10 Questions Every Shop Owner Should Ask Themselves
Photo by Stefan Baudy
#1. What is my niche? – It is no secret that it’s much easier to market yourself with a good niche market. Do you have a nice sustainable niche that you enjoy?
#2. Do I spend more time solving or complaining? – Three people walked down the road. They came across a pothole. First person stopped to complain about it. Second person walked around it. Third person filled it up and fixed it. Which one are you?
#3. Are my improvements evolutionary or revolutionary? – When is the last time you tried something no one else did? It is perfectly fine to fail, but are you even trying?
#4. Which skills can I learn that will really help me? – How do you expect your products to sell better if you yourself aren’t getting any better? Bring back the spirit of learning you once had when you first entered this virtual world.
#5. What are common criticisms about your shop or products? – At bare minimum, you should know them. What you do with it is another story.
#6. Exactly how effective are my marketing efforts? – I once heard that only ten percent of marketing are effective. The problem is figuring out which ten percent. Don’t settle for hazy answers.
#7. Where are my profits going? – Are land or classified costs eating up majority of your profits? Unless you are running a charity, do try to save the biggest slice of the pie for yourself.
#8. Am I pissing off my customers? – It’s actually very easy to make this mistake if you are unaware of them.
#9. How do I improve my most time consuming task? – Is it customer support, fighting content theft, or creating items? What happens if you simply ignored it for one week? are the results as bad as you think? are there ways you can perhaps outsource it?
#10. Am I enjoying myself? – This is arguably the most important question. If your answer is no, then take a good step back. You may be on a road to burning yourself out. It is better to cut out the things that are killing you than to make a few dollars at the expense of your sanity.
—
These are questions I ask myself as well. I don’t always have the right answers, but it’s better than burying my head in the sand. Feel free to add your own questions or share which ones you are struggling to answer.
-Todd
