Post by Gloria Martinez
Not so long ago, online shopping was considered a luxury. Now, it’s considered an essential element of any goods-based business. That being said, you don’t necessarily have to have a brick-and-mortar location to thrive in e-commerce. Every day, new online stores are launching and flourishing long-term.
You may have heard that starting an e-commerce business is less expensive than opening a physical store. While that is true in many cases, it still requires a lot of strategizing and hard work. And missing the tiniest detail can prove a hindrance to your launch and growth. That’s why I have assembled this list of tips and resources to help you lay a firm foundation for your e-commerce venture!
Administrative Details
The administrative tasks are often the ones that get overlooked. Don’t let that happen!
- Conduct thorough market research to ensure there is a demand for the products you will sell.
- Create and register your business name with the state.
- When reviewing business structures, carefully weigh whether to register as a sole proprietorship or LLC. Each has its own pros and cons.
- Find the right suppliers, and determine your fulfillment and shipping strategy.
Brand Preparation
Once the administrative details are covered, it’s time to start working on your company’s brand:
- Write a business plan that includes your mission, values, product descriptions, marketing strategies, and other info that will begin to establish your identity.
- Explore your funding options, such as crowdfunding, grants, venture capital, and loans.
- Instead of hiring a graphic designer, create your own promotional image using free logo design templates.
- Put your logo, color scheme, typography, and other branding elements in place.
- Choose the right website platform for your needs, and create an attractive site that engages your users all the way to the bank!
Growth Management
Your job is just beginning after you launch your e-commerce business. Here are some quick tips to keep in mind as you manage your growth:
- Hone your recruitment marketing skills to attract the right team members, and fill any roles that are consuming your time (e.g., social media management, copywriting, digital marketing, etc.).
- Use tools to design a Facebook ad campaign to build your brand awareness.
- Invest in collaboration and communication tools for your team to work cohesively and efficiently.
- Revisit your budget regularly, make financial projections, and work to maintain healthy cash flow.
- Remain adaptable, and always keep customer service a priority.
If you’re ready to get your online store up and running, now is the time to prepare! Follow the tips above, and you will have the foundation necessary to launch a thriving e-commerce business. But never stop researching to find other strategies that can boost your chances of growth!
About the Author
Gloria Martinez loves sharing her business expertise and hopes to inspire other women to start their own businesses and seek promotions in the workplace. She created WomenLed.org to spotlight and celebrate women’s achievements.