How to Start Your Own 7 Figure eCommerce Business
BY: STEFAN GRASIC ON FRIDAY, JANUARY 19, 2018
Starting your own business can be an incredibly exciting, and lucrative experience at once. While you might have taken the time to prepare yourself mentally for starting your new venture, and even sought out some legal advice, launching your own company online can require more effort than most people realize. Most of the courses you will find online promise fast results with little effort but the reality is that you need to invest a lot of time and energy in your business to get it running. If you're staring at your computer and wondering where to begin, the following tips could help you to start your own eCommerce business today with no further procrastination. So, let's begin!
1. Know Your Niche
Finding a niche that you feel passionate, and knowledgeable about is one of the best things you can do when developing a successful business. Choose a product that you're genuinely interested in, and you won't have a hard time finding the content and information you need to promote your brand.
2. Find A Supplier You Can Trust
Once you've chosen a niche that works for you, and you're starting to look at the products you can sell, you'll need to try to track down a supplier that you can trust to deliver great quality year after year. Remember to look for a product that's niche enough that you should have some competitive value online. Once you've chosen someone that you consider to be the best possible supplier for you, line another "just in case" option up on the off-chance that something goes wrong.
3. Choose the Right Website Platform
There are a lot of different decisions to make when you start running an eCommerce business for the first time. While a lot of entrepreneurs get caught up in things like what product they're going to sell, or where they're going to ship to, you've also got to think carefully about who you're going to pick to host your website on.
Choose your website platform carefully, taking the time to check out reviews online and read up about some of the best solutions out there for checkout carts and eCommerce support. You can find a detailed review about Shopify and other platforms in GFK's recent post here.
Additionally, remember that you should be keeping your eye out for all the signs of great customer service. You need someone who's going to be there for you in the middle of the night when something goes wrong with your website and a customer calls you complaining.
4. Schedule Time to Work on Your Business
One of the biggest mistakes that online entrepreneurs make, is thinking that they can simply set up their website and allow their company to run itself. However, the truth is that if you want to make a substantial income, you need to work time into your schedule where you can work on your website, making it bigger and better than ever. Get some inspiration from competitors in your marketplace if you need to, and remember to keep testing things like your checkout buttons and calls-to-action to improve your conversion rates.
5. Choose Apps and Plugins Selectively
When you're designing the perfect eCommerce website, the apps and plugins you choose will go a long way towards determining the kind of experience that your customers will have on your website. One of the most important plugins you'll have to pick is your checkout cart. This is something that you can't afford to get wrong, as a problem with your checkout cart will instantly convince customers to go running away from your brand and into the arms of a competing company.
Look at some of the different options available on the market, and read up on their reviews for an insight into what you can expect from each. Here is an example of a good detailed review of Adrian Morrison's official website. Personally, I'd recommend steering clear of any app or plugin that doesn't have evidence of a good customer service record. No matter how good your app is, you may still need help from time to time.
6. Find the Perfect Influencers
With your supplier set up, your website established, and your products in mind, you should be in a good place to start promoting your eCommerce solution one step at a time. There are plenty of ways that you can do this with content and social media, but the easiest solution by far is to piggyback on the fame of an influencer.
The influencer you choose will depend on your niche and products, but once you've found them, you could find that their messages to your customers are the key to your success. Remember to keep an eye out for fake influencers who can't really do anything for your brand.
7. Make Sure You Get Things in Writing
When you're establishing a new business, it's important to make sure that you get everything important down in writing. While this might seem obvious, sometimes things can slip by you when you're rushing to make your company a success. Whether you're arranging deals with employees, suppliers, or influencers, it's important to make sure that each side understands what they're signing up for.
8. Understand the Legal Side of Things
Finally, before you start selling anything, make sure that you know exactly what you need to do to keep your business on the legal side of things when it comes to local regulations and federal laws. A Google search should be enough to provide you with all the information you need to discover how to become a fully functional business. Remember to consider things like finances, LLC, and taxes.
Your journey in the e-commerce world will continue to evolve as your company grows, but the steps above should be enough to start you on your journey.
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