Launching an online store can be one of the best ways to get into entrepreneurship, but also one of the most challenging. While it might seem like a simple project, to be competitive requires quite a bit of keeping up with industry trends as well as setting yourself up for the long term. However, that’s why I’m giving you a few helpful tips to establish yourself a great setup. Check them out below:
How Your Personal Finances Are Standing
No matter if you’re starting an eCommerce business as a side hustle or full-time gig, your personal finances will play a crucial role in getting started. After all, if you’re going to be seeking investment or a loan, then glancing at your credit history and worthiness will be a part of any standard due diligence, especially if you haven’t owned a business before. Granted, a lot of eCommerce companies do just fine without any outside capital or help, but giving yourself the opportunity to tap into those resources will set you apart later down the road.
Begin by looking at your current finances, including how things like your credit score are holding up. If you’re looking for lending, then possibly considering a credit repair might not be a bad option to boost your score. Additionally, try to knock out any existing debts that you can as well because as noted by NerdWallet, with the average credit card debt coming in around $15,654, overhead like that can bring you down tremendously. And finally, don’t be afraid to give it your best shot at what you’ve got, as you’re going to have to start somewhere.
Your Website’s Design
As an eCommerce shop, your website is going to be the primary point of contact, no matter what. This is where people are not only doing their shopping with you but seeing how much detail you put into each element of your store. And as eCommerce can be an incredibly competitive field, knowing how to separate yourself from the crowd is imperative.
First and foremost, it’s a must to cover your bases. This includes implementing a solid eCommerce platform, such as Shopify or BigCommerce. Additionally, make sure your site is designed to handle an array of devices and browsers. For example, according to Shopify, 51 percent of our time spent on the internet is with our phones, which means your site should be mobile optimized. Whether it be interactive lookbooks or a sophisticated shopping cart, make sure your site fills in all the gaps necessary, as this will be the most important part of your website’s foundation.
The Structure Of Your eCommerce Shop
Another factor to consider when compiling your eCommerce shop is the overall structure of not just your website, but the business model. eCommerce is a field where the medium makes a significant difference, which is something to take note of. For example, knowing if you want a dropshipping site versus wholesale, as well as how that will translate to your industry. Thinking about things in this way will give you a much better picture of how much capital you might need, as well as goals for your ROI.
The biggest reason why choosing this stuff now will give you a better picture of how your business compares to the national scale. For example, as noted by Invesprco, the average conversion rate for an eCommerce site comes in at around 2.95 percent of shoppers. That’s a relatively low figure, no matter what industry you’re in; which, it’ll be your mission to figure out how to exceed that. All-in-all, this process is one that you should take your time with because getting it right the first time will save you a tremendous amount of money and stress.
Finally, while it can be fun to run a business on your own, going after partnerships will not only make you a more powerful company but a powerful brand. According to the Content Marketing Institute, 89 percent of b2b marketers say that brand awareness is a top factor, which is what just might be the catalyst for success for your business. However, the challenging part isn’t finding out who can make you more successful, but how you can help them do the same.
Try and look around at some cases you see that have been fruitful, as well as that relationship works. For example, Trust Token, a crypto project just partnered with Sterling Trustees, which TrustToken gets an institutional partner that gives them leverage in the finance world, while Sterling is a part of a new and exciting project that could be incredibly lucrative. Both sides win, which is how you should view your potential relationships with your eCommerce store.
What are some things that you consider essential before launching an eCommerce store? Comment with your insights below!