Should I Grow My Niche Store or Build More Stores for High-Ticket Drop Shipping?
I have had several stores and the biggest issue was always dealing with all sorts of external circumstances like having brand new competitors and offering lower prices and biggest discounts. With these challenges, I would suggest offering value instead of lowering the price to compete.
Here is the list of the offers you can provide:
- Free gifts
- Extended warranties
- Free guides
- Free learning materials
- Discuss the long term benefit
- Inspire customer by making a video of yourself using the product
WHY FOCUS ON NICHE STORE
Running a niche store is very profitable because you have your focus on one niche instead of having your focus spread across multiple stores. All your efforts are going to go into the deepest funnel optimization. Always remember that the true profits come during the sale and after the sale. It means after the sale, you can upsell more products, services, warranties, and white glove delivery. Since these will take a lot of effort to build, your focus is really important in building out your niche store first.
WHEN HIRING A VIRTUAL ASSISTANT
One thing that you need to consider when hiring a virtual assistant is that they will not be as good as you. You might want to hire them to at least help you with the redundant things, like uploading products and customer service. In the end, you are the one who needs to make sure everything is uploaded right and optimized correctly.
I highly recommend building one niche store until it’s a full-time income and then branch out from there. Running multiple niche stores can work very well but you have to have systems and teams in place. The team will run it for you and keep things organized.
TIME FREEDOM OR FINANCIAL FREEDOM
I can say that having another store is like having a second job. When you have one job, it takes up a lot of time and when you have a second job, it means you will have to spend additional time working. You have to consider that running a business is a job that you have to spend your time on it. Ask yourself if you really want to take a second job or would you rather just do a better job at the job you have and get a ‘raise’ or in other words, make more money in your business. Which one is worth more to you, is it time freedom or financial freedom?
HOW TO OPTIMIZE EFFECTIVELY
Understand what you are getting yourself into before you start expanding with new stores. You should be able to figure out better ways to make your optimization more effective from your first store so it will be easier for you when you run a second store.
MY NEW OFFER
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