With more and more people using the Internet to shop online, this is the best time to open your own eCommerce business. This article will help you get started in no time:
Name Your Company
Choose a name that is memorable, easy to type and brandable. Make sure that your name is as unique as possible and not already taken on social media: this is the time to do research, essentially.
You have to decide whether you are going to form an LLC, company or an INC. This decision will largely dictate the structure of your company as well as your liability in the business.
Once all these decisions have been taken, you have to build the website itself. Hire a programmer and a coder who are experienced and well versed with the nature of eCommerce business. It is advisable to hire these people on salary basis because you will need someone to continuously make changes to the website.
You will need a marketing and advertising plan to correctly position your eCommerce website and all the products that you are featuring on it. Back in the day, “build it and they will come” theory held true. However, in this day and age, without an effective marketing plan you will not be able to last long. Make sure you have identified your target market and demographics, and invest your money to attract the right kind of customers who are looking to buy products rather than those who are simply looking for information. This is called buyer intent and you must understand it to increase your so called conversion ratios, ie. to increase the number of prospective clients becoming actual clients.
Begin slowly and start with few products. Too much inventory will block all your money and nothing will be left for other activity leading to a cash crunch. Instead, focus on few products and once you start seeing some traction, expand your portfolio.