According to the Federal Reserve Bank of St. Louis, e-commerce retail sales grew by 11.4% in the last quarter. You might be considering starting an online store, but think it’s too complicated. While it can be challenging, you can start a successful e-commerce store, but first, you need to implement an e-commerce business planning process.
It all comes down to developing the best e-commerce business planning strategy. Don’t know where to start?
We’ve got you covered. Here’s our step-by-step guide to starting a successful online store today.
1. Do Your Homework and Find Your Niche
Newbie entrepreneurs to the online retail space often think opening an e-commerce store is very different from a brick and mortar. Yet, most retail basics apply to online stores. To embark on a successful venture in the online retail space, you’ll need to learn as much as you can about e-commerce and find your niche.
Start by learning about the customer persona and market you want to sell to. What’s the outlook of the market?
Is there a growing trend? Doing your research will help you figure out the best niche to invest your time and money in. Aim to sell to a market with a positive growth outlook.
2. Choose Your Business Name and Structure
After finding your niche, it’s time to choose your business name and structure. It’s recommended to search your potential business name on the database from the U.S. Patent and Trademark Department and the Department of State. Make sure you don’t choose a name that’s already in use.
Depending on your location, you may consider registering as a sole proprietorship, limited liability company, partnership, or corporation. You should consider consulting a local attorney to learn which structure is your best option.
Related: Guide to Starting a Senior Living Facility or Assisted Living Facility for Entrepreneurs
3. Source Your Products
While you may sell your own products, you can also contact distributors to source products to list in your store. It’s important to choose products with your customer persona in mind. Put yourself in your customer’s shoes to figure out what they want to buy.
4. Find the Right E-Commerce Platform and List Your Products
Today, online sellers have a wide array of options when it comes to e-commerce platforms. Depending on your budget, you may choose between options such as Shopify, WooCommerce, Magento, Squarespace, among others.
If you’re unsure about the best platform for your business model, you may consider consulting an e-commerce web design. This expert can guide you every step of the way from designing your site to explaining the advantages of each platform.
5. Launch and Market Your Online Store
After setting up your online store, it’s time to launch it. Newbie e-commerce entrepreneurs underestimate the importance of marketing their stores.
You can try to market your online store on social media. However, you should consider hiring an e-commerce marketing firm to obtain the best results and speed up your store launch process.
You Now Know the Secrets to E-Commerce Business Planning
Understanding the basics of e-commerce business planning is a must to start a successful online venture. Your success will come down to careful planning and execution. However, you should be cautious of overthinking the process like newbie entrepreneurs tend to do.
Focus on doing your research and developing the right strategy. You may be able to do it all yourself, but you should consider bringing certain experts on board. Consider hiring a website designer and marketing expert to speed your process and develop the best branding strategy.
Did you find this article useful? Keep checking the rest of our site to find more helpful tips and articles to start your business.
