Ecommerce Startup Success: Pay Yourself from the Start
Guest: Ciara Stockeland
Ciara Stockeland is a serial entrepreneur whose business adventures began in her teens, leading her to open and franchise her first store in 2006. With a knack for innovation, she once created and sold a unique wholesale subscription box for boutique retailers in just 18 months, and now champions inventory genius through her coaching program, guiding inventory-based business owners towards profitability. When she's not sharing her business acumen, Ciara is conquering Ironman challenges, with three under her belt, and enjoys the serene Tennessee life with her husband Jim and their lovable Great Pyrenees, Bentley.
Here’s a summary of the great stuff that we cover in this show:
Ecommerce Startup Success: Pay Yourself from the Start
In the dynamic world of ecommerce, starting a business that's not only sustainable but also profitable from day one is often seen as a lofty goal. But what if I told you that this isn't just possible, it's achievable with the right approach?
In this episode of the eCommerce Podcast, I had an fantastic conversation with Ciara Stockeland, a seasoned entrepreneur and the author of 'Inventory Genius'. Ciara's journey in the ecommerce space is both inspiring and instructive, offering a roadmap for aspiring entrepreneurs to follow.
🚀 Starting with a Profitable Mindset
One of Ciara's key insights is the importance of setting up your business to be profitable from the outset. This means integrating your salary into the financial structure of your business plan. It's not about hoping to make a profit after a few years; it's about strategic planning and understanding the nuances of ecommerce to ensure profitability from day one.
📉 Avoiding the Pitfalls of Ecommerce
Ciara points out two critical mistakes many new ecommerce entrepreneurs make: overloading their stores with too many SKUs and taking on debt without understanding the root causes of their financial struggles. She advises a lean approach to inventory, contrasting the need for variety in brick-and-mortar stores with the more focused, less-is-more strategy that works best online.
🔧 Leveraging Levers to Increase Margin
The journey to ecommerce success isn't just about cutting costs or increasing sales blindly. Ciara emphasises the significance of strategic pricing, managing discounts effectively, and optimising shipping costs. These are levers that, when pulled correctly, can significantly enhance your profit margins.
📊 Understanding the Real Costs of Marketing
Another crucial aspect Ciara discusses is the need for ecommerce businesses to understand the true cost of marketing. This includes not just the ad spend but also the fees for agencies and other marketing services. Many businesses often overlook these expenses, which can significantly impact profitability.
🎧 The Power of Learning from Experts
Listening to experts like Ciara Stockeland on the eCommerce Podcast offers invaluable insights into making your ecommerce business thrive. It's about learning from those who've navigated the challenges and emerged successfully on the other side.
To learn more about these topics and more, tune into the eCommerce Podcast. Whether you're just starting out or looking to refine your business model, this episode with Ciara Stockeland is a treasure trove of wisdom for anyone in the ecommerce realm.
Remember, starting an ecommerce business that pays you from day one is not just a dream. With the right strategies, tools, and insights, it's a very achievable reality.
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At the eCommerce Cohort, we're committed to helping you deliver eCommerce WOW through our lightweight, guided monthly Sprint that cycles through all the key areas of eCommerce.
What happens in a Sprint?
Each Sprint is themed-based. So using the topic of Everything You Need To Know About Subscription eCommerce as an example - here's how it would work:
Sprint Theme: Marketing.
Week One: Coaching Session -> Marketing.
Week Two: Expert Workshop -> Everything You Need To Know About Subscription eCommerce.
Week Three: Live Q&A with our experts and coaches. This is a time to ask questions and contribute your thoughts and ideas so we can all learn together.
Week Four: Submit your work for feedback, support, and accountability. Yup, all of this is to provide you with clear, actionable items you can implement in your eCommerce business or department! It's not about learning for the sake of learning but about making those constant interactions that keep you moving forward and ahead of your competitors. Sharing your work helps cement your understanding, and accountability enables you to implement like nothing else!
Who can join the eCommerce Cohort?
Anyone with a passion for eCommerce. If you're an established eCommercer already, you'll get tremendous value as it will stop you from getting siloed (something that your podcast host, Matt Edmundson, can attest to!).
If you're just starting out in eCommerce, we have a series of Sprints (we call that a Cycle) that will help you get started quicker and easier.
Why Cohort
Founder and coach Matt Edmundson started the Cohort after years of being in the trenches with his eCommerce businesses and coaching other online empires worldwide. One of Matt's most potent lessons in eCommerce was the danger of getting siloed and only working on those areas of the business that excited him - it almost brought down his entire eCommerce empire. Working on all aspects of eCommerce is crucial if you want to thrive online, stay ahead of your competitors and deliver eCommerce WOW.
Are you thinking about starting an eCommerce business or looking to grow your existing online empire? Are you interested in learning more about the eCommerce Cohort?
Visit our website www.ecommercecohort.com now or email Matt directly with any questions at matt@ecommercepodcast.net.
Matt has been involved in eCommerce since 2002. His websites have generated over $50m in worldwide sales, and his coaching clients have a combined turnover of over $100m.