3 Critical Tips to Help You Setup and Grow Your Ecommerce Business
10 years ago, shopping online was outlandish. Most entrepreneurs only had brick and mortar businesses. The world of e-commerce has since evolved the nature of work along with it. Now, you do not have to have a physical office to run your own business. You can set up your online shop from anywhere in the world and sell products and services to customers all over the world.
Setting up an e-commerce store has never been easier
With plenty of resources to help you build an e-commerce shop, from e-commerce platforms to marketing tools at your disposal, it has never been a better time to start an e-commerce business.
Many entrepreneurs today are not running these businesses as side hustles. The businesses are their full-time jobs. Launching an online store and scaling it into a profitable and sustainable business is easier said than done but it’s not an impossible feat. The following tips and ideas should help you in your journey towards becoming a successful online entrepreneur. Identify what your business needs to be successful.
You have to spend money to make money, and this money has to come from somewhere. Identify your needs upfront and come up with a plan of what you need to do. Seek out investors if your plan is to fund growth via investment or find a way to use positive unit economics to bootstrap your business growth.
You also need to figure out what your business needs to run like a well-oiled machine without your involvement. A business that needs you to run is only additional stress to yourself.
Have a detailed growth plan in place
You have to be data hungry if you intend to scale your e-commerce business. You need to know what level your business is at and what you need to make it sustainable and profitable. Outline a financial road map for your business and figure out the exact levels of conversions, traffic, repeat purchases and average order values you need to realize your revenue and profit goals. This means measuring everything from your e-commerce conversion rate to your average profit margins.
Find the balance between successes and defeats
While building your brand, you do not have to perfect all the time. The path to success is paved with both successful and failed ideas. Neither extreme is ideal. You have to strike a balance. This can be difficult for most new entrepreneurs. To get there, your own experience might be costly. Seek advice from seasoned entrepreneurs. Read their blog posts and engage them on various social media platforms to get their insight.
— Deevra Norling (@DeevraNorling) 22 de mayo de 2017