I tried to find someone else, but I kept coming back. Now whenever I find myself drifting towards some secret sauce that is the absolute key to marketing success, I ask first, "What does David have to say? I recommend David to my FB group in hopes that they follow what he says and I'll have smarter people to work with. Start with David. It was too terrifying and bewildering. A book I published 18 months ago was left wandering in the wilderness because I couldn't market it.
Now, thanks to David's guidance, I feel more confident Now, thanks to David's guidance, I feel more confident I can market my six book series currently with a professional editor and its three book follow up. Michael Beckwith. Daniel is the creator of the Your Sacred Purpose that is unleashing the hidden greatest potential within world-changing empaths, healers, and spiritual entrepreneurs by loving all of themselves including their full power, their greatest gifts, their truest purpose, and the ability to deepen the awakening of consciousness on the planet while enjoying profound money success.
Podcast: Download [ Download ] Duration: — Looking back on things, I realize that the business was able to scale at such lightning speed because of our ability to create inventory arbitrage. Instead, we used inventory arbitrage and started building this multimillion-dollar business.
But I realized that while we built a really great business with those three steps, something important was missing. So instead of moaning and wallowing failure, I took that failure to another level. I started looking at my failure and saw what I did wrong. My new knowledge became the building blocks of starting a new business.
A solid foundation. So I started fresh. In fact, throughout the entire process of building the business, I perfected our system, ensuring that it remained on point and airtight. After a couple years, I decided to put everything I learned into a course, teaching students how to use my 5-Step System to create an online business.
If you ask any one of my students, they will tell you not just to read this book, but to execute the system and to become im- mersed in the process. Before we dive into this system, I want to share some information with you about the retail world. Even though your business will be online, it is still important for you to understand the retail industry and our economy so you can spark an actual opportunity.
I will talk about this in more detail in the next chapter. Walmart, Target, Sears, Gap, and many large retail outlets have announced the closure of hundreds of stores globally. Like the fall of the Roman Empire, the brick-and-mortar retailer industry is currently crashing down around us. What we have seen so far is just the beginning. What is going on to make these retail giants - stores we have relied upon for decades - close more and more stores every year?
For one, the cost of employees, real estate, and inventory are increasing year after year. These increasing overhead costs are sabotaging brick-and-mortar retailers. The more their costs rise, the more vulnerable they are. But the destruction of traditional retail brands goes deeper than just expenses. Rising over- head cost is only one of the problems for these companies. The real issue for them is the global trend of consumers purchasing from online retailers.
This is what we call e-commerce. While major retailers watch their sales plummet and are forced to shutter stores, online retail sales continue to sky rocket.
It truly is unfortunate that many of these brick-and-mortar re- tailers are laying of employees. Even so, not all major retailers are giving up! Many are catching on and shifting their focus to e-commerce. Every single major retailer is now investing money and infrastructure into e-commerce because it is the reality of retail in the 21st century. In fact, e-commerce continues to grow exponentially.
According to Business Insider, retail giant Target is now focusing heavily on online sales. Originally, Target had planned to expand their presence in Canada. They mistakenly thought they could gain market share and increase sales by expanding into another country. Consumers are now geared toward purchasing online. People are becoming more comfortable with shopping online. Why leave home when you can do so much on your smartphone or laptop?
You can compare prices online. There are just so many reasons a consumer would rather shop online. In fact, many stores, such as Best Buy, have a lot of deals that are exclusive to online sales only. This is where the trend is going.
It is the reality of retail right now. And this is where oppor- tunity comes into play - for the big guys, yes, but there is also a huge opportunity for you. Best of all, this online shopping trend gives you an enormous advantage! Unlike large retailers, you have few, if any, overhead costs when operating an online retail store, also known as an e-commerce website. If you apply the 5-Step System laid out in this book, it will allow you to start raking in your piece of the pie from the half-a-trillion dollar re- tail industry.
It seems impossible to create a successful e-commerce store and sell retail products while large retailers are announcing closures all over the world.
Right now, everyone is purchasing online. This is thanks to Amazon. Amazon has rev- olutionized the online retail industry, and retail sales overall! It has forever changed the way consumers buy products. They have accomplished what no other company has in the history of retail. While many large retailers are sufering from the inevitable change in con- sumer purchasing behavior, Amazon has taken retailing to greater heights.
According to an article on investors. Can you believe the biggest online retailer in the world got its start as a humble little platform for authors to self-publish their books online? This is one way Amazon has afected retail for quite some time. Physical bookstores are now having a diicult time because people are geared toward buying books online.
Next, Amazon expanded its operations to music and DVDs, and it saw an increase in sales simply by expand- ing its product line. Today, of course, Amazon is a full e-commerce platform, selling everything - and I do mean everything - from pet accessories to watches to baby diapers and even groceries.
Most astonishing of all: Amazon has now surpassed Walmart in total revenue per year! Yes, really! It seems Amazon is serious about living up to its mission statement, which essentially says that it will be the utmost customer-centric company, where customers can buy anything they want online.
This is the very reason why Amazon invests an unprecedented amount into revolutionizing the way people buy: They have introduced Amazon Prime, AmazonFresh, and one-click Buy buttons. All of these have changed the way consumers spend their money, allowing them to use their credit card on a laptop, desktop, tablet, or mobile smartphone.
Everything has changed! Online retail has evolved. People are now more than willing to spend money with their credit cards on a computer and even on a mobile phone. You and I are not the only people who used to feel uncomfortable providing our credit card numbers online. Most consumers used to feel it was very unsafe to give away personal infor- mation. Online sales are so easy now, it is simply mind-boggling. We can create a website and start selling retail products online.
Consumers are not afraid to purchase from us because they now un- derstand that they have security. They can feel safe providing their personal information and entering their 16 credit card numbers on any website. But Amazon has done so much more than simply putting the online consumer at ease. It has discovered the true magical formula to online retail success: Smart inventory! Aside from all the innovative technology and infrastructure Amazon has built, there is one thing they do that has blown the traditional retail industry out of the water.
It has to do with how they structure their inventory - and it is this exact strategy that has helped me create Step 3 of my system: inventory arbitrage. It is this method of managing inventory that has made Amazon bulletproof, unlike other ma- jor retailers. This method is so simple it is almost beautiful in its simplicity.
Ready for it? Instead, Amazon has given the business of keeping inventory to the retailers. How clever is that? So when it comes to keeping inventory, Amazon can wash its hands of the whole thing! This is where the magic truly lies. Since everyone is putting their inventory on Amazon, it has allowed Amazon to list all these products on its website. Believe me, I know how insane that sounds.
In Business , we learned that inventory is cash. Yet Amazon has been able to build an entire empire with barely any investment in in- ventory. Using Walmart as an example, it has to invest millions of dollars in inventory just to open one store. That amount does not even include the cost of real estate or the cost of employees. This method of doing retail business led me to discover the concept inventory arbitrage.
It allowed me to understand that manufacturers and vendors are more than happy to hold inventory for you while you simply focus on selling. This is the exact strategy I am going to show you. I will tell you who to work with and how to deal with vendors so that you can have your own e-com- merce website just like Amazon, selling thousands or even tens of thousands of products without holding a single one in inventory. It may sound like a horror story when you hear about retailers shutting down globally and how there is tremendous change happening in the industry, but e-com- merce is not only immune to this change, it is the driver of this change.
Still not convinced? Let me share a statistic with you that was put out by eMarketer. In , the U. Yes, you heard that correctly. I said trillion, not billion.
Regardless of what has happened in our economy over the past few years, people will still buy goods. People will still use their hard-earned money to buy the things they want. This is very important. The number one factor in a consumer buying an item is that they will buy based on their wants, not their needs. You will be restrict- ed by the cost of living, the amount of goods actually needed, and changes in the economy.
The bottom line is people buy based on their desires and their wants. Look at it this way. You need to buy a car because you need to get from point A to point B. But any old car will do, right? You could open up a newspaper right now and buy any old piece of junk for a couple hundred bucks.
People buy based on wants. They want the nicest BMW. They want the nicest Mercedes. They want a Ferrari. All these luxury cars are based on wants. Luxury brands are all based on wants. You need a purse, right? You need a purse in which to put your wallet. You need a purse in which to put your makeup. You need a purse in which to put your keys.
Or may- be one of those reusable shopping bags? Why not use a fanny pack? Why does everyone want a Louis Vuitton bag? Why does everyone want a Gucci? Vuitton and Gucci can do this because they have created a want. They make you want it!
The key is to buy these items for a low price and sell them at a high price. Do you play games? Because you like games and you want to play them. They want to play games. A company that took the simple concept of having birds catapulted through the air to kill pigs is now worth billions of dollars because people want to play the game.
They sell products at a high cost while investing a low amount of money per unit. Simple, right? But you also absolutely have to understand another critical fact Although the multi-trillion dollar industry is very lucrative, many people will still fall into the trap of following the old-fashioned retail method, which poses a great threat of failure. If you follow the old retail method, you will either lose a lot of money or you will stress out like nev- er before.
This method does not require any knowledge or experience - and you can have your business up and running in just a few weeks. Get ready. I want to be sure you fully under- stand this method so you do not fall into the old-fashioned method.
I want you to succeed! The Modern Method Capital. After all, to start a business you need a large amount of capital to invest in your triple net and your monthly lease.
You have to invest in your inventory. You have to invest in your point of sale system. You have to invest in employees. You have to have a substantial amount of cash low just to keep the business running on a day-to-day basis. Then you would have to invest in renovating and decorating your store. You would then have to start dealing with every single vendor for whom you wanted to carry products. This basically meant walking into a bank and asking for a loan.
Starting a retail business used to be a massive undertaking. When you open a brick and mortar retail store, you are never guaranteed that people are going to walk through your doors, pick up the products you are selling, go to the cashier, and give you their money.
There is just no guarantee. When you are following the old-fashioned retail method, you have to spend a ton of money just to prepare for your opening - all without knowing wheth- er you will succeed. You will be spending an enormous amount of time getting your old-fash- ioned retail store of the ground. It will take you at least six months to a year to get started. But the 21st century technological revolution has changed all that. There is a now a far more eicient and risk-free way to start a business.
Now, because of advancing technology and the evolving market, all you have to do is get ready, by creating an e-commerce website. Then you can go ahead and ire! You just start sell- ing right away! Open the store and start selling. This is how you keep your risk minimal. Did you hear that? The modern method revolves around technology. It revolves around inventory arbitrage.
You really can get a website up and running and start selling right away and then perfect the system later. Your website, as we all know by now, is going to be an e-commerce website. Get ready and ire. Is it right for me? Can I do this? All you have to do is follow my 5-Step System. You will have an e-com- merce website up and running so you can start selling retail products in no time. Even if you have heard the word e-commerce before reading this, you might still be wonder- ing what it actually means.
E-commerce originates from the concept of commerce, something that is by no means new. Commerce is simply a business interchange of goods across a dis- tance.
This interchange can be within the same country, or it can be between foreign coun- tries. It certainly looks diicult because there are many aspects. First, you need to actually create a website.
That sounds diicult all on its own, but then you need to acquire and manage an inventory. You must have knowledge and prior experience to actually create an e-commerce store, right? I have one question for you at this point. Do you know how to use a computer? If the answer is yes, then you can start an e-commerce store. But what about the advertising? How do you write ads that attract people? You need to write sales material that will draw people in. All you have to do is describe the products you are selling and have them available in your store.
Copy writing is not something that you need to perfect when it comes to e-commerce. It has to do with overhead expenses. E-commerce is right for everyone because it keeps your costs low.
As I mentioned earlier, right now the cost to start a business is at an all-time low. This is especially true of an e-commerce business. You can be a work-at-home mom or dad and start creating an e-commerce store just like that! The beauty of e-commerce is that you can work any time of the day. Your website is open 24 hours a day, seven days a week. You have access to the globe, which means that there will be consumers browsing your web- site and placing orders 24 hours a day.
Anyone, anywhere, anytime can go to your website to make a purchase. This is the main diference between the old-fashioned retail method and the modern method.
It is even open during holidays. You simply cannot do that with an old-fashioned retail store. Your overhead expenses would be astronomical! Do you see how diferent - and how easy - e-commerce is? If you are still in doubt, please keep reading. I am going to prove to you in the pages of this book how e-commerce is right for everyone. Modern technology, combined with my discov- ery of inventory arbitrage, will allow you to have an e-commerce website up and running in a matter of weeks.
All you need is some time to put it all in place and execute. You need to tap into your own unique interests and passions. A lot of the time, people go into retail just for the money. They want money to buy the newest car or the biggest house. Every time you work on it, you are going to be excited and happy. I hope you are pumped and ready to get started because I am now going to share with you everything you need to know to get it all of the ground.
I will share information on how to deal with the technology and get the entire inventory; essentially everything you need to know to get an e-commerce store up and running. I can guarantee you e-commerce is right for anyone and everyone. We are in the golden age of entrepreneurship and technology.
There are absolutely no limitations here. There are no restrictions. And all you have to do is take action. Now, no one has a crystal ball, so this is strictly a forecast.
However, it is plain to see that we are in a period of exponen- tial growth in the retail e-commerce industry. After all, with that much money lowing through online retail businesses, there is plenty to go around! This is the ris- ing age of e-commerce and there are many aspects of e-commerce that are evolving, pushing e-commerce sales to even greater heights. Perhaps one of the greatest aspects of the rise in e-commerce is the introduction and devel- opment of mobile technology.
Mobile retail e-commerce sales are booming! Let me share a story with you to illustrate the rise - and power - of mobile e-commerce. This is a story about how I turned a business around simply using mobile technology. Right now, we are in a mobile retail e-commerce era. Once again, Amazon is at the forefront of this change, having completely revolutionized how people make purchases through mobile phones. When I started my e-commerce business, I was only focused on browser-based e-commerce, to be found on desktop and laptop computers.
To my peril, I did not focus on mobile at all. One day, it hit me. I was looking at the statistics and realized that mobile retail sales had been growing exponentially.
This year alone, it is expected that the U. In fact, right now there are actually more mobile phones in use than laptops or desktops. Mobile phones and devices really open up a whole new world for everyone. They are no longer tied to their home internet service. They can be sitting in a cofee shop in London, touring the Eifel Tower, on safari in Africa, or at a restaurant in their hometown. What does all of this mean for those of us in the e-commerce business? What did it mean for me?
The moment I had this realization, I turned my business plan around and established my mo- bile e-commerce presence. So, what happened? Well, my investment was far from wasted. The day I launched my mobile e-commerce stores, my sales went through the roof! There is now another aspect of e-commerce that is blossoming and growing quickly: social commerce. Right now, there are many brands and many small businesses that utilize social media to build a brand presence, create sales, and gain traic.
Most important, social media is also a platform through which you can interact with your customers and your prospects. This means you can better understand your market and grow your business even further. E-commerce in social media is something you cannot ignore. Take Facebook as the prime example. Facebook is the number one social media platform on the internet. It has over 1.
We are talking about the population of China using Face- book every month. That is a lot of people! Facebook is not alone. The growing sector of social media marketing involves a number of other platforms. There are many people making money on Instagram, for example. Since Insta- gram has now reached over million active users, these marketers have a wide audience.
Pinterest is another major force in the social media game. Right now, it has over million monthly users. The best part? So, where do you go from here? The rest of this chapter is dedicated to providing you with the exact blueprint and strategies you need to follow to get there.
This will include a step-by-step plan that shows precisely what you need to do to create an e-commerce website to start taking advantage of the opportuni- ties mobile and social commerce ofer. In fact, all of the strategies I provide throughout this book tie in with e-commerce, mobile retail e-commerce, and social commerce. What are you waiting for?
This concept is very important. You have to pin down who you really want as customers. You have to determine very carefully what your store is about and why these people need to visit it. How do you accomplish this? This is a critical key to your success. I have observed many diferent businesses, and I have even had businesses of my own which did not revolve around passion.
These businesses do not last long. They will not stand the test of time. In fact, a business that is not based on your own passion will collapse in a very short time because you will not be committed to it over the long term. Believe me. That is where a lot of people fail.
So many entrepreneurs and so many small businesses fail in the beginning because they try to enter a niche market in which they have absolutely no interest. For example, if you like horses, read about horses, go horseback riding, and have an over- whelming love of horses, then that is your market. You can create an entire e-commerce website all about horses. It can include horse accessories, horse t-shirts, bracelets with horses on them, toy stufed animal horses, and anything else related to horses.
Your website can include all of that because right now, using inventory arbitrage, you have ac- cess to literally millions of products - and you can actually sell them. This level of passion is a very important key to success.
Fortunately, Amazon can help! Remember, Amazon is the king of e-commerce, having made it what it is today. EBay is also a great source for passion niche research. If you need help narrowing down a niche market, simply go to Amazon. Think about Home and Gardening.
If not, maybe you are a person who loves camping, hiking, and outdoor activities. The main thing is that you choose something you love. Now, choosing a niche will be easy for some, but for others it can be very diicult. Some peo- ple even feel so discouraged about not discovering their niche that they abandon the idea of building an e-commerce store. This is your subconscious telling you what you absolutely love.
Follow that thought! Follow that intuition - and go after that market! Most of all, do not allow anything deter you or get in your way. It will be the idea you never regret. Go with that idea. Go with that market. And start taking action.
In other words, you will perfect the process - including the products you sell - after you start selling. Right now, follow your intuition. Finding your niche is very simple.
It is simply what you are absolute- ly passionate about. This lets you get your feet wet and it minimizes your risk. This works greatly to your advantage.
This is when you can add more depart- ments to your e-commerce site. But we are getting ahead of ourselves. Right now, I want you to write down on a piece of pa- per the niche you are pursuing. Go on. Write it down. This makes it possible for you to secure your web address. In the online world, you have a similar way to identify yourself: a web address. Your web ad- dress is simply your domain, www.
This is your web address. This is the address that people type into their browser to visit your online retail store. It is important to understand that your domain is an important part of your brand image.
If you have chosen a horse niche, then your domain name should be something related to horses. There are many other domain name services out there, but I person- ally prefer GoDaddy. Simply type in the domain name you want and it will instantly state whether the domain is available.
Keep in mind that you cannot have underscores or spaces between the words in your domain name. You can use hyphens, but I strongly suggest you look for words that can be tied to- gether. But you want to be unique. You want your domain name to stand out and not be easily confused with that of another business.
Your best bet is to choose a domain name with two to three words in it. When you type it in, GoDaddy will tell you if someone owns that domain or not. At times, you will see something called a premium domain. Avoid this at all costs! Please, do not fall into the trap of purchasing a premium domain. You are in the very early stages of creating your brand.
Take the time to research your options. I often use Source. Obviously, the pricing may be slightly diferent. Sometimes you can get a domain for cheaper than that!
Now, as you go through the process of purchasing your domain name on GoDaddy or Name- Cheap, you will be asked if you want to add items like privacy for your domain info, an email address for your domain, and a web hosting server.
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