Podcast Summary
Track your investments effectively with Sharesight: Sharesight enhances investment experience with comprehensive portfolio view, analyzed reports, and integration with multiple platforms
The use of an investment tracking tool like Sharesight can significantly enhance your investment experience by providing a comprehensive view of your financial performance. With support for over 500,000 stocks, ETFs, and funds, and integration with over 200 platforms, Sharesight allows you to organize and access your entire investment portfolio in one place. Beyond limited insights from brokerage statements, Sharesight offers analyzed reports, dividend gains, and the impact of currency fluctuations through intuitive graphs and visualizations. Plus, for those looking to share their portfolio with others, Sharesight offers a special deal for a discounted annual premium plan. This was a game-changer for one entrepreneur, Maya, who made $50,000 in one day with a product-based business. The story serves as a reminder that with the right tools and mindset, significant financial gains are possible.
Reaching out to media during uncertain times can lead to sales growth: Being proactive and adding value to media articles can result in significant sales for product-based businesses during uncertain times, even for established ones.
During uncertain times, being proactive and reaching out to relevant media outlets can lead to significant sales growth for product-based businesses. The speaker shared how they identified an opportunity to expand their apparel and accessories business during the pandemic and emailed a writer whose article fit their product offerings. The writer added their store to the article, resulting in a massive sales day of over $50,000. This success didn't come from a new business or idea but from an established one that had been operating for four years. By positioning their email as an addition of value to the article rather than a demand, they were able to increase their reach and sales. This incident serves as a reminder that putting yourself out there and being persistent can lead to unexpected opportunities. Additionally, using a print-on-demand model allowed the business to meet the increased demand without worrying about inventory or overhead costs.
Digital vs Product-based Businesses: Unique Advantages: Digital businesses offer intangible products at lower cost, while product-based businesses provide visual marketing opportunities and multiple touchpoints for potential customers.
Both digital and product-based businesses have their unique advantages. Girls That Invest, as a digital business, offers online workshops, newsletters, and podcasts with less expense due to the intangible nature of digital products. On the other hand, product-based businesses, such as selling physical items like mugs or phone cases, offer more opportunities for marketing through visual presentations and multiple touchpoints. The marketing process for physical products often requires potential customers to see an item multiple times before making a purchase. For instance, it took one speaker a year to decide to buy a Frank Green drink bottle despite repeated exposures. Ultimately, the choice between digital and product-based businesses depends on personal preferences, marketing strategies, and the nature of the business itself.
Leveraging Social Media for Product-Based Businesses: Product-based businesses can create personal connections and grow loyal followings through social media by sharing behind-the-scenes content. The visual nature of products and the customer experience of receiving them make them ideal for online sales, allowing for quicker scaling compared to service-based businesses.
Product-based businesses have a unique advantage in marketing and growing a following, especially on social media platforms like TikTok and Instagram. By sharing behind-the-scenes content, product owners can create an engaging and personal connection with their audience. This can lead to a dedicated and loyal following. Additionally, product-based businesses can scale more quickly than service-based businesses due to the potential for mass production and sales. The visual nature of products and the experience of receiving them in the mail adds to their appeal, making it important for online businesses to focus on enhancing the customer experience. Overall, the combination of social media marketing and the tangible nature of products creates a powerful tool for business growth.
Accepting Payments Efficiently with Tap to Pay on iPhone: Product-based businesses face unique challenges, but Tap to Pay on iPhone by Stripe simplifies payment processing, increasing revenue, expanding reach, and enhancing customer experience.
Product-based businesses come with additional challenges compared to other business models. While there are benefits such as the potential for greater revenue and customer interaction, there are also downsides, including the need for more customer service due to the physical nature of the product. This can lead to issues with manufacturing, shipping, and delivery, which can be time-consuming and costly for business owners. However, there's good news for businesses looking to streamline their payment processes and reduce the headaches associated with physical products. Tap to Pay on iPhone powered by Stripe offers a game-changing solution for businesses of all sizes. This contactless payment system allows businesses to accept payments directly from their iPhones, eliminating the need for additional hardware and simplifying the payment process. By accepting payments more efficiently, businesses can increase revenue, expand their reach, and enhance the customer experience. While there are challenges associated with product-based businesses, the introduction of innovative solutions like Tap to Pay on iPhone and Stripe can help businesses overcome these hurdles and focus on what they do best - providing great products and excellent customer service. To learn more about how Tap to Pay on iPhone and Stripe can transform your business, visit stripe.com/tapiphonetoday.
Product-based vs Digital Product Business: Choosing the Right One: Consider costs, production methods, and potential reach when deciding between a product-based or digital product business. Product-based businesses have higher upfront costs and ongoing expenses, while digital product businesses have lower production costs and can reach a larger audience. The best choice depends on individual circumstances and goals.
While product-based businesses can have significant word-of-mouth marketing opportunities, they come with higher upfront costs and ongoing expenses, such as shipping, handling, and customer service. In contrast, digital product businesses have lower production costs per unit and can reach a larger audience with minimal additional costs. However, the initial investment for creating a digital product can be substantial. Ultimately, the choice between a product-based or digital product business depends on various factors, including personal enjoyment, financial resources, and long-term goals. The speaker's experience with their digital-based business, GTI, highlights the benefits of having no physical inventory, no shipping costs, and minimal customer service requirements. However, they still encounter occasional issues, such as Amazon book orders not going through, which require communication and resolution with customers. Despite these occasional challenges, the speaker appreciates the trust and engagement that comes with having a direct connection to their audience. In summary, while both product-based and digital product businesses have their advantages and disadvantages, it's essential to consider the costs, production methods, and potential reach when making a decision. Ultimately, the best choice depends on individual circumstances and goals.
Unique challenges in product-based and digital businesses: Product-based businesses face issues like misprints and lost shipments, while digital businesses can easily upload raw content but may invest heavily in marketing for visibility.
Both product-based and digital businesses come with their own unique challenges. In the case of product-based businesses, issues like misprints, lost shipments, and technical errors can arise, leading to customer frustration and additional costs. For instance, during a book launch, 20% of the ordered books were misprinted, causing a significant inconvenience. In contrast, digital businesses may encounter issues like uploading raw or unedited content, which can be easily fixed by jumping online. However, the benefits of digital businesses include the potential for higher profits, as demonstrated by making $50,000 during a sale day and using that money to invest and buy a home. Ultimately, it's essential to weigh the pros and cons of each business model and determine which one aligns best with your goals and resources.
From hobby to profitable business: Believing in your online business potential can lead to financial freedom and personal growth. Dedication, good business skills, and an impactful online presence are key.
Having a successful online business can transform your life financially and personally. Simran shared her experience of making a significant income from her passion project, which started as a small Instagram account. This moment was life-changing for her as she realized she could turn her hobby into a profitable business. It required dedication, good business skills, and an impactful online presence. This realization not only allowed her to buy her own home but also fueled her ambition to help other girls invest. It's essential to believe in the potential of your online business and see it as more than just a hobby. If you have questions or need guidance on starting or growing your online business, feel free to reach out to us at hello@girls.invest.com. The journey to financial freedom may involve trial and error, but the learnings and successes are worth sharing.
Starting a business from unexpected places: Gain necessary knowledge and resources to help you start and grow a business, even if it begins in an unexpected place
Starting a successful business involves having a scalable product and the right resources, even if it means starting in unexpected places. As shared in the conversation, starting a podcast in a spare bedroom led to unexpected success, but it was the knowledge and tools behind it that made a difference. The use of a print-on-demand service like Printful allowed for unlimited inventory and quick fulfillment, making it easier to scale and grow the business. However, it's important to remember that overnight success is rare, and it takes dedication, hard work, and the right resources to build a successful business. It's essential to have a clear business idea, scalable products, and the knowledge to back up your start. So, if you're just starting, don't be discouraged by the challenges ahead. Instead, focus on gaining the necessary knowledge and resources to help you get started and keep going. And remember, success may come from the most unexpected places.
