There’s never been a better time to consider starting an Ecommerce business. Many industries around the world have been impacted by Covid-19, resulting in a loss of job security or reduction in income. Furthermore, we’re spending more time at home than ever before, many of us choosing to stay home to reduce the risk of catching the virus, as well as doing our bit to help protect those who are most vulnerable in our communities. If you’re looking for a side hustle, or even a new business opportunity, starting an Ecommerce business might be the right step for you. Here are 4 tips for starting an Ecommerce business:
1. Invest Some Time in Finding a Great Name
Naming your business is a big step. You want something that sounds good, that your clients will like, and that has room to grow as your business does, too. I own a few blogs, many of which I’ve managed to turn into little Ecommerce businesses, so I have a lot of experience trying to come up with names. It’s one of the hardest aspects of starting a new business for me, as I tend to overthink the options and use it as an excuse to procrastinate. When starting a new business my mantra is always the best time to start your new business is… yesterday. Anything that you get stuck on and stalls your progress is bad news. In order to help me come up with great names, I love using a business name generator tool to get some fresh ideas. Simply pop in some key information and it will give you a list of options to choose from. This removes all the pressure and stress of trying to come up with completely original names. Be sure to look through the options and do some research about whether any of your favorite candidates are being used elsewhere.
2. Do Your Research
What exactly do you want to do online? Do you want to open up a dropshipping store that sells things? Do you want to open an Etsy store that offers customized boutique items in a specific niche? Are you wanting to offer your own services online? Whatever you want to do, be sure to research what your potential competitors are doing. This is a step you don’t want to skip as it will help you see what the market is craving, as well as what kind of price points are working well for your future competitors. If they have any client feedback, be sure to read it and notice what kind of things people are saying. Use this feedback in order to try to find your own competitive advantage.
3. Don’t Forget a Website
Even if you’re operating through a pre-existing platform such as Etsy or Fiverr, you’re going to want to create your own website with a blog attached to it. The blog serves as a way to create more content that will bring new people to your site. You’re going to want to learn about how SEO can improve your sales by bringing new clients directly to your site. When you sell on another platform, you’re going to lose a percentage of your sales as a fee for using their services. While this is something you can factor into your pricing, by operating your own storefront on your own website you can either keep this commission for yourself or offer a discount to your clients for direct sales. You could even choose to split the difference, so you’re earning a little more by operating your own storefront, but also offer your clients a discount so they’re getting a better price too. This would be a win/win solution, allowing you to earn more per sale but still offering extremely competitive prices.
4. Learn How to Utilize Social Media
Social media can be an incredible tool for driving sales and building a loyal community, however you will need to spend a bit of time attracting your own clients. I suggest starting by creating a social media account, or accounts, that reflect your brand well. Incorporate a mix of product or services based posts, with other types of posts that are likely to inspire your fans. This is where your research will come in handy, what are other social media accounts doing in your niche? Do they share motivational posts that brighten people’s day? Maybe they show the behind the scenes of how your products are made? What ways can you boost your following? There are so many options available to you, such as a collaboration, giveaway with other brands, or even by using the social media platforms inbuilt advertising options. This is probably not something you’re going to learn how to do overnight, but you will be able to perfect your own strategy over the course of a few months, tweaking as you go.
Starting an Ecommerce business can be a great way to boost your income or completely replace your current income sources. Thankfully most Ecommerce businesses have relatively low start-up costs, especially when compared to traditional stores. I hope these 4 tips for starting an Ecommerce store help you feel inspired and give you practical tips for getting started.