Today’s Maverick Minute… 8 easy steps to start a successful eCommerce business! Before we begin, a friendly reminder to subscribe to our channel and, check out our different playlists! I’m sure you’ll find great information about your business.
Find your niche! One of the biggest challenges of online selling is competing with major retailers. By finding smaller segments of customers, you’ll tap into a narrower market where you’ll have a greater chance to build brand loyalty and add value to your products…
Make your business official! Before you start selling, you need to decide on a business structure…
You also need to do some research to see if there are any required permits or licenses that your business needs to apply for. Then, you register your Entity name, DBA, or trademark, then you apply for an EIN — Employment Identification Number — and you register your domain, a unique URL… By the way, we have a complete guide on the different types of business structure on our website.
Now your 3rd step is to pick an eCommerce platform! An eCommerce platform software is the heart of your online store and you gotta pick the right one for you! Sellers who prioritize ease-of-use should look for cloud-based eCommerce software.
These all-in-one selling solutions typically provide you with website builder tools, customer support, and secure website hosting. On the other hand, if you would prefer to have a lot of control over your site (and you have a decent amount of technical experience under your belt) open-source software might be the best choice. Also, before opening your online store. you have to create your eCommerce selling policies.
STEP # 4:
In order to accept online payments, you need a payment processor. And for this you have 2 options: either you sign up with the merchant account or, you integrate a Payment Service Provider. I know this part can get tricky… That’s why MerchantMaverick has created a free ebook on the matter. You’ll find the link below. You will also need to create a refund and return policy, and determine your shipping strategy.
Set up your online store! This is where you choose a template for your online store, add inventory, and price your products. You will also need to factor in Search Engine Optimization tactics and make sure that your online store is mobile-friendly. Also, very important, make sure to secure your site! You want to make sure that your customer’s payment information is secure. That brings us to our
STEP # 6:
use the tools of the trade! As you peruse your software’s app marketplace. You should consider integrating with software in a few different categories. In particular, you should look for tools to manage your SEO, customer relationships, and accounting. Now that everything is set up, it is time to bring the customer into your online store.
STEP # 7
Market your new online store! There are a variety of ways to market your online stores such as email marketing, social media, word-of-mouth, online advertising, and much more! Whatever methods you choose, make sure they are sustainable in the long run, and that you can maintain a good return on investment.
keep researching and improving! At the beginning of the journey, you will probably be wearing all of the hats, CEO, head of business (sales), graphic designer, web developer, bookkeeper, head of marketing… So, even as busy as you’ll be, it’s important to keep searching for ways to improve your store. That’s it for today! Come back next week for the part 2 video, in which I will address questions for YOU to answer and give some details about our preferred eCommerce platform options. See you next week! Want more info and details on how to start an eCommerce business? Check out the links! You also might like our video on how to find YOUR niche market!
Ecommerce Tips and Tricks Part1 (Actionable!) Starting a business is an awesome experience. There’s nothing like waking up to a new sales alert or getting an email from a satisfied customer. So what are the most important steps to building, launching, and growing your store? Hey guys, I’m Jessica Guzik with Oberlo, and today we’re going to look at 10 steps you can take right now to optimize your store for immediate sales and long-term growth whether you want to have a nice little side hustle or a monster seven-figure store, make sure that you have S-M-A-R-T SMART goals.
SMART stands for Specific, Measurable, Attainable, Realistic, and Timed, and it’s important to keep these factors in mind when setting your goals. For example, instead of setting a goal like“Become a successful eCommerce merchant,” go for something like, “Sell one product within one month of launching my online store.” Well-defined targets make success easier to attain – and replicate. And don’t go easy on yourself either. Set tight deadlines for ambitious goals. It’s a little counterintuitive lesson in psychology: You’ll be more motivated to achieve big goals than small ones. It can be tempting to pocket your first profits.
But if you want your business to grow, you’ll need to reinvest that money. You know how the saying goes — you have to spend money to make money. The most successful store owners out there will tell you to reinvest your first profits in advertising. So create several small-budget ads — at about50 bucks, a pop or 5 bucks a pop — to see which products customers respond to best. Once you’ve found your winning ad, start spending more on ads to really ramp up sales. Procrastination is a funny thing. Sometimes people don’t even realize they’re doing it. Yes, it’s great to be active in e-commerce communities, read blogs, and take the occasional online course. But you’re not going to get your first sale if all you do is listen to business podcasts. You need to PUT IN THE WORK. Pick your products.
Launch your store. Create your first ads. I promise you, you’re going to learn so much more by DOING than by Googling. And if you mess up? Don’t worry about it. Mistakes are learning opportunities. Commit to figuring things out as you go along, be patient with yourself, and keep working at your business until you hit those SMARTgoals. I believe you can succeed, and if you need a little encouragement, just drop a comment. Launching a store based on a trend can be risky. For starters, most people discover a trend when it peaks. At that point, it might be too late to make a big profit. It’s also hard to know whether or not today’s items will still be hot in a month. For example, fidget spinners exploded in popularity and then kinda disappeared. On the other hand, when leggings first emerged, no one was really sure if they would last.
Years later, we know that they did indeed last. You want something that you can count on for years to come. You can capitalize on trending products related to your niche, but don’t base your entire store on a short-term trend. Focus on evergreen niches that stand the test of time – products related to fashion, fitness, pets, phone accessories, beauty, or jewelry. Your business is more likely to survive year one, two, and five if you stick to popular, stable niches, with trendy pieces thrown in only now and then. You’ll want to make sure your customers have access to all the information they need to make an informed purchase. That includes any relevant info about product sizes, colors, and materials, as well as details on shipping and return policies.