Owning a product-based online business can be intimidating and overwhelming. Where should we get started in our ecommerce journey? How can we ensure we don’t end up losing a whole lot of money?
On this episode, co-owners of The Product Boss, Jacqueline Snyder and Minna Khounlo-Sithep share how aspiring online store owners can get started and avoid the pitfalls many people fall into.
3 Things We Learned From This Episode
Surround yourself with support (16:04- 16:56)
A lot of moms are hesitant to share the fact that they have families with colleagues and business partners. However, there is a growing online community of working mothers. Join one of these communities for emotional support- there’s no need to feel guilty for being a businesswoman with a family.
Test your market (20:55- 21:50)
Before launching a full line of products, it’s important to test market. We can do this by giving out samples, posting pictures of the product online and gauging whether people are interested in what we’re doing. We can also offer downloadables like graphic prints, for example- and see if the market is printing them up for personal use.
Make sure people are willing to pay (22:27- 23:00)
While it’s great to know people are interested in what we’re doing, remember the core aim of owning a business: making a profit. We have to ensure that what we’re doing has the potential to make money. We need to get to a point where we know people are willing to take out their credit cards and purchase our products.
Business ownership is an exciting journey, but it certainly comes with challenges. To make it easier, we have to make sure we’re surrounded by a supportive community. And remember, the aim is to make money. It’s important to have enough of it to get started, and test our products on the market. It’s always fun to have ideas, but at the end of the day, we need to be sure our market is willing to pay for what we’re offering.
Guest Bio-
Jacqueline Snyder has been an entrepreneur at heart since the tender age of 10.
A fashion designer by trade, she holds a BFA in Fashion Design, and is the co-owner of The Product Boss, and the owner of Designer Consulting Co-Op. Jacqueline first took her business online after moving across the country, and today she runs both her businesses from her basement in New Jersey.
Minna Khounlo-Sithep is an Amazon expert, with a Bachelor’s Degree in Advertising and Psychology, and a Master’s in Business Administration. She is the co-owner of The Product Boss, as well as the owner of Lil’ Labels. Minna has made it to the second round of Shark Tank, and currently has a revenue of multiple-6-figures.
To follow Minna and Jacqueline, check out @theproductboss on all social media platforms
To download The Product Boss’s hacks for new business owners, visit: theproductboss.com/bossmom