[ Be Your Own boss] is Premium Offering from Orb52. Do yourself Articles from Orb52. The section brings you differently proven ways by which you can start your own small business and live a life of self-dependent. The main intention is to make people do what they love to do at the same time, earn a livelihood.
One of the best ways to earn a livelihood online is to start an eCommerce website. The world is moving towards digitizing. life of people has become so busy that people are slowly getting themselves addicted to online shopping. The online market is expected to grow tremendously in the coming days with more people coming online and start using the internet.
In 2019 the world eCommerce sales amounted to almost $3.53 trillion as reported by Statista. The market is expected to double by 2022. The expectations are that more people will be moving online. With the advancement of technology and the convenience of options to consumers, the online market will be a great place.
What is E-commerce Website?
Think about Amazon, Flipkart, and others which everyone knows. these are all examples of eCommerce websites.
An eCommerce website is defined as the online market place of goods. It depends whether it is of a single vendor and single product, or multiple vendors and multiple products
Starting an eCommerce step means you have decided to be an Entrepreneur. But before we proceed we have something to tell you. We want to appreciate your decisions to go on the hard way. Yeah, being entrepreneurs is not an easy one. Know about the Risks of being an Entrepreneur. We have a suggestion for you. Please read the books below which will help you in starting your eCommerce store.
- Ecommerce Evolved: The Essential Playbook To Build, Grow & Scale A Successful Ecommerce Business
- The Four Steps to the Epiphany: Successful Strategies for Products That Win
Steps in Starting an Ecommerce Site
- Deciding the Product.
- Delivery and Inventory Management
- Deciding the business name.
- Registering Hosting and Domain.
- Getting the Business Registered and Other legal things
- Marketing your Business.
Deciding the Product
The primary step comes, What to sell. If you have an Offline store and just want to make it into an online store, then you have already a product and you can move to the next step.
If you don’t have an offline store and you are new to selling, then you have to decide what you are going to sell.
This decision has to me back very thoughtfully. based on market demands and stock availability and also the competition. The best suggestion is to enter into the market where there is huge market demand. Sell the product which is in huge demand. And also consider the competition in selling that product. Don’t get scared much of the competition. As long as your product and your service are good, your product will be accepted by the market.
There is no need to restrict to one product. You can sell a complete range of products. Sell everything that is possible considering the inventory management delivery and Return on investment on those products. Ecommerce means you can have a marketplace where you can sell everything and anything which is legal to sell.
Delivery and Inventory Management
The next trouble that comes in eCommerce is Inventory Management. If you are selling products from your own store, then you have to maintain the product until it is ordered by someone. You cannot bring the product after it has been ordered by the customer. Because these day’s customers prefer fast delivery. And they won’t wait for you to order first and then deliver to them.
One solution to this is to start a dropshipping site. Dropshipping means, you just have to find the drop shippers and tell them to ship the product to your customers. YOu no need to maintain the inventory and no need to worry about the delivery issues. You list the product on your website and when a user places an order, send it to drop shippers, and your product will be delivered with your own company name.
Another issue if you are not using dropshipping is the delivery issue. you have to decide which locations you will provide the delivery service. Select the delivery agents to use. Because you cannot go and deliver each and every product across the locations of your service.
Deciding Business Name and Logo
Your business is known outside with the name you keep to it. YOu have to be very choosy in this context. You must make it something very easy to remember for users and at the same time catchy.
This is a very important one to decide because at the later stage we will be explaining to register your business. You have to register the business name and also while registering the domain.
Make it small and related to your website. We also have to consider the domain name availability. For example, if you decide google as a name for your website, it is already taken and registered and google.com is also taken. So you cannot make it a name for your business. So choose something no one has used.
Registering Hosting and Business Name
Now comes the part where your actual process of getting online starts. You have to register the website domain and also hosting where you have to host your website. We suggest you the following hosting. Generally domain name you can do it while registering the hosting.
Go to one of the above links and buy the hosting and domain. If you know how to manage in another hosting, you are free to buy another hosting. But if you are new, we suggest buying WordPress hosting. Most of the hosting gives a free domain name with your hosting. Buy package suitable for the visitors you expect for your Website. Most of the time it is recommended to buy a moderate plan.
Registering your Business and other legal things
You have to always follow all the legal procedures that exist in your area and always comply with the laws. In order to save your business from stealing you have to make it official. Register your business officially and get all the documents clear and make all the laws clear regarding your business.
You will never enjoy facing legal notices in the middle after some growth in the business. This will make you lose the trust of customers and will be a boon to the growing company. So always be first to fill all the legal documents
The following must be taken care of in case of a new business
- Business Structure
- Business name
- Register your business
- Central Tax ID
- State Tax ID
- Bank accounts necessary for business
- Trademarks, copyrights, and patents
While these are all procedures that need to be done. You can do some of them on your own and you have to hire a lawyer to do some of the things. You can also find some online services that will help you in completing all the above things and proceed in a smooth manner.
Marketing your Business
Here comes the toughest part. You have made everything ready. You have a product to sell, you have set up all the delivery and inventory things. And also make the website live and registered the business. But how will people or customers know about your product and website?
Here you have to use ad agencies to promote your business. Use services like Adwords, Medianet, and others to run campaigns. use services like Shareasale to get people to promote traffic to your website. Give offers and coupons to promote the product. Run deal days and run your own ideas to make it reach a large audience.
Convert the people into returning users. You have to use available different tools on the market to convert new customers to returning customers. You have to understand their behavior. You have to get their email to send them emails and offers. And so one. Use the below tools which will help you a lot.
Feedback from customers is important. this makes to understand what your business is lagging and brings innovation in your service
You might feel everything right from your perspective but there always some errors or bugs. It’s is always the best-practiced way to get feedback from the users and customers. You will have to encourage them to give feedback and improve from the feedback to see the growth in your business.
You will find a lot of mistakes that you are unable to find from the feedback. You will have to act according to the feedback you received from the people and users of your product.
People will give negative feedback, but don’t worry. Just say thank you for the feedback and try to solve those errors. This kind of behavior makes people be loyal and good satisfaction feeling and will make them improve the rating the next time.
Whenever you hear multiple reasons from many users and you have to immediately start working on the problem and eliminate at the earliest possible. And gradually eliminating the problems from the feedback given by users will make your product get the attention and will perform better in the market.
People will always encourage the product that is always developing eliminating the problems. you always try to create a relation of love between people and your product and you will see returning customers to your business. In the beginning, you may not see the rapid growth but at the far end, you will go high if you make this habit of getting feedback and eliminating errors