Have you ever wanted to create an online ecommerce business? After numerous discussions with a friend, we decided on a concept that we think we could build a successful business. This took a couple of general talks to identify the industry and the type of product that we wanted to sell. The journey to becoming an entrepreneur is a long road that must be separated into smaller steps. I have outlined below the initial steps taken to start a business:
1. Identify your target audience
Firstly, once we had narrowed down the industry we then turned our focus to the product and audience that we were going to sell the product to. This required some market research into identifying whether there was any demand for our product. Searching products on social media such as Facebook and Instagram allowed us to view the products existing in the market. This would also provide an insight into the people who are buying these products that are our future target market.
After searching Google and some of the top competitors, we had decided that there was a market with customers willing to buy the product. Even though there are already large, well-established businesses within the market we decided to differentiate our product. We chose an offering that not many competitors are doing thus providing a unique point of difference that we can build upon when marketing our product.
2. Create an ecommerce Business Account
Secondly, now that we had our business ideas set we then moved to create the e-commerce platform. To do this, we created a Shopify account that would be the platform to commence Dropshipping our products. Shopify is a user-friendly platform that enables an online business to be easily set up. There is the option of using a 14-day trial to test your product before committing to a paid subscription. However, as we knew that this would be a long term project we decided to sign up and get started so we would be delayed when setting up the website. There are many different functions to customise your store allowing you to show a creative flair and set up your website to match the brand that you are portraying to your target audience.
3. Create an ecommerce business plan
Thirdly, to get the business off the ground and establish a website we needed to have a business plan in place. This template from the Business Government website allows us the discussion points to set up the framework for what our business hopes to achieve. By going through the steps of identifying the audience, competitors and goals we could map out the direction we wanted to take the business. Given that we had set up a bank account we decided to also complete a rough budget for the first 3-month phase of the business. This would provide security in paying the bills as they fall due.
Taking the e-commerce business plan one step further we decided to complete a 6-month profit and loss statement. This would enable us to budget and compare our results as we commence the business. It is important to set business goals but just as important to track the cash flow of the business. Keeping within budget is an important task as we do not want to close the business before it is even off the ground. Therefore, a tight grasp on money management would enable better spending choices and focus on the specific goals that are going to generate sales and marketing the business early in the start-up phase of the business.
Ecommerce Business Summary
Now that the business online website is being created we are on our way to making our footprint within the chosen industry. To get to these points has been a couple of months of discussions and general planning. Deciding on what direction to take the business can often be some of the hardest steps. Therefore, it can pay to write down your goals so you are clear with the expectations and deadlines of what you want to achieve and by when. Starting any new business venture is a big task however it can be rewarding and embrace the journey along the way. To learn more about growing your e-commerce business, have a read of the following sales tips to make sure your product sales are growing your business.
