Social distancing is good for public health but is bad for small businesses. The foot traffic has dropped...
Today, more and more businessmen prefer for an online business in order to boost their products, services and their brand value. There are lots of eCommerce owners, who are in different situations like growing, declining and anywhere in between, but all of them are looking to boost the value of their business.
Moreover, some eCommerce entrepreneurs are wondering what their business is worth and what it may sell for.
So, if you are also one of those eCommerce professionals, who are looking to make their business million dollar worth, below I have listed 5 points that can make your business a million dollar worth
Try to be Different, Really Different
If you have decided to make your eCommerce business a million dollar worth, the most important thing that you need to do is try to be different from your competitors.
While appraising any industry vertical or product category, you can look at doing things differently in that industry that no one has done before. It is important that you try to be different in the whole stuff of your business like manufacturing, social media, supply chain, communication of brand story, business model and more.
Another most important factor for making a million dollar ecommerce business is the profit. As we all know that the accepted valuation approach of any eCommerce business is a multiple of earnings valuation methodology. It means the true value of any eCommerce business will be a multiple of the profit that business made.
Probably, the buyer will pay 2 to 3 times of earnings, so it means your eCommerce business has to be making between $333000 to $500000 in net profit per year in order to be valued above $1 million dollars. It is very much important to get a proper valuation so that it becomes easy to determine the actual value of any eCommerce business.
As we all know that the Internet is young and technology changes very quickly. Different things come in and out of fashion very easily, so if you have one such business that is only one or two years old, you will get a very least price as compare to five years old. Well, it is the fact that the more older business you have, the more data and earnings history you have.
Focus on One
These days, there are lots of different channels obtainable to promote your products and services worldwide, so it is essential for you to focus one so that you can get maximum benefit from one channel without spending your precious time of others.
Facebook, Twitter, Pinterest are some of the leading social channels that various businesses prefer, but according to me, it is better for you to choose one platform like facebook as it is extremely user-friendly and you can find your maximum public over there. Some Channel Options & Recommendations:
- Video Content on YouTube + YouTube Ads
- Facebook + Facebook Ads
- Content/Blog Marketing + Paid Advertising Options for Publishers
So, these are the four major points that can make your eCommerce business a million dollar worth. Moreover, if you are looking to develop eCommerce business with your desired features, you can hire an eCommerce professional from any trusted eCommerce companyVisit here to Get complete online business solutions https://www.perceptionsystem.com/e-commerce-solutions-services.html