Starting an ecommerce business is definitely a step that can make you a lot of money, but setting up, marketing and managing your own ecommerce store is also a lot of hard work that requires time, effort and dedication.
There are a number of important steps that need to be taken and decisions to be made that must come together at the right time, so in order to help you get started with setting up your ecommerce store, we have put together a list of resources that you may find useful. Let’s get started.
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Choosing a Product
The first step to building your ecommerce business is to determine which products you are going to sell. Choosing a product that sells well and has a good level of customer demand is crucial. Finding a product to sell can often be the most challenging part of setting up an ecommerce store, so it’s of vital importance that you don’t rush into making a decision and take as much time as is necessary to choose a product that is trending and will make you a profit. There are a number of different strategies that you can use in order to find an awesome first product to start selling.
Once you’ve made a firm decision on which product you’re going to sell, it’s time to start researching your competition. This should be done before you embark on writing your business plan so that you know exactly what you’re up against and can come up with a number of strategies to deal with it. Identify your top five competitors, and compare factors such as product quality, prices, and reputation and customer service levels.
Write Your Business Plan
Now that you’ve decided what you’re going to sell and have weighed up your competitors, it’s time to write your business plan. A business plan is vital to moving forward and effectively competing in the market, and should be seen as your ‘road map’ to bring all your thoughts and ideas together and build your business. Even if you’re not going to apply for funding or submit your business plan to anybody, it’s still a great idea to write one for yourself – it’s the foundation of your business and should never be underestimated.
Setting Up and Managing Your Business
Once your business plan is complete and you’ve registered your business, it’s time to begin the fun stuff. At this point you will need to decide on a name and create a logo for your business, weigh up the different marketing options, create a larger online presence, and focus on gaining more customers. You should also decide on the little things now as well, such as the payment options that you accept, how goods are shipped and handled – e.g. using customs brokers, and create a plan and strategy for excellent customer service.
Are you an ecommerce business owner with any helpful tips or advice for those just starting out? We’d love to hear from you in the comments.