Starting any kind of business can be really difficult but with eCommerce booming, there is so much competition that it is making it even harder for businesses in the world of eCommerce. As I have an eCommerce business, I understand how hard it really can be so here are 10 tips to starting an eCommerce Business.
1. Know your USP
For any new business, not just in eCommerce, you need to know what your USP (unique selling point) is. This is very important because you need to know how you are going to differentiate your business from your closest competitors
2. Be financially ready
Starting a business can be tough financially and you aren’t always in a great position to fund your business idea yourself; you can find investors through the likes of the SEIS scheme. It is also important that you have your business finances mapped out in an excel spreadsheet so you can keep track of your outgoings.
3. Do your industry research
There is nothing more frustrating than starting a business without knowing your market inside out. This doesn’t include eCommerce, this includes your competitors, your ideal consumer and statistics around the industry you are based in.
4. Hire a great team
If you have the money and resources to really make your eCommerce business into something special, you really need to think about the team you want to hire. It is really important to have a team who can support you and help YOU grow your business.
5. Have a business plan
A lot of businesses struggle when they haven’t put time and effort into creating a business plan. It doesn’t matter if you don’t need one right now, you will at some point in the future. This business plan should also include a cash flow forecast
6. Responsive technology
You will probably see me mention this time and time again but responsive technology is so important to mobile and tablet users. You don’t want to lose out on mobile users because they are finding it hard to navigate through your website.
7. Legal structure of your business
When it comes to the legal structure, are you a sole proprietorship, in a partnership, Limited Liability Company (LLC), corporation, S corporation, nonprofit or cooperative? It is important for you to know as when you are starting your business you will need to decide on your legal structure before anything else.
8. Adopt the KISS it approach
The KISS (keep it simple stupid) approach is one that I always use when it comes to starting a business. It is so important to keep your business idea as simple as possible because you want everyone to understand it – especially if you have a difficult niche market.
9. Be Unique
Even though I said you need to keep it simple, you also need to make sure you are unique. This isn’t just about the USP, this is about your whole marketing strategy and not just about what makes YOUR eCommerce business different. Make your niche market interested in what you have to offer, just be being unique when it comes to marketing.
10. Start promoting your business before you launch
By this I mean start spreading the word about your business before you actually officially launch your product. This is where social media can really benefit your business as it is free and great to use for word of mouth.
Just remember that starting a business can be tough and challenging but it will be worth the effort if you give it your 100% dedication.