How to determine if your new online business is successful?

Shopify Discussion
1

Hi Shopify Community,

I was hoping for some advice. How can you tell if you new online business is doing well?

2

Determining the success of your new online business on Shopify can be quite straightforward. The most direct indicator is whether you are selling products and making a profit. Essentially, if your store is generating sales and you’re seeing a positive return on your investment, it’s a good sign that your business is doing well.

However, the definition of success can vary based on your personal goals and expectations. For some, a small but consistent profit might be a sign of success, especially in the early stages. For others, higher profit margins or a rapid increase in sales might be the benchmark.

It’s also important to consider other factors such as customer feedback, repeat purchases, and the growth in website traffic. These indicators can provide insights into the health and potential growth of your business.

Ultimately, the key is to set clear goals and expectations for your store. This will help you evaluate your business’s performance against these benchmarks and make informed decisions moving forward.

3

Thank you for your words. I am just not sure how long it should take for this to happen as businesses take some time to grow and sustain. SO it’s very hard to tell if its going alright and how to improve.

4

Hello Emma! As you already got an answer to your question, but I see you’re also unsure about the time required and how to improve. In my opinion, it depends on the effort you put into learning from other successful business strategies.

You can learn some eCommerce statistics, such as email marketing strategy, video marketing strategy, mobile eCommerce industry strategy, and social media eCommerce strategy. Analyzing metrics from successful businesses in these areas can enhance your understanding of your own business.

Besides, you can learn about SEO to optimize your store. There are many SEO Apps in Shopify that can help to rank your store easily and they can also contribute to the growth of your business.

Good luck to you!

5

Thank you for this as well. I have downloaded the app.

6

Hey there!

When you’re starting an online business, there are a few ways to figure out if things are going well:

  1. Sales: Keep an eye on how much you’re selling. More sales usually mean things are going pretty good!

  2. Customer Feedback: Happy customers mean you’re doing something right. If people like what you’re selling, they’ll let you know.

  3. Website Traffic: Check if people are visiting your site. More visitors mean more chances for sales.

  4. Profit: Are you making more money than you’re spending? That’s a good sign your business is on the right track.

Remember, it’s okay to start slow! Just keep an eye on these things and see how they change over time. That’ll give you a good idea if your online business is doing well. Hope this helps!