Starting your first online store is an amazing opportunity to become an entrepreneur. This is the perfect opportunity to participate in not only an industry you’ve always wanted but additionally start making some money in it too. And if this is something of interest for you, then I’ve provided a few helpful tips on how to get started. Check them out below:
If you’re going to be launching an eCommerce business, then one of the first steps you should take is assessing your budget, as well as how much you need to save up. According to the Small Business Administration, with the average small business costing between $1,000 to $5,000 to start, it goes without saying that this is probably going to be somewhat of an expensive venture. However, with the right plan in place, you’ll be able to go into this with much more ease.
Make a list of all the needs of your company, including different foundation elements such as registering your LLC, establishing what platform you’re going to use, and even items like accounting and invoicing. Additionally, don’t forget to implement a conservative estimate for your inventory, as that’s obviously going to be crucial to your success. Also, don’t forget about the overhead that you’ll need to live off of, which covers all your expenses and whatnot. All-in-all, your savings plan should be something that provides you with the foundation you’ll need for success, so take your time in formulating a plan that will be of use to you for years to come.
Get Your Processes In Place
After you’ve established what you can afford, the next step is putting the processes in place for you to be successful. As noted by Preferred CFO, 82 percent of businesses fail because of cash flow problems, which makes sense considering that a lot of establishing your foundation can be guesswork. But with the right foresight, it doesn’t have to be.
To begin, take a look around at the items you listed above and start doing some research on the types of options available. This includes anything from platforms with tracking software to suppliers, with the goal being to establish the best ROI from the jump. This will give you enough of a foundation to keep pushing forward and correct what you need to become truly profitable.
Seek Worthwhile Mentors
No matter if your online store is becoming your full-time job or is just a hobby, it’s important to seek out worthwhile mentors to help guide you along with the process. This is something that practically every successful business owner has; according to Entrepreneur, 80 percent of top-tier CEOs state they have a mentor. And if you want your store to be successful, then it might not be a bad idea to start seeing what resources are around.
If you haven’t already, start reaching out to those who could be considered mentors and let them know you’re starting a business. If that’s not applicable to you, then possibly attending some networking events or reaching out to people in your community might be wise, especially those who have had success with eCommerce before. Additionally, don’t forget to follow successful entrepreneurs in general, such as Brian Magierski, who’s a serial entrepreneur from a variety of disciplines. The goal should be never to stop learning, so see how you can apply that to your life and try to soak in as much as you can to become successful.
Don’t Forget About Marketing
Finally, once all your foundational elements are set, it’s time to start looking at how you’re going to market this thing. As noted by Shopify, with $2.3 trillion sold globally in eCommerce, it goes without saying that this is one area where you’re up for a lot of competition. However, with the right approach, you’ll be able to build a sustainable community in no time.
A good first step is establishing your channels, which will feel much more intuitive than you might have imagined. For example, mediums like social media, SEO, email marketing, and even content marketing are all examples of digital marketing materials your business will most likely need. Additionally, try to read up on this stuff as much as you can, feeling more confident about how you can do these items on a daily basis. Remember, a big part of marketing is engaging with your audience to learn and grow with them, so embrace this is as something to keep up with into the future.
What are you most excited about in starting an online store? Comment with your answers below!