Many people are venturing into online business. Aside from the fact that there are a lot of resources available for you to start, having your own online business costs you cheaper than actually opening a physical store. If you don’t have knowledge about eCommerce and you want to jumpstart an online shop that can make you money, this blog is all for you!
Having an online shop is easy if you are knowledgeable about the steps, the things you need, and the amount of money required. So, for those who want to know how to start an online business, here are the things to consider.
Step by step guide to starting an online business
1) Think of products or services to sell
When you start an online business, the first thing you need is the products or services that you will sell. What are you planning to offer to your customers? Clothes? Cosmetics? Shoes? Accessories? Gadgets? Housewares? Food? Consultation services? There are a lot of options to take into account. When choosing your products and services, it’s good to consider your passion or preference. For example, if you are fond of clothes, you can easily sell them since you have experience in choosing quality ones and you can share that with your customers.
2) Look for potential suppliers
When you have your products or services, you need to find sources where you can get them. This is where your suppliers come in. Is it going to be local or international suppliers? When looking for them, find more than one so you can compare their prices and choose the one that offers the most competitive value for your inventories. Looking for suppliers might be time-consuming but once you find the right one for your business, you will never have to repeat this process again.
3) Decide who your target market is
If you are going to sell clothes, is it exclusively for women? Think about your future buyers. Who do you want to serve? What type of customers do you want to attract? You need to be definite when defining your target market because your strategies would depend on them. For example, if your target customer is women, you will need to choose an eCommerce layout and design that suit their taste. You will need to select products that they usually buy, from clothing to accessories. You should define your target market not just by gender but by age, demographics, and income as well.
4) Find a web developer for your eCommerce
Also, you need someone professional to set up your eCommerce. If you think you can do it alone, then it’s fine. But, having a good web developer saves you time and money since the result is guaranteed and tailored according to your taste and preferences. Setting up your eCommerce can be confusing and challenging if you are not tech-savvy enough. With a web developer, you can say what layout and designs you want for your website. Don’t forget to ask for a free quote as well so you can add it up to your expenses.
When your talk to your web developer, don’t forget to ask about payment processing. This can be integrated upon setting up your eCommerce website. You can tell your web developer what setting do you want for payment. Are you going to accept credit and debit cards? Paypal? If you are planning to add those payment methods, you will need someone professional to help you add extra security to your site. This is to protect your business and as well as your customers.
5) Plan your marketing strategies
Another thing to watch out for is your marketing strategies. There are free and paid options. You can use social media platforms or search engines to advertise your business. When you use free advertising, for example, using Facebook, you don’t have to worry about your marketing expenses as it is free and you can utilize it whenever you want. When you use paid advertising, you will need to set aside funds for it. it is added to your expenses. The good thing about paid advertising is that you can reach a huge network free advertising couldn’t.
6) Establish your capital
Finally, you need to establish your capital to make your plans real. So, how much do you need to start an online business? The answer would depend on many factors including the value of your inventories, the fees for setting up an eCommerce, and the amount you are willing to spend for your marketing. You can allocate $500 for your inventories, $300 for web development, and $200 for advertising. You can establish at least $1,000 to start. If you don’t have this amount yet, you can try dropshipping so you don’t have to buy your inventories yet. But, make sure you have a platform already so you can begin listing your products.
For more payments news and industry insights throughout the week, follow us on Facebook, Twitter, or LinkedIn.
