how many shopify stores fail

Why 95% of Shopify Stores FAIL (The Real Reason) today i am going to explain the downfall,of a ton o

Hayden Bowles

Updated on Jan 18,2023

Why 95% of Shopify Stores FAIL (The Real Reason)

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Why 95% of Shopify Stores FAIL (The Real Reason)

today i am going to explain the downfall,of a ton of shopify and e-commerce store,owners i actually don't want this video,to take a negative connotation at all,because that's not what this is about in,fact this is not something that i see,like is gonna happen oh like you know,ios does another change so facebook ads,are dead this is not something that is,going to happen this is something that,might have already knocked you out of,the game with your first ecommerce store,i know i definitely did not do this on,my first three is there no wonder why,the fourth one was the one that actually,started working meaning i was paying,attention to the numbers so today i'm,going to explain something very quick,and then i'm going to give you the,resource for it or one that i believe is,the best option i've used probably,dozens of them and spent a ton of money,trying to figure that out,this is something that if you don't do,this it really makes it difficult to,succeed especially in the e-commerce,space and i'll tell you why,many businesses let's say you do,consulting,your only expense is going to be any,team members you have any softwares you,use and that's probably it other than,that business expenses maybe you need to,go buy a business phone or whatever it's,really pretty simple accounting the,income that you're collecting from that,would just be what your clients are,paying you well in the e-commerce,business there is thousands tens of,thousands of orders sometimes every,single week coming in so so many,individual transactions at so many,different prices some using discounts,selling different products different,skus and variants and colors and sizes,and adding upsells and email marketing,there's so many different points just,for the income and then a ton for,expenses from product fulfillment all,these things so it makes it really,difficult if you don't know your numbers,and i see a lot of people who ultimately,you ask even a simple question like hey,what's your net profit margin and they,can give you a range most people can,always give you range how about 15,you need to know that nobody's gonna,take you seriously if you don't know,that you you know you can give different,monthly numbers last year's numbers you,know you're trailing 12 trailing three,you need to know these numbers it really,makes it so much easier to run the,business so what i'm going to show you,inside of here is one of the apps that i,believe to be the absolute best on the,shopify app store in terms of tracking,it's not the most expensive app it is,also not the app that i have used the,longest so for many many years i've,probably mentioned it in the course,somewhere i have used order metrics,until about six months ago the reason,for that is because it was a great app,it gave me pretty accurate reporting the,problem with that was the data lagging,and it wasn't too visual there wasn't,too many things you could do you can't,really generate in-depth reports it's,not really as in-depth as it should be,for the price it was a very expensive,app if you've ever had any app ever on,the shopify store you know that they're,like 10 20 maybe 30. well,we're talking about like a 70 or 80 app,so that was something i was always kind,of looking for an alternative i actually,thought of building one and then i came,across be profit so i want to throw up,some screenshots right now if you are a,visual learner like me this is something,that will benefit you greatly but no,matter what you do you can do this,freehand if you want it's going to waste,a bunch of time and their app is really,cheap but check this out all this,in-depth reporting intuitive charts all,these very specific things that you can,do that allow you to go way deeper on,your numbers generating p l reports,getting actual downloadable data this is,stuff that can save your cpa and your,accountant literal time which they're,billing at a much higher rate than any,shopify app is going to build so you can,make it a lot easier one thing i like to,do and i do this inside each of my,companies i check my numbers every,single day unless i physically can't so,let's say i am off grid camping for a,week and i don't have wi-fi that is the,only time where i don't exactly know my,numbers at the beginning and the end of,every single day i do that for a reason,because it allows you to track your,progress and especially when you're,trying to get an e-commerce store off,the ground which might be roughly the,position where you're starting from well,if you're trying to get that off the,ground you need to know your numbers a,lot of people go too long thinking,they're around break even but they're,not factoring in other expenses and in,my opinion that's really the downfall of,a bunch of people they don't have a grip,on their business and to me it shows,just a lack of discipline and so the,reason i'm making this video is to show,that and just explain because i see this,happen over and over again even inside,of our ecommerce course is people who,don't pay attention to the numbers and,if i had to put a pin on it and i've,done this before and said it before the,couple of students that i've seen who,are by far like their success just,astronomically takes off above anyone,else's i can name a few people that i've,shown in the previous years on the,channel samir leon there's a bunch of,them below these are people who have,made millions and millions of i'm not,talking about they made 30 000 like,they're doing you know months where it's,500 000 700 000 a million dollars,consistently all three of those guys,individually there's a dozen more,guys and girls mostly guys in this,business but um any others from my,experience but out of those three people,they are so so number driven not just,with the reporting side of things but,also with their advertising so skilled,and they've gotten so technical with,their advertising skills primarily on,facebook which is what i originally,taught them and assisted them with in,some way and that carries into every,facet of the business and by being that,discipline and knowing exactly what's,going on it almost allows you to not,fail because if something is not working,you will catch it right away you'll find,you know places where there's a little,bit of slippage and where things are,falling through the crack and it just,helps you optimize overall if you know,your numbers you're going to do better,than someone who does not so ultimately,know your numbers that is the purpose of,this video i don't want it to take up,too much time so if you want to check,them out you can see the top link in the,description there they're giving 25 off,to the first 50 people which is super,cool so much love to them for that and,that is just for me it's i'll put up a,screenshot of order metrics if i can,find one here it's just a little more,basic and aside from the fact that their,data lags it's not exact real time the,software is not too accurate it's just,the difference in showcasing the numbers,versus having actual intuitive graphs,and way more options and downloadable,spreadsheets and different things like,that just gives you more flexibility and,the fact that it costs less is obviously,great so you know we save about 29 a,month i believe on their platform over,multiple different stores and then,stores for clients of ours are saving,money for that as well it's something,that we actively use then we recommend,to clients as well inside of our,advertising agency and i would,definitely recommend to anybody here who,owns or is thinking of owning an,e-commerce store on shopify so be sure,to check that out if you have any other,problems with an e-commerce business,that you are running right now or things,you want to optimize you know stuff like,this really really helps you optimize,and get that extra five percent that,extra six percent that makes a huge,difference when you're operating at,scale that can mean the difference,between hey we profited 70 grand this,month or we profited 120. something like,that is a phenomenal difference you know,that's that's huge numbers that can,change the way you can invest back into,your business and invest outside as well,so there's a lot of things that goes,into it but uh yeah definitely a great,app and there's a solution to the,problem you can do all this stuff long,hand i mean you can really sit down and,spend three hours a day calculating all,this stuff or you can press one button,and have it done it's kind of like doing,math long hand versus having a,calculator this is like the next step up,from that i guess you have everything,automatic right there which is super,beneficial so i hope you enjoyed this,video keep it nice and short um if you,have any other problems or questions,again leave it in the comment section,down below make sure to check out the,profit in the top link in the,description and with that being said,i'll see you in the next video peace

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