If entrepreneurship is your dream, keep reading. It is time for you to become a start-up founder. Follow these easy steps to launch you own eCommerce business.
Step 1: IDENTIFY RIGHT PRODUCTS
Selecting the right products is critical for the success of your business. But how to identify the right products for your business? And how to know if your products will be profitable enough?
Here’s a tip. To grow your eCommerce business successfully, you need to focus not just on the products, but the niche as well. Check if the market too saturated with the product you have identified? Or will products you sell satisfy specific market needs. Knowing this will also help you to define your target audience.
For example, if you decide to sell gift-items, ‘customised coffee mugs’ can be a niche. You can further divide it into sub-niches. The more you niche down, the better chances your brand has to stand out.
Step 2: DO YOUR OWN MARKET RESEARCH
To figure out if your business idea and product has enough scope, do a little market research. Here are the easy ways to do market research –
Google search: Search for related products and find keywords. Check the different variants of product names and descriptions.
Competitor research: To know your competitors in the business domain will give you a fair idea of their products and your niche. What is their business model and marketing approach? And how does your product differ from theirs? This will help you to define your target audience. After all, you need to know who is your ideal buyer.
Step 3: MAKE A BUSINESS PLAN
Clarity comes with a business plan. It will also help you to list down the important Dos and Don’ts.
Step 4: HOW TO SOURCE PRODUCTS?
Primarily there are three main ways to get your products before you start your eCommerce business. Each way has its pros and cons. First is to make your own products, but you need to source raw materials and bear the costs of manufacturing. However, the plus side is that you have control over product design and make them unique.
Secondly, option is to consider buying from ‘wholesale’. You can buy products in bulk by partnering with a manufacturer or supplier.
Third is to find a dropshipper. Dropshipping is a business model which allows you to sell without keeping an inventory of products. Since you don’t have to do shipping and order managing, you can run a business with little investment. The cons is that you have lesser authority customer service.
Step 5: BUSINESS NAME AND LOGO
Here comes the exciting part – to choose a brand name for your business. Select a name that is easy to remember and makes sense. Also, check for available domain names. Your logo is part of your brand’s identity. Make sure you design it well.
STEP 6: YOUR ECOMMERCE WEBSITE
Now that you have got your product and a business name, the next step is to get your plans to become reality. You need a website/eCommerce store to run your whole business — from customer acquisition to shipping and fulfilment. Since it’s a huge part of your business, choose an eCommerce platform carefully. Also, to sell products online, you need to have good quality product photographs ready, along with proper product descriptions.
Step 7: LET’S LAUNCH THE BUSINESS
Keep in mind that shipping is an essential part of eCommerce businesses as it determines its success and also accounts for significant cost.
Step 8: GET YOUR FIRST CUSTOMER
Once the website is live, get ready to bring in your first customer. This is where digital marketing and social media comes into play. Use the various social media platforms to create a buzz about your online store and bring in customers.
Step 9: TAKE THE FIRST STEP
Well, what are you waiting for? Take the first step today!
You need to take the first step and figure out the rest as you move ahead. Remember, no one can teach you how to be an entrepreneur.