When stories are told about successful people you often hear others saying “you’re so lucky“. To take advantage of opportunities you have to be involved where the opportunity arises.

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Due to the rising cost of living many of us are having to spend less money on other parts of our lives, one of those areas may be the amount of money you are investing in your business. With the economy being pretty gloomy at the moment many people can get worried and go on the defensive, but if you are to succeed an offensive approach is what is needed.

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What Is Conversion Rate?
Your conversion rate is the percentage of your visitors who buy from you. It is worked out by dividing the amount of sales you make by the amount of visitors you receive and multiplying it by 100. If this week you made 30 sales and you had 2000 visitors to your ecommerce store your conversion rate is 1.5%.

Why Measure Conversion Rates?
Measuring all aspects of your website performance is vital. Your current conversion rate helps set a benchmark and set new targets so you can continue to improve your website, which will increase sales and improve your business revenue/profits.

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After yesterdays excitement on the markets I wanted to get back to what this blog is about - you developing your ecommerce business. I read an article in The Sunday Times at the weekend which was about finding out your personality type. This can help you structure your business by playing to your strengths. I’ve scanned the article so you can find out your personality type. The file is 2MB so will take a few seconds to open.

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My personality type is the ‘Implementer’, although I would also say I fit into the ‘Grafter’ category. What Personality Type Are You?

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If you are going to do anything then you should always do it properly, whether its painting your fence or setting up a new multi-million pound business! Going about whatever you are doing in a proper manner ensures it is more likely what you are doing will be a success.

If you are setting up an online business (no matter how it generates revenue) make sure you are the following:

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Setting targets is vital to success in whatever you do, whether it’s personal or business. When setting your business targets you can use a number of different Key Performance Indicators (KPIs), KPIs are quantifiable measurements of the improvement in performing an activity. KPIs should complement your overall business strategy. For a dropship business a KPI could be; Your goal is to increase sales by improving service, choose KPIs that measure quality EG repeat custom.

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If you are currently dropshipping products online, or even just managing content-based websites then you need to make sure you are reporting your activities to the Inland Revenue, if you aren’t then you are acting illegally. If you currently aren’t doing this then you may think it sounds like a lot of trouble, but fortunately it isn’t.

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