Starting an eCommerce store is one of the best points of entry for anyone looking to be an entrepreneur. Not only do you get to work from home, but potentially contribute to an industry that you’re passionate about, giving you a pretty fulfilling spot to be in. However, while this is a dream many of us have, knowing where to start can be a tough place to be.
While it might seem like a difficult task to start an eCommerce store, with the right foundation, it doesn’t have to be. Yes, as long as you know a little of the ropes before you dive in, this should be much more seamless than you might think. That’s why I’m going to show you few helpful tips. Check them out below:
Get Your Processes In Place
As it goes with starting any business, having the proper procedures in place will not only help you establish a solid foundation but additionally will be what makes your business run the most smoothly. As noted by Marketingsherpa, with the average eCommerce store with over $1 million in revenue coming in at a gross margin of 40 percent, it’s not easy to become a successful online shop. However, with the right practices in place, you’ll be well on your way to making it there.
Take a look at the type of processes that your business might need, no matter how big or small. This includes everything from the types of eCommerce websites out there to epacket shipping solutions. The name of the game is ROI, where you’re looking at what you can get back from what you put in. This also includes how your suppliers are going to work, which is one of the most important elements of an eCommerce store. All-in-all, try and have your solutions be something that will help you stay well-established in the long-run, giving you the most success off the bat.
Look Towards Other Successful Entrepreneurs
As any entrepreneur will tell you, when it comes to learning about how you should run your company, it goes without saying that looking towards others for not only mentorship but solid reading material or advice can go a long way. In fact, according to Entrepreneur, in a survey of several top-level CEOs, 80 percent stated that they’d had a mentor at some point, which is a pretty staggering statistic when considering how many people that is. And even with it just being an eCommerce store, getting in the habit of looking toward others can be a great solution to taking your business to the next level.
Begin by looking at what people you currently work with that might be worthwhile to meet up with more regularly. Additionally, if this is your first venture into the world of entrepreneurship, then perhaps going to some networking events to meet some potential advisors could be well worthwhile. Another good thing to note is people outside your immediate circle who you can look to as a thought leader, such as Brian Magierski. The more you’re able to find those people who inspire you, the better you’ll be in compiling a successful business.
Don’t Forget About Marketing
Another important aspect of forming your first eCommerce store is how you compile your marketing mix. Specifically, with things like digital marketing, this is going to be imperative to how you gain traction off the bat and something to be mindful of from the jump. And although this might sound obvious, it’s also an item that many overlook when formulating a strategy.
Start out by looking at what marketing aspects you might need for your eCommerce shop, including how factors like SEO and social media might come into play. For example, according to Brandwatch, 70.7 of brands are on Instagram, which should tell you not only do you need to be on there as well, but additionally doing it better than anyone else. And if this is something of concern to you, then learning how to hammer out a plan is crucial.
Once you’ve got a rough idea of the areas you need to target, the next step is looking at how to reach them. This can include a wide variety of strategy, but should overall include a mix of things like SEO, email marketing, and social media. Additionally, try to implement specific elements within this, for example, something like a flash sale, which as Social Marketing Fella notes increases the click-thru rate for 56 percent of businesses.
Another thing to bear in mind is how consistently you practice these things, because while consistency is important, so is the ROI you receive. Overall, the point of your marketing should be to make a genuine connection with your audience, which is the goal for any business, right?