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Systematic approach - Successfully start an ecommerce business
- 1. For Starters andseasoned entrepreneurs, Successfully start an ecommerce business
- 2. Looking to startecommerce business and don't know where to begin? Follow important seven steps to make complex ecommerce business very simple.
- 3. First and mostimport is ask yourself why you want to start a business. Evaluate qualities in you.
- 4. Ask following questionsto yourself several times and write down answers. Evaluate and judge yourself whether you are a good fit for business. Otherwise, you are likely to fail in business. Follow below simple steps to evaluate your abilities and skills. Am I passionate about doing a business? Do I have marketing and sales skills? Do you have patience level? Do you like to talk and mingle with all levels and categories of people? Are you a practical person and self-learner? Are you a good organizer? Can you motivate yourself and others? Can I mange accounting or do I need external help to manage accounts?
- 5. Find what productsor services you want to sell. Evaluate following things. What products or services have demands in market? Which market areas I should sell? Who are the reliable suppliers of products? What is buying price history of the product? Do I need to keep inventory stock of product? What is the investment required for initial stock inventory? How many pieces I would need to start a business? Who are the competitors selling similar products or services? What license is require to sell products and services?
- 6. What business typeand model good for my business. Evaluate following things. What business type I should start (Incorporation or partnership or proprietorship) Where should I register my business and get Tax registration? Which bank will give best banking experiencing? What should be the revenue streams? – source of income streams. Is drop-shipping good for my kind of business?
- 7. Ecommerce business requiresshipping. Find who are the reliable shipping service providers. Do they ship my products? Do they ship nationwide as well as internationally? What are there shipping rates based on speeds, size and weight? Records all your findings with rates in excel spreadsheet.
- 8. No business cantake off without your own investments. Can you raise 30% to 50% of total capital? Determine who are the lenders willing to lend you money? What is the best interest rate and loan duration you can get from lenders? Records all your findings with rates in excel spreadsheet.
- 9. Select ecommerce platform.Evaluate following things. Which platform is comprehensive - provides most tools and features at affordable cost? Are there any hidden fees those will show up for using essential tools and features in future? Is there a possibility to develop your brand with a platform? Do they provide any guidance and support when I need it most?
- 10. Determine where andHow you will do marketing. Evaluate following options Is digital marketing better or conventional marketing for my kind of business? Are there open advertising platforms like RegularAds.com? How much cost is adequate for marketing? Which markets areas and demographics I should target for marketing? Records all your findings with rates in excel spreadsheet.