We live in a world where it’s possible to build a business from the ground up within a year. This requires a lot from you. Less time spent with your family, fewer vacations and start-up money. However, if you’re reading this, it means that you are already willing to make all of these sacrifices. If you’re tired of working daily from 9 to 5 and you feel like you’re not getting paid what you’re worth, it’s time to start an ecommerce business.
Before, we were told that the only way to get a lot of money is by attending prestigious colleges, getting a job at a reputable company or by taking a huge loan from the money hungry banks.
Now, this argument is no longer valid. With the technology today, you are able to build an impressive business from the comfort of your own home and with a limited cash. You surely do not need 2 college degrees to run a successful business.
Whilst this is true, you do have to remember that you need to have an open mind set and you need to be determined. If you feel like you do not have the right energy yet, you shouldn’t begin your journey as you will eventually give up as your mind is not in the right place.
In this article, we will show you the steps required to start a successful ecommerce business.
Pick the products or services you will provide. There are numerous niches and markets to choose from. If you do not pick the right items or the right idea, you will generate little money if any at all.
Start from the begin. Take a blank page and brainstorm any ideas you have. List what products you like and what you use the most. What services do you use every day? Do you think that a service should be improved somehow? Do you have an idea of how to improve a product?
Write everything that comes to your mind even if it’s insignificant or small. A company has made millions by producing a plastic cup.
In this step, you need to browse and look around as much as you can. Take into consideration what ideas your friends and family are giving you. Use all of the information you receive for your benefit. These are some places you should consider:
In addition to this, Pinterest is also a good idea to look at because it shows you what people are into. The main idea is that you do not limit yourself from information.
Filter your ideas until you get to the top 10. These are the filtering processes that you should use if you want to end up with a product or service that is in demand.
Niche Filter – Avoid the general stuff. For example, a hat with a LED light may not mean anything for those who do not enjoy the outdoors, but it can be the most demanded product in the outdoors niche.
If you believe in your product, you should try to place the item at the same price as the big brands have them. If you don’t have an idea for a product yet, you should consider selling a product that is on the market but it isn’t very exploited by the big brands.
Price Filter – If you’re just starting up, we recommend that you should price the product from $20 to $60. You have to take into consideration the drop shipping prices, the taxes you will pay on the marketplaces and the additional unforeseen costs. What’s important to understand that $50 dollars may not be a lot in America, but in poorer countries, it will be too expensive to afford.
Demand Filter – In order to understand how demanded your product is, you need to use keyword searches. Use the Google Analysis tool by entering keywords. It will show you how many times the keyword has been searched and its online competition.
Google Trends is also available to use for free. You should enter your main ideas and search what the trend is with that product. Has it risen lately? Is it at a constant rate? Has the trend decreased?
Tip: As a rule of thumb, you should stay away from season trends because they do not bring success and the big companies will attract the companies, way before you get to them.
Now that you have got the right product or service and you strongly believe that it will bring a comfortable monthly revenue, you should start thinking about your store.
Name – As the business will be online, you need to think of a name that has will have an available domain. Sometimes domains can be expensive but they are worth. After all, people will remember the business by its name.
Shopify – This platform is like any Content Management System (CMS). Its main purpose is ecommerce as it provides hosting and plugins. You will be able to create a store within a few minutes. It will provide server setup and all of the small details such as themes for your store, and you can customize it the way you vision it. This platform is great because you do not have to know to programme to set your business up.
Marketplace – If you don’t want to go that far, you should look into putting your products on to marketplaces such as eBay and Amazon. You have to look at their limitations and benefits.
As you have your winning product and you have decided where you are going to sell your products, it’s very important that you have a well-established marketing strategy. Keep the business’s social media active. Post every day, make deals, try to keep the business rating and reviews as high as possible.
Advertising is extremely important if you want to have a successful business long term. As a rule of thumb, you have to keep the prices at a fair range. Do not become lazy if you see that the ratings are going up. The less effort you are willing to put into the business, the less successful you will be.