Websites like AMPMpodcast.com talk a lot about Amazon, private labeling, and making unbelievable amounts of money. While this could make the none-business minded person skeptical about the likelihood of earning a million dollars in nine months, many online entrepreneurs have actually done it.
Technology and Business Success
The internet plays a big role in the success of businesses today. Not only does a business rely on store sales and advertising. It also depends on virtual factors like product reviews, website conversions, e-commerce, and SEO. In fact, sales from e-commerce sites reached $394.9 billion in 2016 alone. And though this still hasn’t outweighed sales from physical stores, the trend’s been going nowhere but up. Communication technology has also helped online businesses, as suppliers and manufacturers from China and India work with other countries on private labeling or distribution.
Cash, Dollars, Income, Money
So, how does that money come in? Well, it just doesn’t fall from the sky. The cash flow cycle in e-commerce may look simple, but, truth is, a lot of time and hard work go into it. If you’re reselling products from China, for example, the cash flow may look like this.
Send Funds to China – Receive Products – Sell Products – Receive Back Funds + Profit
Before this cycle even starts, know that much time and effort are spent on planning and marketing. Relationships and trust must be built online by providing website visitors with good and valuable content, in the hope that they convert. And that doesn’t happen overnight.
Every successful online entrepreneur started from the bottom. Mistakes may have been made, and sums of money might have been spent to get successful online ventures to where they are right now. So, just because technology has made the business world easier to move around in, it doesn’t mean it’s made earning money easier. Passion, hard work, and perseverance are still the keys to being successful, online or offline.