The beginning of this new decade brings with it the popularity that online activities are gaining instantly. Most people consider online shopping extremely feasible because they can make changes from the comfort of their homes. The e-commerce industry has been growing widely these past few years, and by 2022 is expected to double to approximately 6.54 trillion US dollars. Cameron Farthing created his place in the e-commerce industry five years ago, and now his company The Normal Company, a global digital marketing agency, is running successfully from London. They have helped brands accelerate their revenues to multi 7 figures and all-time highs. Cameron Farthing’s journey is a great example for entrepreneurs that are searching for ways to make their businesses prosper. He has shared with us five tips that could help your business to succeed.
Expect Uncertainty
An entrepreneur is usually subjected to a high degree of unpredictability. It is important to expect some degree of uncertainty with your plans. It is recommended that you draw out a flexible plan and take into consideration all the possible consequences. Do not let discomfort control your actions and learn to move forward in small but significant steps. Cameron Farthing faced a variety of uncertain obstacles when he first began his journey. However, he believes unexpectedness is what helps you learn and grow.
Create a Business Model
Begin with constructing an appropriate business model. This will enable you to generate a concept for your business, help you anticipate the revenues and costs, and assist in developing strategies to maintain the competitiveness of your business. Cameron Farthing stepped in the e-commerce industry with the development of one e-commerce store, a small drop shipping business and an effective business model. As his sales grew remarkably, he realized that he had devised the perfect model. So he adjusted the model to accommodate the increase in revenues generated and the growing investments. This helped him to develop several e-commerce stores, eventually generating approximately 7-figures.
Test and Try Strategies
It is necessary that you test and try out your strategies. Draw out separate budgets for each component of the business plan to divide the finances accordingly. If you are just at the beginning of your business, you must create a trial period for your strategies and products. Invest smartly during this trial period to attain an idea about the most popular products and techniques. Calculate your return on investment for the components that were tried and tested. Then favor funding the policies that generated a higher return on investment. It is necessary to implement techniques that will build the foundation of the business stronger
Learn From Your Mistakes
Analyze the implementation of the plan closely for any errors. If a mistake has been made, it is important that you own up to it and learn ways to avoid making these errors in the future. Fixating on a miscalculation will hold you back from your ultimate goal so instead, thoughtfully take a lesson from the consequences and help yourself make a better decision next time. Cameron Farthing had decided to become a commercial diver right before stepping into the world of digital marketing. However, soon after he realized the wrong turn he had taken, he rectified it by taking out time to search for his perfect fit. This led him to discover the e-commerce and digital marketing industry.
Invest in Marketing
Marketing is a crucial aspect of your business. Digital marketing plays a significant role in creating an everlasting presence in front of your target audience. It is necessary that you help create a strong digital presence. Prospective customers generally confirm the legitimacy of your business via social media. The right measures can give huge scale to the business. Cameron Farthing spent a great deal of time and money to gain knowledge about digital marketing. He applied this knowledge and understanding to the development of The Normal Company.
Therefore, be mindful of your goals and use them as fuel for your inspiration. Take the time you require to understand your business and devise its effectiveness. Practice patience when you start moving ahead and prioritize your physical and mental health.