Picture this. Your current company is undergoing major structural changes and you’ve been hearing through the grapevine that your department is next. But while you’ve been throwing your resume at every opening you can find, you’ve been quietly entertaining another possibility:
You’ve been generating an online income on your own terms by making an online business. It isn’t breaking e-commerce news that online stores are making serious coin in 2021 and beyond. In the third quarter of 2021, Amazon alone generated $110.8 billion in sales.
If you’ve been nursing secret online entrepreneurial ambitions, today is your lucky day. We’ve broken down the process of creating an online business into three easy-to-follow steps. Sound good? Keep reading.
Table of Contents
1. Establish Your Foundation
When you’re running an online business and putting money into ads and social media accounts, the last thing you want or need is to be hit with extreme feelings of “I really don’t want to be selling this product at this price.”. That’s why you’ll want to iron these details out before you officially launch.
What are you selling? Who are your suppliers going to be?
During this stage, you’ll want to name your brand, buy your domain name, and figure out your legal structure and insurance needs. After all, selling a few books on Amazon is a completely different risk profile than a high-priced medical device. For the sake of your sanity, you’ll want to cross your t’s and dot your i’s.
2. Create a Website
In the internet era, it doesn’t make sense for an online business to not have a website. And since your site is your number one selling tool, you have to give it your best shot.
During this stage, you’ll want to use snappy copy that clearly articulates the benefits of your product while being easy for people to use. You’ll need a selling software that integrates well with the rest of your site to go along with your seamless checkout experience. This part of the building process might seem time-consuming and tedious, but it’s definitely worth the effort of doing well.
3. Start Marketing
Imagine a world where Nike doesn’t promote its shoes or Coca-Cola never puts out a single ad. Hard to picture, right? And that’s because even the most barebone of operations still needs a strategy for generating sales.
Will you be using paid ads or social media? How much is your pricing strategy going to factor into your promotional efforts?
Whether you’re selling high-end products or cheap impulse buys, it’s always important to make sure that you’re opting for highly competitive pricing. If you get this wrong, you could accidentally end up stalling your own growth potential.
The E-commerce News That Makes Running an Online Store Dead Simple
E-commerce news sites often highlight the record-breaking profits and virtual touchdowns made by online stores. But for those who are just starting out as business owners, it isn’t easy to find a simple roadmap that’ll take you from point A to point B. If you’re looking to achieve financial freedom from the comfort of home, however, selling online isn’t just a potential answer to your problems — it’s a shockingly simple way to build an income for yourself.
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