9 Tip BEFORE You Start Print on Demand - My Thoughts After $1,000,000+
TLDRThe speaker shares their journey from being broke to generating over a million dollars through print on demand, offering nine valuable tips for success in online business. These include building momentum, focusing on a single product, avoiding choice overload for customers, selecting the right print provider, understanding storefront context, leveraging AI, and recognizing that business growth requires learning and applying skills before earning income.
Takeaways
- 🚀 Start by building and maintaining momentum; avoid spending too much time learning and instead start growing your business.
- 📈 Focus on one product initially to build your business and gain traction in the market, rather than diversifying too early.
- 🎨 Prioritize quality over quantity when it comes to designs; it's better to have one successful product than many that don't perform well.
- 🔥 Limit customer choice to prevent choice overload; offering fewer options can lead to higher conversion rates.
- 💡 Choose the right print provider based on quality, customer satisfaction, and cost; this decision can significantly impact your business's success.
- 🛍️ Tailor your storefront context to fit the platform you're selling on; different platforms require different strategies and aesthetics.
- 📊 For traffic generation, decide between organic SEO and paid ads based on your budget and the number of designs you can produce.
- 💳 Consider using a business credit card like PayPal for cashback rewards, but only if you can manage it responsibly.
- 📧 Start building an email list early on to increase profits and facilitate a smoother transition from marketplace platforms to your own online store.
- 🤖 Leverage AI tools to enhance your productivity and output; embracing technology can multiply your results in various aspects of your business.
- 💪 Be prepared to invest time and effort without immediate returns; learning and mastering the skills are essential before you can earn from your business.
Q & A
What is the main challenge the speaker faced when starting their print on demand business?
-The main challenge was building and maintaining momentum. The speaker spent months watching videos and learning, but not actually growing the business. They emphasize the importance of taking action and starting to build momentum by signing up for necessary accounts and focusing on one product.
How did the speaker initially build momentum for their business?
-The speaker built momentum by signing up for all necessary accounts, which took less than an hour. This included a new Gmail account and associated accounts for the business. They also focused on one product to build momentum and learn the business before diversifying.
Why did the speaker choose to focus on one product early in their business?
-Focusing on one product allowed the speaker to concentrate their efforts and learn the business without being overwhelmed. It helped them to understand the market, improve their designs, and achieve a steady income before expanding to other products.
What is the significance of repurposing designs in the speaker's strategy?
-Repurposing designs is a lucrative strategy that allows for the maximization of successful designs. The speaker suggests that once a design is proven to sell on one product, it can be repurposed for other products, thereby increasing revenue without needing to create new designs from scratch.
How does the speaker address the issue of choice overload for customers?
-The speaker advises against offering too many color options as it can lead to choice overload, confusing customers and reducing sales. Instead, they recommend offering fewer than 12 colors to simplify the customer's decision-making process.
What factors should be considered when choosing a print provider?
-Factors to consider include quality control, average production time, stock reliability, and cost. The speaker emphasizes the importance of choosing a print provider that aligns with these factors to ensure business success.
How does the speaker suggest scaling the business?
-The speaker suggests starting with organic SEO by posting many designs per interest group, which is cost-effective and helps improve design skills. Once best-selling designs are identified, they can be used to start a Shopify store, and paid ads can be targeted towards these winning products.
What is the benefit of using the PayPal credit card in the speaker's experience?
-The PayPal credit card provides cashback on all spending, which can be significant for the speaker's high volume of transactions. They receive 3% back, which turns into substantial tax-free cashback.
Why is growing an email list important according to the speaker?
-An email list is crucial for increasing profits and making the transition from platforms like eBay or Etsy to Shopify. Email marketing can offer high returns on investment, with top performers in e-commerce making $45 per dollar spent on collecting email addresses.
What potential does the speaker see in leveraging AI for the business?
-The speaker sees potential in AI to increase output in various areas of the business. AI tools are not only for design creation but can also address controversial issues, such as giving creators control over whether their art is used by AI.
What lesson does the speaker draw from their early job at Noodles and Company?
-The speaker learned that, like getting a pay raise, starting a business requires learning new skills and working for free initially. They applied this lesson by posting many listings before critiquing themselves or worrying about income, which allowed them to learn and eventually earn money.
Outlines
🚀 Building Momentum in Online Business
The speaker shares their journey from being broke to generating over a million dollars through print on demand. They emphasize the importance of building and maintaining momentum in business. Instead of spending time learning, one should start taking action to grow their business. The speaker suggests signing up for necessary accounts as an initial step and focusing on a single product until it becomes successful. They also advise against offering too many options to customers, which can lead to choice overload and operational challenges.
🎨 Choosing the Right Print Provider
The paragraph discusses the significance of selecting the appropriate print provider for a print-on-demand business. The speaker explains that different print providers offer varying prices, colors, sizes, and operational styles. They share their personal preference for Monster Digital due to its consistent production time and inventory management. The speaker also stresses the importance of understanding the storefront context to maximize sales and the necessity of driving traffic to the listings through SEO or paid ads.
📈 Scaling Business and Utilizing AI
The speaker provides insights on scaling the business by opening a PayPal credit card for cashback, growing an email list for increased profits, and leveraging AI tools to enhance productivity. They share personal experiences and the benefits they've gained from these strategies. The speaker also compares starting a business to getting a job, where one must learn and demonstrate skills before earning. They encourage persistence and the implementation of strategies as the key to success.
Mindmap
Keywords
💡Print on Demand
💡Momentum
💡Business Plan
💡Design Repurposing
💡Choice Overload
💡Print Provider
💡Storefront Context
💡Traffic Generation
💡PayPal Credit Card
💡Email List
💡AI Tools
💡Learning Curve
Highlights
Starting a print on demand business from scratch led to generating over a million dollars in profit.
The journey of building a business was challenging but provided valuable lessons for others looking to start their own online business.
Nine tips are shared to help new entrepreneurs grow their business, based on personal experience of building a nearly seven-figure business.
Building and maintaining momentum is crucial, and involves taking action rather than just consuming information.
Instead of watching videos for months, time could have been better spent growing the business through action.
Momentum can be built by signing up for necessary accounts, which is a quick and essential first step.
Focusing on one product early on is more effective than spreading efforts across multiple products.
Repurposing successful designs onto different products can significantly increase earnings, as demonstrated by a shop that made 2.8 million and then expanded to 3.68 million.
Offering too many options, like color choices, can lead to choice overload for customers and operational challenges for the business.
Choosing the right print provider is critical for the success of a print on demand business, affecting profit and customer satisfaction.
Understanding storefront context is key to designing product listings that resonate with the target platform's audience.
Strategies for getting traffic include organic SEO and paid ads, each requiring a different approach to design quantity and promotion.
Starting with organic methods allows for learning and refinement of designs without the financial risk of ads.
Scaling a business can be achieved by using best-selling designs to start a Shopify store and running targeted ads.
Opening a PayPal credit card can provide significant cashback benefits when used responsibly and strategically.
Growing an email list can greatly increase profits and facilitate the transition from marketplace platforms to a dedicated online store.
Leveraging AI tools can enhance productivity and output across various aspects of the business, potentially multiplying results.
Starting a business requires learning the necessary skills and working for free upfront, much like earning a pay raise requires proving one's capabilities.