Hello and welcome to my blog! I’m Melissa Robbins, your dedicated business coach based in Australia, and I’m excited to share insights from my latest episode of TheLotCo Business Podcast. If you’re a retailer, brand, or creative looking to understand the intricacies of running a product-based business, you’re in the right place.
In this episode, I delve into the 10 key characteristics that define successful product-based business owners. These insights are perfect for anyone seeking effective strategies for growing a profitable product business, whether you’re just starting out or looking to elevate your existing venture.
What You’ll Learn
Here’s a sneak peek of the 10 traits that successful product-based businesses share, essential for anyone considering the ecommerce business coach path:
1. Taking Calculated Risks
Successful entrepreneurs understand that taking calculated risks is vital to their growth. Whether it’s investing in inventory, launching a new product, or attending trade shows, these calculated risks can lead to substantial rewards.
2. Diversifying Sales Channels
Relying on a single sales channel can cap your growth potential. As your product-based business coach, I emphasize the importance of exploring multiple sales avenues. From direct-to-consumer sales to wholesale opportunities, diversification is key.
3. Utilizing Multiple Marketing Strategies
In today’s digital landscape, social media alone isn’t enough. I’ll share comprehensive marketing strategies, including SEO, email marketing, and paid advertising, to ensure your brand gets the visibility it deserves.
4. Engaging in Trade Shows
Trade shows can significantly boost your exposure and create new wholesale opportunities. As your wholesale coach, I’ll walk you through how to maximize these events for your product-based business.
5. Investing Back into Your Business
Reinvesting profits during your vital early years is essential for long-term success. Learn how to allocate your financial resources wisely to develop a strong foundation for your business.
6. Creating Your Own Rules
Every business is unique, so it’s crucial to tailor your practices to match your operational style. I discuss the importance of breaking away from industry norms to forge your own path.
7. Outsourcing Wisely
Sometimes, letting go of control is necessary for business growth. I’ll explain how outsourcing can help you concentrate on big-picture strategies while professionals handle the finer details.
8. Evolving Continuously
To remain competitive, your business must never stagnate. I emphasize the significance of ongoing evolution to keep your product offerings fresh and engaging.
9. Managing Cash Flow and Inventory
Sound cash flow management is crucial for maintaining smooth business operations. I provide key strategies to help you keep your finances and inventory in check, ensuring your business can thrive.
10. Knowing Your Numbers
Understanding your financial metrics is paramount. As your ecommerce business coach, I’ll highlight the importance of keeping track of your numbers to make informed decisions for your product-based business.
This episode is packed with actionable knowledge that can benefit anyone involved in a product-based business. Whether you’re an experienced entrepreneur or a newcomer, you’ll find valuable insights that inspire you to assess your current practices and identify areas in need of improvement.
As a passionate business coach in Australia, my goal is to guide you through the competitive landscape of retail and creative entrepreneurship. Plus, I’m thrilled to invite you to an upcoming free masterclass that dives deeper into these strategies—a fantastic opportunity for hands-on learning and real-world applications!
Don’t miss out on gaining these essential insights! Tune into thelotco business podcast today and unlock the potential of your product-based business. Subscribe now to stay updated on future episodes, and please share your thoughts through a review.
Ready to elevate your business? Join my membership for product brands and retailers and join a network of like minded business owners., and let’s embark on this journey to grow your profitable product business together
Wishing you an amazing week ahead—happy listening!
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