Many ecommerce businesses are struggling. Profit margins are thin; cash is low.
As the host of “Ecommerce Conversations,” I typically interview entrepreneurs and executives. But I’ll depart for this episode, sharing lessons from running Beardbrand, my company, for over a decade.
What follows are my tips for adding margins to an ecommerce business. My entire audio narrative is embedded below. The transcript is condensed and edited for clarity.
Clarify Goals
I believe in bootstrapped businesses, prioritizing freedom over money. My decisions differ from those of Sean Frank at wallet-maker Ridge, who aims to build a billion-dollar company. My goal is to create a lifestyle that allows me to do what I want.
Having a clear goal facilitates focus. Chasing a billion-dollar business means thinking about a broad market, but focusing on a niche can result in a high-margin, low-stress company that’s lean and manageable, even at just one or two million of annual revenue.
Think about your products and how you communicate with customers and prospects.
