Launching an eCommerce store is perhaps one of the best introductions to entrepreneurship. As a chance to be a part of any industry that you want, this is the perfect opportunity to thrive further with what you’ve always wanted to do. And if this is an area you’ve always wanted to get started in, then there are a few key things that you should consider. Check them out below:
A big part of your business is establishing a solid foundation on which to grow. As noted by the Small Business Administration, it costs approximately $1,000 to $5,000 to start a company from home. And while that’s not an astronomically high number, can also depend quite a bit on the eCommerce operation you’re looking to found.
With eCommerce, there are a lot of different routes you can go in regards to the type of inventory you can hold. I recommend being a little bit more conservative in your efforts, giving yourself enough breathing room where you’re not sitting on a bunch of unsold product. Another decision you need to make in establishing your budget is if you’re going to be pursuing this full-time, as well as how much money will be necessary for that. And finally, always account for incidentals, as these items will start to give you a solid foundation of what to look for budget-wise moving forward.
Get Your Necessities In Place
Another important aspect of having an eCommerce business is getting your necessities in place beforehand, so they’re ready to go come launch day. While a lot of entrepreneurs might try and take the approach of having a placeholder for now and then going after something later, it’s essential to hold a sense of strength from the jump. Not only will this give you more bang for your buck, but a stronger presence coming out the gate.
To begin, make a list of all the elements of a business you find important including how you’re going to achieve them. For example, let’s say that I wanted a logo but wasn’t sure how much I should pay for it. According to Deluxe, the average logo starts at $200 and ranges up to $500. Although to some that might sound like a lot starting out, it’s not as bad as you might imagine. If you’re looking to protect yourself during the payment process, then check out a lawyer like Aaron Kelly, who specializes in startup law and can help you establish contracts with freelancers in no time.
Know How You’ll Go To Market
Although an underrated aspect of launching an eCommerce store, knowing how you’ll go to market can be crucial to your success. No matter how big or small you’re planning on having your store be; it’s also an item that could always help you grow further. Which, one of the best first places to start with that is social media.
With social media, the biggest quality you’re looking for is engagement, which is when people like or comment on your posts. To do this, start looking into some Instagram marketing techniques and what demographics are in your market. For example, as noted by Sprout Social, 59 percent of 18 to 29-year-olds use Instagram, which is a significant demographic if you’re going after a youth-centric store. Take your time in getting to know your audience, as they could be one of the most significant parts of getting your revenues going.
Find Some Mentors To Help Guide You Along The Way
Finally, as it goes with any business, having mentors along the way with you can be great to learn the ropes. This is perhaps one of the biggest secret recipes to success amongst CEOs, which as noted in a survey by Entrepreneur, nearly 80 percent of top-level CEOs say they’ve received some form of mentorship recently. If this is an area in which you are lacking, there’s no shame in seeing what you can get started with now.
A good initial step I’d recommend is checking out some networking groups, including a variation between your industry and local networks as well. Another aspect to consider is those people outside your industry who you could listen to, such as serial entrepreneurs like Brian Magierski, who have experience working in a variety of industries. Try to find those you genuinely enjoy learning from, as that will be what helps you move forward on the right foot long-term.
What are you most excited about in launching your first eCommerce store? Comment with your answers below!