Did you know that around 534,000 new businesses get created each month? If you are thinking about starting a new eCommerce business, you will have plenty of competition.
Unfortunately, only 50% of small businesses survive for 5 years. If you want to create an eCommerce business that is successful and stands the test of time, you need to make sure that you do things right from the beginning.
Do you want to learn more about creating your eCommerce website and how to start eCommerce growth? If so, keep reading for 8 helpful tips that will make starting an eCommerce business easy.
- Choose a Product
If you want to start an eCommerce business, you must choose a product to sell online. The product you choose will determine the success of your business.
To choose the right product, you need to study the market. You want to choose a product that has plenty of demand, but not too much that the market is overly saturated.
One of the biggest reasons why businesses fail is because of a lack of demand for their product or service. To find a product that works, research your competition and study the industry.
- Create a Business Plan
Once you have found the perfect product to sell in your eCommerce store, the next step is to create a business plan.
Your business plan is where you will determine your mission, product, eCommerce fulfillment plan, finances, and future goals. Without a business plan, your business won’t have a clear direction.
If you don’t have goals and a strategy, growing your eCommerce business will be difficult. Also, having a business plan is essential if you need to finance your business.
- Choose a Name and Logo
After completing your business plan, you will need to choose a name and logo for your business. Your name and logo will say a lot about your business, so you should consider them carefully.
The best business names are short, memorable, and catchy. If you aren’t a graphic designer, it is a good idea to hire someone to make your logo for you.
If you don’t want to hire someone, you can make the logo yourself, but it may require a learning curve. Make sure your logo is catchy and represents the brand you are trying to create.
- Register Your Business
Before starting an eCommerce business, you need to choose a business structure, register your business, and get business insurance.
Some of the most common business structures for eCommerce businesses include sole proprietorships, limited-liability corporations, and partnerships.
The structure you choose will impact your taxes and liability in the case of a lawsuit, so you should consider your options carefully. Once you choose your structure, you can register your business with the government.
It’s also important to determine if your business needs insurance. If you don’t get insurance, you could be liable if someone gets hurt using your product.
While business insurance will cost you a monthly fee, it could be worth it to protect yourself and give you peace of mind.
- Build an Online Store
Once you have a registered business, you can create your eCommerce website. You have many different options when setting up your eCommerce store.
You can use an eCommerce platform like Etsy or Amazon or create your website from scratch. If you use an eCommerce platform like Etsy or Amazon, you can take advantage of the millions of users that use those websites.
Setting up your eCommerce store will be more expensive because those platforms get a percentage of the sale.
If you want to save money on your website and make more money from your business, consider building your website. While creating a website will save you money, you will have to learn a new set of skills.
- Market Your Eccomerce Store
Without marketing, no one will know about your new business. If no one knows about your business and products, you won’t make any sales. To grow your business, you have to focus on marketing.
Some of the best ways to market your business include creating a blog, growing your business’s social media accounts, and working with influencers.
To determine the best marketing method for you, be sure to consider your target audience. Your customers’ age, lifestyle, interests, and goals will determine how you should market your business.
- Grow Your Email List
If you want to ensure that your eCommerce business is successful, you should focus on growing your email list.
While social media accounts and search results are important, an email list is a business’s most important asset. Anytime someone buys something from your store, collect their email address.
You can send your customers discounts, new products, and updates about your store. This will create a relationship with your customers and encourage them to buy from you again in the future.
- Gain Feedback
When you start an eCommerce site, it is important to gain feedback from customers. You want your customers to have a positive experience. If they don’t, they won’t buy from your business again.
Be sure to ask your customers if they enjoy the product, if the buying process was simple, and if they have recommendations for improvement. Feedback allows you to improve your business, and customers enjoy being heard.
Are You Ready to Start Ecommerce Growth?
If you want to grow a business, starting an eCommerce business is a good idea. Before starting your eCommerce business, be sure to choose the right product, study the market, and create a business plan.
Did you enjoy reading this article on how to start eCommerce growth? If so, check out the business intelligence category for more tips to get started in eCommerce.