Not Calculative
I was tempted to say you’re not good with math but then, I don’t want it to sound rude tho 😊 so let’s leave it at, you’re not calculative enough and by that, here’s what I mean…
Now, let’s say you select a product on eComX that is going for 2,000 naira and from the Sellable Price Range of N12,500 – N15,000; so you decided to sell for N12,500.
You have to do your math properly so as to know if you are making enough money.
Now, what is your advert cost; let’s say you are running a conversion ad (there’s a video under every product that teaches you how to run this kind of ad once you subscribe) and you are spending N1,000 per conversion or at worst case N1,500 (if you run your ads properly, you could get a N500 conversion or even less, YES!)
So, let’s say delivery cost is N2,500 (on an average)
Now here is how much you are making per sale;
12,500 (your selling price) – 2,000 (product cost on eComX) – 1,500 (advert cost) – 2,500 (delivery cost) = 6,500 (profit)
So, this means, you are making a whooping 6,500 on each sale.
Now you can decide to maximize your earnings by 1. Tweaking your advert to get a low cost of conversion and 2. Limiting your selling to states where the delivery charges are cheaper (like Lagos deliveries should be around 1,500 or so; so that’s saving additional 1k profit on each sale).
Still leaving the profit on 6,500, now imagine selling 10 in a week, that’s roughly 2 per day (and this is a lazy man way oo); that’s a whooping 260,000 naira income monthly.
You can scale this up to 500k and 1 million monthly by doing what; simply increase your ad budget.
There you have it!
5 reasons why you just may not succeed in the Mini eCom business.
Take these by heart, re-read it over and over again and be mindful of them as you are enrolling to amass wealth for yourself in the eCom business via eComX.
I want to see you at the top.