So you have always dreamed of owning your own business; you want to escape the pressures of your corporate job. Well, in today’s world, full of affordable technologies and how-to guides everywhere on the Internet, it is possible for almost anybody to start their own business.
Keep in mind that, just because you are not working to make someone else money, that your life will be stress-free. Going into business for yourself comes with its own stresses; you will be faced with your own challenges to overcome and issues to work through. The thing to remember is this: they are your stresses. No one else benefits from you solving the problems, not an uptight, high-and-mighty manager, not a company. Just you.
One of the top industries to enter into is ecommerce. With so many shopping choices available online, and access to those options readily available in the palm of your hand, it is no wonder that the brick and mortar retail industry is struggling to survive. You can be one of these e-retailers selling goods over the Internet. You can’t just hop online and jump right in. There is a lot of planning to do, and a vast amount of details to work through, before you even open your doors. Here are several of the biggest details you need to figure out before you can start selling smart with e-commerce stores.
Niche
You need to find your niche. What is it that you want to sell? Are you wanting fashionable clothing for plus size women, or shoes for every occasion? Do you want to sell name brand tools and equipment? Are you interested in selling gardening supplies and yard art? What about entering the used video game market?
Whatever you decide to sell, everything you do and all of the products you offer will be aimed at selling to that niche. Your marketing will be catered to those who desire your products. You will have to determine the demographics of customers within that niche; who are they, what ages are they, male or female, and any other category that will help you sell to them. You will constantly have to figure out ways to sell to those demographics.
Website
Without a brick and mortar store, your business will be online. Obviously, you will need a website. Without a place for customers to shop, there can be no selling. But you do not want just any website. You want one that is all your own. You want one that is unique.
Take the time to hire a web designer who can give you that special look and help create your brand. The templates available on some sites just do not square up against what a professional can do for your business. They will help you create pages that really make your products pop! (you will also need to learn some retail slang…), making them more appealing to your shoppers.
If you do not, you run the risk of appearing like every other startup ecommerce site. This can dissuade visitors from shopping with you. They will want to buy from someone who is in it for the long haul; someone who presents themselves as worthy of their confidence. A generic website created from templates is not the best means to developing trust.
Financing
You will need money to create and maintain your website, along with the designer to give you a distinctive air. While this might be relatively cheap in comparison to startup costs for a physical store, have you considered the other costs of opening your ecommerce store? If you know your niche, then you now know what products you are going to sell. How do you intend to pay for them?
You will need funding for the items you will be selling. Financing can come from a number of different sources. You can seek a grant from the Small Business Administration, borrow from a relative or other type of investor, or take out a loan from a bank. Most of the options will require you to have a pretty good personal credit score; this will be how they determine your eligibility for the option you’ve chosen.
Suppliers
Now that you know what you are selling, and you have the money to begin purchasing the products you want, you will have to figure out where those products are coming from. Again, you have many options here, more so than financial sources.
Will you be buying from a wholesaler? If so, research several of them to find the best products, prices, and payment terms (as a new company, you will typically have to pay upfront for your first set of buys, until you establish yourself with the wholesaler). You can buy from more than one, just keep detailed records of inventory when you do so you remember who to order from.
You can also buy from auctions, online or in-person (ie, Storage Wars). This will give you quite a variety, and no two visits to your site will have the same products posted. A rotation of items can give you opportunities to generate excitement for your loyal customers who will be checking back often to see what you have this week!
Starting your own successful e-commerce store is a challenge. Embrace these tips and new technology to take your ecommerce store to the next level.
I hope you enjoyed this blog post about how to start your own ecommerce store and grow your retail sales online.
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