Printing Profits The Foundations of Profit
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Nov 24, 2023 Teanna Scot, a mother of two with a PhD and a thriving online business, shares her expertise in eCommerce. She dives into the importance of a growth mindset for sustainable success, differentiating between profit and revenue. Teanna stresses the significance of validating sales before advertising, using platforms like Etsy for market research. She emphasizes understanding customer behavior to drive genuine impact over mere sales goals. Lastly, she highlights the journey of perseverance in entrepreneurship, advocating for progress over perfection.
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Profit vs. Revenue
- Many new sellers confuse revenue with profit, neglecting expenses like fees and subscriptions.
- Accurately calculating profit is crucial for understanding true earnings.
Behavior-Based Goals
- Focus on tangible, behavior-based goals, especially when starting.
- Prioritize actions like daily listing and trend research over financial targets.
Income-Driven Activities
- Conduct thorough trend research to understand customer demand.
- List products consistently and refine them based on data and A/B testing.