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What Do I Need To Start An Ecommerce Business
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If you’re an entrepreneur or skilled craftsman, you’ve probably dreamed of starting your own e-commerce store. But this is not an easy task. In this article, you will discover each step in the process of starting an e-commerce business and when you can expect to see profitability.
The first step in building an e-commerce store is knowing what products you want to sell direct to the consumer. This is often the hardest part of starting a new online business. In this section, we’ll highlight strategies you can use to find product opportunities, explore the best places to look for product ideas, and finally look at ecommerce products to consider.
Once you have a product idea in mind, how do you know if it will sell? In this section, we’ll discuss some approaches active entrepreneurs have used to validate their product ideas and market potential.
Excited to start a business, but don’t know where to start? This free, comprehensive guide will teach you how to find great, trending products with high sales potential.
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After landing on a solid product idea, the next step is figuring out where and how you’ll get your products. The following four posts cover the different methods of acquiring your products, along with the pros and cons of each model.
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Many independent traders face a difficult road. Shifting your brick-and-mortar business online can help you weather this storm, generate cash flow, and build a more resilient business. You will need to find a good eCommerce solution to build your store, such as .
You’ve found your product, assessed its potential, and found a supplier. But before you get into that, you’ll need to thoroughly research your competition to find out what you’re up against and how you can differentiate your company from theirs.
With your competitive research complete, it’s time to write your business plan. A business plan is a road map that helps gather your ideas and thoughts. It is vital to determine what to prioritize and how to effectively reach potential customers. A business plan also highlights your company’s mission to show investors and employees your brand’s core values.
Aside from finding an actual product to sell online, another difficult decision is determining your business or brand name and choosing a suitable and available domain name. These blog posts will help you tackle these important tasks.
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Once you’ve selected a memorable name and registered a matching domain, it’s time to create a simple logo. In these resources, we’ll show you several options for creating a great logo for your new business.
You are now ready to start building your online store. However, before jumping into it, you should understand the basics of search engine optimization so that you can properly structure your site and pages for Google and other search engines.
With a better understanding of search engines, it’s time to build your store with a website builder. There are many crucial elements to consider. Below, we’ve listed our essential reads to help you create high-converting product pages, write captivating product descriptions, shoot beautiful product photography, choose your ecommerce color palette, and more.
Don’t forget that if you have problems setting up your store, you can always hire help from Experts.
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One of the best ways to reach new customers is to choose sales channels where they already buy. The right mix of sales channels will depend on your products and your target market, but there are a number of great options that can complement and support your self-hosted store.
As you get closer to launching your new business, there are several shipping and fulfillment elements you need to prepare for. In this section, we’ve put together a few comprehensive guides on how to determine your shipping strategy.
It’s also a good idea to define your KPIs upfront so that once you launch, you know what success measures to track.
Now that you’ve launched, the hard work of marketing your products begins. While many new store owners should consider selling their physical products in person, the rest of digital marketing is all about doing one thing right: generating targeted traffic. Below, we’ll share a variety of marketing tactics that will help you through the first few months.
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You’re well on your way and likely have a few sales under your belt. It’s time to get serious and invest in marketing your store. The following posts will help you focus on your best performing ecommerce marketing tactics or expand on new ones to drive traffic and convert it into sales.
Whether you’re just starting out or envisioning your next big campaign, this email marketing guide will provide you with insights and ideas to help your business grow.
An eCommerce business can be started for as little as $100, which is spent on a subscription and purchasing a theme for your store. E-commerce businesses cost less than brick-and-mortar stores because they don’t require the same amount of licenses and permits, and you don’t have to pay rent for a retail space.
If you operate as a dropshipping business, for example, it will probably cost you less to get started because you won’t have to pay for raw materials, inventory, or labor. You only pay for products after a customer buys them. If you’re creating your own products by hand or working with manufacturers, you’ll need to pay upfront for equipment, materials, and labor.
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Many e-commerce entrepreneurs start a business with a small budget. To get a better idea of startup costs, we surveyed 150 entrepreneurs and 300 small business owners in the US to find out.
According to our research, new e-commerce store owners can expect business costs to total $40,000 in the first year, which are returned to the owner through profit margins.
Now, this does not mean that you spend $40,000 to open your eCommerce store. The amount invested in the first year varied significantly, depending on the industry and e-commerce business model, whether the company had employees or whether it was a full-time gig.
You also don’t need $40,000 in cash to start an e-commerce business. While many (66%) entrepreneurs use their personal savings to finance their business (respondents could choose more than one source of financing).
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Starting an e-commerce business is exciting. Whether you’re starting the first or the fifth, keep the following tips in mind:
Starting a successful e-commerce business is a marathon, not a sprint. Don’t measure business success by your first year’s profitability. Give yourself an 18-24 month lead to get your business off the ground. Spend your first year testing, iterating, and reinvesting your sales into your business using the budget guidelines above.
Outside of developing or sourcing products, you’ll spend most of your time capturing the attention of customers. The challenge? You want to present your products to the right customers – the ones who will actually buy from your site. Understanding these people, also known as your target audience, can help you reach them faster and make more sales.
Create or sell an amazing product with proven market demand. Take a look at today’s major retailers (Allbirds, Tushy, Bombas) and you’ll notice that they all sell top-notch products. “Product quality is critical because a good product sells itself,” says Eric Even Haim, CEO of upsell and cross-sell app ReConvert. “When you marry a great product with an audience that’s hungry for it, your marketing becomes 10x easier.”
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Eric explains that new products don’t have to be the “next big thing.” Just “look for trends and growth markets where customers are being underserved. Then come in with a great product and give them what they want!”
When you marry a great product with an audience that’s hungry for it, your marketing becomes 10x easier. Experiment with marketing and advertising
Publicizing your new business after launch is important. You want to test different marketing strategies to understand where your audience spends their time and respond best to your content.
“Success depends on your ability to experiment, test and analyze your ads and marketing strategies,” says Stephen Light, CMO and co-owner of mattress company Nolah. “Experimenting is the best way to avoid falling into any assumptions about your audience that could end up hurting you instead of helping you.”
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Stephen suggests being open to being totally wrong, “especially when you’re just starting out.” Use the data
