It’s been a good year for you, hasn’t it? The money’s coming in, you’ve got a loyal customer base, and your mother was wrong—you CAN make a living off an online business!
But now that the year’s nearing to a close, it’s time to consider how far your business can go. Black Friday’s just around the corner, and with that, the promise of online sales rising an estimated 17.3%, resulting in $7.23 billion profit. It may only be October, but if those numbers seem appealing, then it’s never too early to prepare.
Here are some tips to get you started:
You already know your catalogue like the back of your hand, but taking a second look will help you assess which products will be in high-demand once your customers finish their turkey dinners and don’t feel like waiting in line at Best Buy.
Understand that to successfully do business on Black Friday, you’re going to have to slash prices, maybe even double the supply of your product, depending on customer demand for it.
What are your most popular products? Who is your biggest demographic?
You probably know some of these things already, but taking a step back and reviewing key information will help make Black Friday prep a breeze.
You take pride in your work, and you’ve got the numbers to show it, but running your own online business in 2017 requires more than just selling your product.
If you don’t have them already, create Instagram and Facebook accounts to promote your business; if you do, congratulations! Let’s make them better. Post pictures, reviews, and make it personable and fun.
Things aren’t so serious on the Internet, and social media outreach for your brand doesn’t need to be so bland. More people than ever are online, and anything that amplifies their Internet experience, even if they’re just online shopping, will result in them returning to your business again and again as a customer.
Simply put: sometimes it’s the little things that make something stand out, and if the Facebook for your business features cool photos and lively posts, you’ll be in the pink.
Whether your business is a shop on Etsy, or you have your own Shopify website, purchasing ads to get the word out on your business never hurts, and advertising in preparation for Black Friday will further that.
In a pinch? Paying to “boost” a post on Facebook or Instagram is very affordable, and guarantees a broader reach than organic posts alone. Of course, your brand may be prospering in cyberspace without the help of paid ads, and that’s okay too.
Okay, duh! you might be saying, but you may overlook preparing your inventory for the more logistical stuff.
Your worst case scenario is this: you advertise, your customers are excited, and you’re good to go… until it’s 4AM on Black Friday and you’re already sold out!
Adding more to your stock supply may seem scary now, but the truth is if you really understand the success of your business and what it’s capable of, overstocking will lead to an awesome turnaround. You can thank me later.
I’m sure people are giving you advice left and right, and you’re probably overwhelmed. It’s your first Black Friday, after all!
Just remind yourself that you’ve got this.
You’re the one who’s built an online business from the ground up. You’re the one who’s thriving from chasing their passion, and hey, buying into the standards of American capitalism might not be your forte, but you’ve got all the resources and the brainpower to do it.
Picture this: this time next year, you’ll be lounging on a beach in Hawaii, and it’s because you worked hard enough to get there.