I used to think that starting an eCommerce business was only possible for those with deep pockets. I was wrong. It’s actually possible to start an eCommerce business with a low budget if you have the right tools and a good plan in place. In this guide, I’ll be walking you through the steps you need to take to start your own successful eCommerce business without breaking the bank.
With millions of new businesses and internet users coming online every day, I can only imagine the potential eCommerce businesses have. People all around the world are shopping online on a regular basis and a massive number of them are looking for bargains and great deals. This makes eCommerce a potential goldmine for companies that can offer these services online. But starting an eCommerce business can be a lot of work. Most of us don’t have the required capital to fund a project that big. Luckily, there are still a lot of great eCommerce platforms out there that allow you to sell your products online at a very reasonable price. So if you’re someone who dreams of making a fortune off your own eCommerce business, you should really learn how to start one.
What to consider before you start
Before you begin any eCommerce business, it’s important to ask yourself some important questions to avoid major mistakes. Are you ready to take the risk? Let’s face it, many people will say it’s risky to start an eCommerce business. If you are about to make the leap to start a business, I recommend you do your research and find out how to successfully start and run an eCommerce business. Your initial startup costs Your initial startup costs might range from a few hundred dollars up to tens of thousands. The first thing you should do before investing money into your eCommerce business is to build a proper website that will attract potential customers and have great search engine visibility.
How to find a profitable niche
Before you even start working on your business idea, you need to find a profitable niche. Doing this will allow you to find a profit-making product and niche to start building your business on. It doesn’t matter what your own original idea is. Whether you’re looking for a product that is easy to create, already there or has an already established market. Whatever it is you find a profitable niche in, you will be able to create a profitable eCommerce business from it. If you do not find a profitable niche for your business, you will be wasting your time and you will end up doing a lot of work without a single customer insight. Start looking at the blogs, forums, and various websites for the type of product you are interested in.
How to choose products
The first thing you should do is to pick the products that you want to sell. It can be a bit of a “trade secret” that you don’t want to sell anything that people really need. People buy lots of different things that they don’t really need. Instead, they buy products because they can’t quite afford what they actually want. The key is to pick products that you really believe in. When you truly believe in a product, you are more likely to sell a lot of it. I like to do this first so that I can decide whether I am even passionate enough about a product to start an eCommerce business around it. If it’s not going to make me any money, I’m just going to ignore it. Choose a business name Pick a good name for your eCommerce business and get it registered as soon as you can.
How to find a supplier
You probably already have an idea of the products you want to sell. If not, that’s ok. Just set a budget to decide which products you want to sell and what your profit margin will be. Now comes the hard part. Finding suppliers to help you make your idea come to life. How to start a free store We’ve already covered the feasibility of creating an eCommerce store on a budget, so we’re going to skip the specifics of creating your store. Let’s instead focus on how to get started. The process of opening an online store and making it profitable starts with securing a domain name. Before you start listing products on your site, make sure that your domain name is unique, secure, and available.
How to set up your website
What your website should be: I like to think of my website as a luxury product. If you go into this like an eCommerce company that you sell something – say a set of earbuds – then you’ll want to have the latest and greatest version of your website. For the sake of my example, I’ll be using WooCommerce(affiliate link) to host my website and sell my eCommerce products. Obtain a domain name When you register your domain name, you’re essentially choosing a name for your business that others will not be using. A domain name has a variety of benefits, including giving you better brand recognition, increasing your visibility online, and ensuring people can find your site in a pinch. There are a ton of options, so I recommend looking for the best available domain name. You can register with GoDaddy(promotion link).
How to set up your eCommerce store
This guide is aimed at individuals that have an idea for an eCommerce business but do not have the knowledge or resources to launch an online store. Although, I’m sure plenty of experienced eCommerce veterans reading this would find it useful too. The first thing you need to do is open a free account with a good eCommerce software provider. Once you’ve got your store set up, you’ll need to know how to manage your products, how to market them, how to sell them, and most importantly, how to track how well you are doing with them. Most of this can be learned on the fly, but for the purposes of the tutorial, I’m going to explain how to handle each of these areas for an eCommerce store.
How to set up your inventory
Just as important as setting up your product are the production processes involved in creating it. Here are some of the best tools(promotion link) to help you manage your inventory. Selling items For your eCommerce store to be successful, you’re going to need to offer many different products, ranging from jewelry to electronics to apparel. The way to manage inventory in this scenario is to make the process as simple as possible. However, you should do this by being smart about the categories of products that you offer and how you deal with each category. Here are the basics for selling all types of products: Pick your categories Select the product categories that you want to sell and choose which product will go in which category Label your product Pick a clear label for each of your products.
How to launch your eCommerce store
The first thing you’ll need to do to get going is to set a goal. Before you can build a new site, you’ll need to come up with a product to sell. You’ll want to create a clear idea of what you want your business to offer, how much money you’ll need to make, and what marketing strategies you’ll use to achieve those goals. Think of the milestones you’ll need to reach for the business to grow and reach your ideal customers. Once you have a clear idea of what you’re going to offer and how much money you’ll need to make, you’ll need to set a budget. If you’re starting with nothing, you won’t have much to spend on marketing or stock. To estimate your spending, figure out how much money you have to make.
Starting an eCommerce business isn’t easy and requires a lot of hard work. But it is possible with some careful and step by step planning.