Advice from an Idea Guru – Starting an Ecommerce Business.
#1 – The Big Idea
Think you have an idea or product that people would pay for? What is it worth to you? How will you get it out in front of the public? These are some questions that come to mind in entrepreneurism. What will your business offer? Is it a tangible product or is it a service? Will it be something that you create or directly provide? Can you work alone or do you need partners? You need to answer all or most of these questions and draft a plan before taking the leap into entrepreneurism.
#2 – The Legal Mechanics
Now that you know what you want to sell, you have to name it, and this is the first thing people will see when contacting you so make it original! Get the copyrights and do your registration. Your registration follows a sequence in that you have to state your business structure. Business structuring is as follows:
Sole proprietor – you are the owner and are responsible for all assets and debts.
Partnership – you work along with a business partner and thus responsibilities fall on both parties.
Limited Liability Company – this offers the owners of the company a limited liability in that they are not personally held liable for the debts of the LLC.
Corporation- an entity completely separate from its owners.
The structure of your business will determine your registration, tax benefits and the process of filing. With this structure in place your business can be licensed and given permits regarding of it being online. Finally an Employer Identification Number should be acquired in order to conduct any transaction, opening of accounts and tax filings. Staying compliant after getting these thing done initially is also necessary.
Online store approved
#3 – Setting Up
Your company is Ecommerce and you need to get it online as soon as possible. Choosing a domain name that relates to your business and is identifiable is key to getting customers and being found within the market. Your website needs to be engaging and functional, so patrons can navigate through easily and find and purchase your products. For example, your tabs should be clear, options for checkout should provide all feasible payment options and customers should be able to easily leave feedback.
#4 – Consider Your Options
Where you get your products from even if you create themselves yourselves is important as the vendors you choose will determine the amount of money you spend, quality of materials and the profits expected. If your business is service based factors like webhosting may be considered as vendor costs. Choose the option which gives you the most benefit for your money as eventually your business will either profit or lose. Ask yourself, are these the best prices? Have I considered all options? Are these services confirmed and can you rely on the vendor?
#5 – Getting the Job Done
Productivity is key in any business. Ensure you have a detailed plan on how to get things done, deadlines, and resources both technological and human. Sorting these factors will allow you to focus on creating and selling rather than what could go wrong. Your productivity tools should also allow you to take stock of your inventory to track sales, profits and predict future successes. Be about ten steps ahead of yourself at all times.
Ecommerce Success
#6 – Marketing
All forms of advertisements are good for marketing your business. Ensure your social media accounts are set up and use them to reach target audiences. Your business can run social media contests in order to attract new customers and reward past customers. Your business blog can introduce customers to a new service you will offer or it can inform them about upcoming sales. Though online, using word of mouth is also a marketing tool that can be used to bring in customers and highlight events that you may host or be a part of. Think of it like a celebrity does, no publicity is bad publicity, especially if it is good publicity!
Can you readily tick off these items off your Ecommerce business plan? If so, you are ready to begin your journey towards building a successful online enterprise.
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