If I Start My Online Small Business in 2024, Here's What I'd Do | 5 things I wish I knew | Ecommerce

Summary

In this video, the creator shares their journey of building Overthinker Apparel, an online clothing brand focused on positivity and embracing imperfection. They discuss the ups and downs of starting a business, including lessons on clarity, website domains, and financial management. The creator highlights the importance of a clear online presence, sharing personal advice on choosing platforms like Etsy or Shopify, handling cash flow, and preparing for business growth. Additionally, they emphasize the value of a .Store domain and its benefits for online stores. The video wraps up with motivational insights on setting ambitious long-term goals.

Takeaways

• 😀 Starting an online business offers the freedom of being your own boss, but it's important to have a bigger vision beyond just that.
• 😀 Overthinker Apparel is a family-run clothing brand that emphasizes being brave, imperfect, and authentic.
• 😀 The book 'Building a StoryBrand' by Donald Miller stresses the importance of clarity in business. 'If you confuse, you lose.'
• 😀 Online stores should have clear call-to-actions like 'Buy Now' or 'Sign Up Here' to avoid confusion and guide customers.
• 😀 Choosing the right domain is crucial. A .Store domain makes it immediately clear that a website is an online store.
• 😀 Websites with .Store domains perform better, leading to more impressions, clicks, and lower customer acquisition costs.
• 😀 Influencers like Mr. Beast and major companies have successfully switched to .Store domains, reinforcing the trend.
• 😀 Managing finances as a small business owner is essential. Tools like Google Sheets, QuickBooks, and a dedicated bank account are crucial.
• 😀 Shopify and Etsy are both valid options for starting an online store, but your choice depends on whether you want more control or convenience.
• 😀 Having the right tools, like ShipStation and Vistaprint, can streamline business operations, particularly when sales start to surge.
• 😀 It's important to think long-term with your business vision, make bigger plans, and aim for personal growth beyond just financial stability.

Q & A

What is the primary goal of Overthinker Apparel?

The primary goal of Overthinker Apparel is to encourage people to be brave, be imperfect, and just be themselves. The brand focuses on creating uplifting sweatshirts and sharing their journey as small business owners.

How did Overthinker Apparel get started?

Overthinker Apparel started from scratch, with no prior business experience. The owners faced challenges and learned many lessons the hard way, as shared in their previous viral video about their early days.

What does the book 'Building a StoryBrand' by Donald Miller teach?

'Building a StoryBrand' emphasizes the importance of clarity in business messaging. The key takeaway is that confusion leads to lost opportunities, and businesses must have clear, easy-to-understand calls to action for success.

What is the significance of a .Store domain for an online business?

A .Store domain is valuable because it immediately tells customers that they are visiting an online store, eliminating confusion. It enhances clarity, and websites with .Store domains tend to perform better with more clicks, impressions, and lower customer acquisition costs.

How did Mr. Beast use a .Store domain to his advantage?

Mr. Beast switched to a .Store domain for his merch store because it eliminated confusion. His previous .com domain was long and ambiguous, while the .Store domain made it instantly clear that it was an online store, improving customer engagement.

What are the benefits of keeping business and personal finances separate?

Keeping business and personal finances separate is essential for tax compliance, financial clarity, and preventing confusion. It is recommended to open a separate bank account for business expenses, which simplifies tracking and maintaining healthy finances.

What is the difference between selling on Etsy and Shopify?

Etsy is beginner-friendly and handles some aspects like taxes but comes with high competition and fees. Shopify offers more design freedom and control over the store but requires the seller to drive traffic. Both platforms have pros and cons, so the choice depends on whether you want convenience or control.

How does using a .Store domain affect a small business's marketing efforts?

Using a .Store domain makes a business stand out and instantly communicates its purpose as an online store. This clear messaging can increase brand recognition and boost marketing efforts by reducing confusion and making the website memorable.

What should an entrepreneur do to prepare for a sudden spike in business, such as going viral?

Entrepreneurs should ensure they have adequate inventory, packing materials, and an efficient order fulfillment process in place. Mental preparedness and a well-organized workspace are crucial, as well as being familiar with tools like ShipStation and Mailchimp to streamline operations.

What advice does the speaker give regarding setting goals for a small business?

The speaker advises setting long-term, ambitious goals for the business, rather than focusing solely on short-term survival. A five-year plan is recommended, and entrepreneurs should think big and continuously push themselves beyond their initial goals.