Financial freedom is a key goal for every entrepreneur. With financial freedom comes the ability to live a much better quality of life and to scale your business to new heights.
In the Automatic Millionaire, a book by David Bach, he teaches people how to automate their personal finances so they can focus on living life. There are so many solutions through technology that after setting up, you can forget about and grow your wealth.
You basically let technology handle the transfers from your paycheck to savings, investment accounts, debt pay accounts, and charity, and live life worry free. Spending money is harder when the money is automatically invested for you month after month.
But that is only great if you’re making the money in the first place. Most entrepreneurs and even those in employment are not making a lot of money to allow them to save as much as they would want to.
Is it possible to automate income and multiply the amount you earn with just a little extra effort?
How can you automatically make more money?
Ecommerce is the Answer
Multiply Your Time, Effort & Money
If you were able to find a system to multiply your time, effort and money so that you’re able to produce more than if you’re doing everything on your own, would you implement it?
Ecommerce enables you to sell more, reduce expenses and delight your customers, all at the same time with minimal input.
An eCommerce website gives you the leverage to do the work of a marketer, sales person, front desk, cashier, customer support, brand ambassador, local, national or global reach to potential customers, working 24-hour shift, seven days a week with no off day, annual leave or sick days.
So how is all this possible?
Multiply Your Time:
We all have the same amount of time in a day. There’s only a certain amount of work that you can do in a day and the more tasks you have to accomplish, the little you’ll be able to get done overall. Just imagine if you are the marketer, sales person, front desk, cashier, customer support and the producer of whatever services or products you offer. How many customers can you serve in a day?
What if some of these tasks could be automated so that you just focus on delivering the service or product? It would free up your time to focus on giving better value, customer experience and serve more people. The more customers you serve, the more money you make.
Jane owns an organic vegetable and fruits supply business. She has an eCommerce website where potential customers can come and learn about the health benefits of the different vegetables and fruits. She also has a section that educates people on what types of food to take if you have or want to prevent certain health conditions.
The website also has a shop where you can place your order and make payment directly through Mpesa or Credit Card. In the “About us” section of the website, Jane tells the story of why she started the business, what drives her and the vision she has. On another section are testimonials and reviews from happy customers. There’s also a contact form which you can fill and ask any question, give feedback or suggest improvements/products.
Through this website, Jane is able to market, sell, educate, inspire, endear potential customers, convince skeptics and convert many to become customers without spending extra time or money.
The website is able to serve a lot more people simultaneously than can fit in a supermarket. She can now focus on deliveries and sourcing more vegetables and fruits. The marketing, sales, payments, customer service are all automated.
Multiply Your Effort:
If you own a clothing store and you’re the only employee and the vendor next to you has two extra employees, who will serve more customers between the two of you? If three potential customers come into your store, you’ll have a hard time serving all three at the same time. Customers can be impatient; they often want an immediate response to their query and if it takes a second longer, they’ll move to the next shop.
An eCommerce website grants you the ability to multiply your effort by enabling potential customers to shop your store at their own convenience, select what they want, add to cart, checkout and pay for it.
An eCommerce website also expands your reach beyond your physical store. Your store can be in downtown Nairobi and you receive a sale from a customer in Nakuru. It’s an excellent way to extend the reach of your brick and mortar shop.
Multiply Your Money:
The goal of every business is to make profit. The more profit you make, the better your journey to financial freedom. One of the ways to ensure that you remain with more money in your bank account is by reducing expenses.
With an eCommerce website, it is possible to reduce or eliminate some business overheads. An eCommerce website can help you reduce the number of employees that you may need in your business and in some instance may eliminate the need to have a physical store/office.
Jane, our vegetable and fruit vendor doesn’t need to have a physical grocery store. She can easily operate from farm to customer’s house/restaurant/school/hospital, eliminating wastage and the need to invest in expensive display and preservation equipment, plus monthly rent, business licenses, extra workers, etc.
Application in your Business
An eCommerce website can benefit all types of businesses. It can be implemented for any business that may benefit from:
- Bookings: Watch your calendar fill-up automatically with bookings for your services or products with clients and receive whatever percentage of booking fees you need upfront.
- Online shop: Extend the reach of your physical store or sell products entirely online only. An online shop can work for all business that sell physical products that can be delivered to the customer or digital products that can be downloaded from the website once the customer makes payment.
- Subscriptions: Let your customers receive automatic invoices and reminders for subscription payments when they’re due and let the system receive payments as well.
- Memberships: Similar to subscriptions, let members pay whatever dues attached to their membership through automated payment system to enable them access the services or products you offer.
- Consultancy: If you’re an expert in any field, you can monetize your knowledge by offering consultancy services and have people purchase resources or your time right on your website.
- Deposit payment: Does your business require your customers to pay a deposit upfront? Let them order for the service or product and pay the deposit required through your website.
- Online learning: Learning has gone digital. Set up a website with a Learning Management System (LMS) and offer your premium courses to students all over the world or locally and receive your course fee payments while you sleep or on holiday, it doesn’t really matter where you’re.
Having an eCommerce website is the game changer investment for your business. It’s not enough to be on Social Media alone, no matter how much business you’re currently getting from there.
The only real estate that truly belongs to you online, is your website. On your website, there’s only your content and you can walk your potential client and lead them down the conversion funnel effectively to becoming a paying customer. You won’t have to keep answering the same questions over and over again as you normally do on Social Media.
Different Social Media platform attract different demographics, if you only focus on one (as many do), you may alienate potential customers who prefer a different Social Media platform. A website on the other hand is neutral and gives you a central platform to drive all your traffic from your Social Media platforms.
Automating your sales, marketing and payments allows you to sell more, reduce expenses and delight your customers because of the ease of convenience an eCommerce website offers.
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