Most shopping experiences have moved online triggering enormous opportunities to start a business online. Consequently, many people are looking at how to build an ecommerce business. On the other hand, in order to stay relevant to the current trend, many retailers are looking forward to moving their business online. Regardless, whether you are looking to jump into the online business for the first time or move your operations online, eCommerce activities are set to soar over the next couple of years. However, to be successful, an ecommerce business needs a proper setup and rigorous guidelines.
Follow these simple steps if you want to start your online business even without money.
Step 1: Build a business plan and a business model
These are the two most critical steps of any serious entrepreneur. Even if a written business plan might not be urgent, a business model is an absolute. Indeed, a proper business model and planning are needed to set up any business. Basically, a business model is a simplified version of your business plan. It is a document that explains how your online business makes and spends money. Hence, without any thorough business planning, the chances of failure are higher in today’s highly competitive market.
Step 2: Product Selection
Finding the right product is certainly the most important decision you will ever make. It can make or break your business dreams. That is because the shipping cost can easily escalate your final customer purchase price. Yet, with relatively light products you can expect reduced shipping cost and the opportunity for your client to purchase more goods. Comparatively heavyweight products required expensive shipping cost. Also, your ability as a business to quickly get your product into the hands of your customers is paramount. Regardless, your decision should be based on the following mix:
- Shipping strategy
- Target audience
- Market demand
- Inventory management
- Sales channels
Step 3: Pick your ecommerce Channel
A couple of years ago to launch an eCommerce business you had to design, build a website and maintain a website. In addition to integrating a complex set of software to run your online store. Today, that is outdated. That is because, there are many “all in one” tools available, that make it easier to set up any functional eStore instantly in few minutes. Because of the availability of such tools, the process of launching an e-commerce business online is as simple as creating a Facebook account today. In fact, in most cases nowadays it would cost you practically $0 dollars to start selling on platforms such as Amazon, Shopify, or the rapidly growing Facebook marketplace.
Step 4: Execution
As in any business, execution is key to success. Most people when they start an online business, they often look at a global market. Nonetheless, the best practice is to start by focusing on your local neighborhood, city, and state first before looking to go national and perhaps global. Another main attention is marketing. You need to build a strong marketing strategy that drives traffic to your website and convert visitors into buyers. Keep in mind people need to see and touch your product. In my opinion, the best strategy is a balance between offline and online to build a product or brand notoriety while pushing for online sales.
To be successful with your business, it is very important to spent time educating yourself and learning what it takes to run an eCommerce business. There are many resources available online. Yet, it important to keep in mind that running an online business is extremely challenging. Even though the starting cost is not high, but running an online business requires constant adaption.