If you’ve been considering launching your first eCommerce store, there are a few things you should know before you get started. Here are a few of the fundamentals you should have in place before you make your next move.
Figure Out Your Logistics
If you’re going to be launching an eCommerce store, then one of the first things you need to be mindful of is how you plan to implement all of the functions of your business. And while it’s not always the most fun process of starting a business, it’s also a pretty significant one, as it’s what’s going to determine your overall price point. And as noted by Preferred CFO, with 82 percent of businesses failing because of cash flow problems, it goes without saying that this is one place you want to try to save.
Start by looking at the different things you might have to spend money on for your eCommerce store to thrive; for example, epacket delivery or the costs of utilizing certain platforms should all be accounted for. Being able to pinpoint where you can save on items is also a must, as that will guide you as you carve out the rest of your budget. The name of the game is saving, be patient in trying to figure out the ideal places to save, as well as what you should cut.
Pick Up Some Mentors You Can Follow Along
Another important aspect to consider when starting your first eCommerce store is the type mentors you can pick up, as well as the type of value that they’ll provide to you. No matter how big or small you’re trying to grow your store, this is something that nearly every successful business owner or leader has had in their arsenal. In fact, according to Entrepreneur, nearly 80 percent of CEOs in a survey stated that they had some kind of mentor who helped them get where they were. And no matter if you have a solid mentor or not, the goal is to find those you can learn from.
If you haven’t already, take those that you feel are considered good business mentors and try and establish a more consistent regime with them, giving updates as time goes on. Try to look beyond your immediate circle in finding people you can look to as thought leaders; for example, Brian Magierski has established successful companies in multiple disciplines. All-in-all, who you learn from will ultimately decide what you know, so always make it a consistent experience to keep educating yourself on how to make your eCommerce store stronger.
Get Your Contracts In Place
As a big part of working in eCommerce is solidifying talent, you should know how to get your contracts in place to maximize the ownership of your brand. While this might sound like a quite a few steps, there’s going to come a time soon where your eCommerce store is going to sell the most direct they can to maximize profits. And if your business isn’t prepared for that, then you might be in a vulnerable position to sink or swim.
An excellent example of this is with something like releasing a custom line of t-shirts. As noted by Upwork, with the average graphic designer costing around $45 per hour, it’d be wise to lock in the cost of designing t-shirts in one bulk price rather than work hourly. Additionally, try to find solutions that help you automate functions; for example, attorney Aaron Kelly is a startup lawyer who could help you with his system for automatic contracts. As you work through these solutions, the overarching goal is to lock in your needs at a price that’s both agreeable as well as outline the terms.
Don’t Forget About Marketing
Finally, as one of the most critical aspects of any eCommerce store, having solid digital marketing is going to be crucial to your future success. As one of the most cost-efficient methods to reach your audience while also garnering the most attention and ROI, this is a strategy that almost every store uses and is one that you should consider implementing as well. However, that comes down to producing yourself with a marketing mix, which requires quite a bit of legwork.
In regards to your actual execution, try to contribute a blend of social media and SEO at first, particularly playing close attention to the benefits of each. With something like SEO, the biggest point you’re trying to reach is with discovery, because as noted by Search Engine Journal, 93 percent of online experiences begin with search, which is a pretty staggering statistic when you consider how much volume that is. And if you’re looking to capitalize on methods like that, then studying up on digital marketing is a must to garner an audience in no time.
What are you most excited about in starting your first eCommerce store? Comment with your answers below!