Ecommerce Resources for Entry-Level Entrepreneurs
This is a guest post from Gloria Martinez (see bio at the end) – thanks Gloria…
Starting your own ecommerce business can be a great way to make your debut as an entrepreneur. Ecommerce typically carries very little risk, and when it pays off, it can do so on an impressive scale. Plus, due to minimal startup costs and overhead, ecommerce is an attractive option for younger or entry-level entrepreneurs still trying to figure things out. Starting and running your own ecommerce company can be a training ground in principles and practices of management, too, if your ultimate goal is to create a brick-and-mortar store or an in-person business. If this all sounds good to you, here’s what you need to know, to get a profitable ecommerce company off the ground.
What are the key differences between ecommerce companies and more traditional companies?
Even though the principles of good business management hold for both traditional and ecommerce companies, there are some important differences that affect how decisions should be made.
- Traditional businesses are limited geographically in their scope, whereas ecommerce owners have access to the entire global market.
- Similarly, while traditional companies have hours when they are open and closed, an ecommerce store can be open for business all day, every day.
- Customers at a traditional store can inspect items prior to purchase, but with ecommerce, they must trust that they will get what they paid for.
- With a traditional company, you have many ways to make a great first impression, but with ecommerce, this depends almost entirely on your website and digital presence.
- In traditional transactions, it’s possible to receive payments in several ways, but with an ecommerce company, the financial transaction is entirely digital and automatic.
What steps do I need to take to create an ecommerce company?
Starting an ecommerce company is not at all difficult. It’s much easier and more affordable to start an ecommerce business than it is to start a traditional one.
- Business coaching from Aspire can help you grow a profitable and sustainable business.
- Research the market, identify your competition, and find your niche.
- By earning an MBA, you can learn skills in leadership, decision making, management, and more.
- Source, develop, or create your products.
- Create your ecommerce website.
- Choose an online payment tool that can be integrated with your ecommerce site.
- Come up with a logo and a marketing strategy for your ecommerce business.
- Come up with a logistics plan for the delivery of goods.
How can I make sure my ecommerce store stays successful?
It’s important to be aware of potential risks that could weaken or harm your business.
- Be aware of cybersecurity risks. You must maintain optimum online security since everything about your business is digital.
- Be prepared to deal with tech issues. You need to have reliable and up-to-date operating systems, so your business transactions process smoothly.
- Don’t get caught messing up your taxes or violating regulations. Be educated about taxation and any legal issues that could affect you and your company.
- Supply chain or logistic problems could really slow you down. Be aware of any potential issues with logistics that could harm your business’s credibility.
- You depend on good reviews for maintaining a healthy business, so make sure you keep customers satisfied, and create incentives for happy customers to complete reviews online.
Ecommerce is a rapidly growing field, and this growth isn’t likely to slow soon. Developments in tech, especially increased mobile adaptability, play a significant role in the rapid expansion of this market. So if you do decide to start an online store and business, you ought to be able to look forward to an exciting future of entrepreneurship success.
Gloria Martinez – Gloria started Women Led to celebrate the advancements women have made and inspire women to become entrepreneurs and seek promotions in the workplace.
Shawn Kinkade Kansas City Business Coach