Starting an eCommerce business can be a lot of fun — if you know what you’re doing. Unfortunately, many people jump into the world of online sales without knowing the first thing about how to get started. This leads to a lot of frustration and disappointment.
The good news is that you don’t have to make this mistake. Instead, you can use the tips and information here to learn about the most common mistakes people make when starting an eCommerce business and how to avoid them.
What’s the one mistake every new eCommerce business owner makes?
The biggest mistake you can make when starting an eCommerce business is not building a brand. Many entrepreneurs get so focused on the products they want to sell and the money they want to make that they forget to build a brand that people will love.
The problem with this is that if you don’t build a brand, you’ll be competing solely on price. And if you’re competing solely on price, you’re going to lose.
The key to success in eCommerce is to build a brand that stands out from the competition. A strong brand will help you attract and retain customers, and it will also help you command higher prices for your products.
So, how do you build a brand for your new eCommerce business?
What’s the solution?
It’s all about the marketing. If you’re not a marketing expert, that’s okay. You don’t have to be. You can hire a marketing team or agency to help you. You can also use platforms like the one we’re talking about today, which will help you get your business off the ground.
The key is to have a marketing strategy in place before you launch your eCommerce business. You need to know how you’re going to reach your target audience, how much money you’re going to spend on marketing, and what your goals are.
If you don’t have a plan in place, you’re going to waste a lot of time and money on marketing that doesn’t work. And if you do have a plan in place, you’re going to be way ahead of the competition.
1. Create a Business Plan
First things first, you need to create a business plan. Your business plan is going to be your roadmap to success. It will help you to identify potential problems and how you can overcome them.
Your business plan should include the following:
• A business description
• An executive summary
• A market analysis
• A marketing and sales strategy
• A description of your products and services
• Information about your management team
• A financial plan
2. Set Up Your Website
You can’t sell products online without a website! And, while you might be tempted to go with a basic platform like Shopify or Etsy, you’re going to need more than that to compete in today’s market.
With a platform like Shopify, you will be limited in what you can do with your website. And, while these platforms are great for beginners, they can be quite limiting as your business grows.
Instead, you should consider using a platform like WooCommerce, which is a free, open-source eCommerce plugin for WordPress. This will allow you to build a custom website that can grow with your business.
You can also use WooCommerce with a variety of different hosting platforms, so you can choose the one that’s best for you. And, if you’re not comfortable building a website yourself, you can always hire a web developer to do it for you.
3. Choose Your Products
Before you can start selling, you need to decide what you’re going to sell. The best way to source your products is to find items that you are passionate about. This will make it easier for you to create a brand and market your products to the right audience.
When you choose a product to sell, you should also consider the following:
• Profitability: How much money can you make by selling the product? You should consider the cost of the product, your marketing costs, and your profit margins.
• Demand: Is there a demand for the product? You can use tools like Google Trends and the Amazon Best Sellers list to see which products are popular.
• Competition: How many other businesses are selling the same product? You should research your competition and make sure you can differentiate your business.
• Suppliers: Where will you get your products? You should research suppliers and make sure you can get the products you need at a good price.
Once you’ve chosen your products, you can move on to the next step.
