Being in a physical products based eCommerce business is a whole different ball of yarn compared to other ecommerce businesses. Even though successful entrepreneurs share similar habits that aid in their growth and ability to shine, you'll need specific habits and tools to thrive in a physical products based eCommerce business.
Today I’m sharing my top habits of successful bosses. If you are the founder and CEO of your business, stay tuned! Because I'm going to be sharing my favorite tips on embracing your inner boss and taking the lead.
[00:01 - 02:56] Opening Segment
- If you’re in an eCommerce physical products business, there are a couple habits you really need to know to be successful.
[02:57 - 04:23] Know You Numbers
- Knowing your numbers is critical for eCommerce CEOs.
You need to know:
- Inventory on hand
- Period To date gross margin
- Sales compared to last year
- Cost of ad spend
- Avg order value
- Number of orders
- Repeat customer rate
- Be a data driven CEO. Success always leaves clues in the data.
[04:24 - 05:46] Embrace Your Role
- Successful CEOs are brand leaders that embrace responsibility that comes with their title.
[05:47 - 07:38] Consistency
- As your own boss, it can be challenging to hold yourself accountable.
Your consistency must show up in everything you do.
- The most successful brands I know are very consistent in their execution.
[07:39 - 09:20] Define What ‘Done’ Looks Like
Don’t just set goals; Set specific and smart goals.
- eCommerce moves quickly; Set goals that are specific, measurable, attainable, realistic and time bound.
[09:21 - 13:39] Set Boundaries
As you start to get successful, people are going to want to pick your brain.
- As empathetic leaders, we want to help everybody. But we only have limited time in a day.
- Figure out how you can balance helping others without sacrificing time for your priorities and business.
Saying NO to certain opportunities.
- As a growing business, you need to be laser focused.
- Always ask the question, “At what cost does saying ‘yes’ mean?”
[13:40 - 15:21] Maintain a Work-Life Integration
Don’t neglect other important things like physical health, mental health, movement, etc.
- This will serve you in the long run. Neglect your health now, pay for it later.
[15:22 - 17:30] Network with Other Ecommerce CEOs
Create your own networks.
- Take every opportunity to meet other founders that are females in your space or area.
- Make these relationships mutually beneficial, rooted in trust and genuine relationships.
[17:31 - 18:49] Have a Vision
- Know what you’re going after, in the short term and long term.
- successful CEOs know what their brand is supposed to be, do and look like.
[18:50 - 21:29] Be Agile
- Be a quick pivoter.
- People who fail in these businesses are the people who get really obsessed and fall in love with their ideas; You have to be objective, especially with yourself.
[21:30 - 22:37] Closing Segment
- Connect with me! Links below
- Final words
“Being data driven is definitely one of the success habits of eCommerce CEOs. And not being data driven once a month, the eCommerce world moves way too quickly for that. Success always leaves clues in the data.” - Kristi Soomer
“When being your own boss you have to hold yourself accountable which is really challenging, but the consistency of showing up day after day as a boss in your business is really key. That bleeds down into everything you do.” - Kristi Soomer
“Successful eCommerce CEOs know when to hold them and know when to fold them.” - Kristi Soomer
“The people who fail in these businesses are the people who get really obsessed and fall in love with really dumb ideas. You have to be objective about your ideas.” - Kristi Soomer
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