In this era of internet dominance, when almost every other activity of our life is becoming digitalized, the future of retail marketers and all the other entrepreneurs’ lies in running the E-commerce businesses, because whether it’s a small store or a giant import-export company, online presence is a must for them to grow stronger in their industry.
So for those newcomers who are looking for a fortune in the e-commerce business, let us tell you it’s not easy to start your business.
Step 1: Select Your Business Models
So you want to know how to start a business? Your very first step is to decide which business model you will go for, for your business. Business models form the base for your business, it decides how your E-commerce business will work. There are traditionally four types of E-commerce business models.
- Retail Arbitrage
- Private Labeling
Though it entirely depends upon you whichever model you like for your business, however, if you are thinking about starting an E-commerce store, experienced business owners will always suggest you pick either wholesale or Private label as it works best for the online retailers. Yet the last decision depends upon you, whichever you want to go for.
Step 2: Research Your Niche
Once you have decided on the business models for your E-commerce store, now start researching for your Niche.
Niche research plays an integral part in the formation of E-commerce business. You have to carefully choose the category of your work and make sure you end up with the right one because working in the wrong niche will potentially keep your business from growing and spreading. So before making any decision, carry out detailed research, even if it takes weeks or months, you must be certain of it. The area of your niche should be competitive and trending, but not crowded at the same time too.
Step 3: Choose a Product
Chosen your niche, now it’s time to decide what you’re gonna sell. Don’t be hasty when it comes to choose the product and never run for multiple products, start with a single one and gradually increase the variety.
But even before choosing your product, target your market and audience first, because you won’t be able to find a perfect product to sell until you know whom you are going to sell it to. So first, target your audience, know their desires and priorities the go hunt for a reliable product to take a start with.
Step 4: Develop a Strategic Plan for Your Business
Once you have these three aspects of the E-commerce business covered, now write a detailed plan for your business. Develop a strategic plan which includes each step you are planning to take, estimate your budget and find the resources for funding your business. Keep in mind, an E-commerce business might exclude the need for a physical space, employees, and bills, but it doesn’t mean that it isn’t gonna need any investment cause it sure does. So you have to plan everything ahead before you take the start.
Step 5: Choose your E-commerce Platform
An E-commerce platform is an integral unit of an E-commerce business, obviously without a platform available to operate, how are you gonna from your business, what I meant to say is that the E-commerce platform serves as a backbone for your business.
So your next step in line for starting your line business is to choose the best platform for your store. Ending up with the wrong one is not only gonna make you regret your decision but also gonna damage your business in the start, so make sure to go for the right one. There are many online platforms which you may choose like BigCommerce, WooComerce, Shopify, Wix, and WordPress.com, etc.
Step 6: Set Up
Now set up the details of your business. Start by searching for a unique and trendy name for your business, make sure to patent check it before reserving.
Now create an Eye-catching logo which is gonna service as a trademark for your company, also don’t forget to apply for the patent for both, the name and the logo because there is a long queue before and after you with lots and lots of new ideas which may coincide with yours.
Other things might include designing your store, listing your products, hiring a Webhosting company, etc.
Step 7: Register It Legally
Running your store online doesn’t mean you’re not gonna need any paperwork for it or you’re safe from legal inquiries. In fact, an E-commerce store needs legal registration as much as any of the brick and mortar stores do, otherwise, you might get involved in tax-related issues and other legal inquiries.
So don’t forget to legally register your E-commerce business in the first go. Though you can register it yourself, yet if you are too busy to carry out the whole paperwork process, then you can take help from any of the best online formation service which can get the whole job done for you right away.
Step 8: Source Your Products
You have already decided on the product you want to sell right? So now it’s time to source those products unless you’re gonna manufacture them yourself. Find the best wholesaler or dropshipper who can provide you your desired product at the minimum cost, there are plenty of them available on Alibaba and AliExpress.
Step 9: Launch Your Business
All set, then what’s the wait. You have your products at your doorstep, your online store is ready, and you are done with all the legal works, so launch your business right away. Develop all the pages of your online store, make sure the website is working well, check fs all the listings are put correctly and all the buttons are clickable with the right link inserted, double-check everything and make your E-commerce store go live.
Step 10: Start Marketing
Of course, launching your store doesn’t mean that you’re gonna get sales on the very first day. For this, you have to make your store visible to the public. The more you advertise for your store, the more visitors you will get on your site and the more sales you will have each day, so start a proper marketing campaign over social media and hire the best marketing companies.