Ep 567: My Biggest E-commerce Founder Mistake (Learn From My Failure) with Jordan West
The importance of keeping operational expenses in check - a critical piece of advice for any e-commerce entrepreneur striving to build sustainable, long-term success. The lessons are hard-learned, but the potential for growth, resilience, and smart decision-making shines through every word.
In this episode, Jordan West gets into some of the biggest mistakes he has made as an e-commerce entrepreneur. With a focus on sharing his lessons to help you avoid similar pitfalls, Jordan gets vulnerable about the costly errors he's encountered, including the impact of high operational expenses (OpEx). Drawing from personal experiences and industry insights, Jordan shares cautionary tales and practical advice to help you navigate the challenges of growing your e-commerce business.
Listen and learn in this episode!
Key takeaways from this episode:
The importance of keeping OpEx down and being as lean as possible in e-commerce to avoid financial strain and difficulties during tough times.
The cautionary tale of making high OpEx-related decisions, such as leases, space acquisitions, or hiring, and the potential negative impact on business growth and scalability.
The recommendation to carefully assess expenses before making big purchases, leases, or hires, and to consider scaling down before committing to large financial obligations.
Consideration of outsourcing certain functions, like customer service, to ensure flexibility in scaling up or scaling down based on business needs.
The importance of negotiating with software companies and agencies to manage costs and carefully evaluating the financial impact of scaling up expenses.
The emphasis on being prepared for economic downturns, potential Facebook ad issues, and the necessity of evaluating OpEx before marketing spend.
Recommended Book:
The Wealthy Barber: https://www.goodreads.com/book/show/2674.The_Wealthy_Barber
Growth Plan: www.upgrowthcommerce.com/grow
Million Dollar Offers: www.upgrowthcommerce.com/grow
In this episode's sponsor is Tapcart - Integrates seamlessly with Shopify, making it easy for store owners to manage their mobile apps alongside their online stores. It aims to leverage the growing trend of mobile shopping by providing a dedicated app experience that can lead to higher customer retention and increased sales.
Learn more here: Tapcart
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We love our podcast community and listeners so much that we have decided to offer a free eCommerce Growth Plan for your brand! To learn more and how we can help, click here: upgrowthcommerce.com/grow
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