The Ultimate Guide for Starting an E-Commerce Store

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Whether you are looking to make a little extra money in 2020 and have an interest in buying and selling goods, or if you are keen to start your own business and have heard of the potential monetary benefits of starting your own e-commerce store, then you have come to the right place. 

The e-commerce industry in the United States was worth a whopping $365.2 billion in 2019, and this has been predicted to increase to $599.2 billion by 2024. Therefore, you could do a lot worse than deciding to set up an e-commerce store this year, with your earning potential being unlimited.

In fact, depending on your product, marketing efforts and chosen niche, a new e-commerce company has the opportunity to make up to $39,000 in their first month of business alone. 

Therefore, if you already have the drive, determination, and work ethic, all you need now is to find out exactly how you can go about starting an e-commerce store, and then you can watch the profits roll in! 

Find your niche 

The first step, and arguably the most important one, you need to carry out extensive research to find the right niche for you and your business. 

For example:

Do you want to sell a specific product or a service? 

Do you want to sell a physical or digital product? 

Where will you source your products? 

It is crucial that you look at what is already out there and find a way to make your business different or unique. You need to identify a USP, or you will struggle to stand out in an already overly competitive market. Whether that be by offering a particular product cheaper, packaging it in a more eco-friendly way, or offering multiple products on one subscription service. 

Decide how you are going to attract customers

Even with the greatest product in the world, if nobody knows about it, then you will fail to make any money. Therefore, it is just as important that you plan how you are going to market your product as it is choosing the product itself. 

There are a number of different ways that you can choose to market your product, depending on your initial budget, and these include:

  • Google ads
  • Social media ads
  • Word of mouth 
  • Utilizing online marketing tools from your chosen e-commerce platform 
  • Driving traffic to your website with effective SEO

At this stage, a good option is to seek the advice of a web consultant who can help you grow your presence online and increase traffic to your new site. 

Build a responsive website 

Talking of your new site, having an effective and visually appealing website is key if you want to attract new customers to your e-commerce business. 

Think about it. Your website will be the first element of your new business that your customers will see and has the ability to create a long-lasting impression of your brand, so you want to make sure that it is a positive one. 

Having a responsive website is crucial (you need a site that can be viewed on all types of devices, including mobile phones), as failure to provide this will result in customers leaving your site and potentially never coming back. 

A software company that specializes in web design and brand identity can be invaluable when creating your first e-commerce website as they can ensure that your site is as user-friendly and SEO-friendly as possible. 

Take care of all the necessary paperwork

If admin-related tasks are not your favorite aspect of running your business, then you may not enjoy this step; sadly, though, it is a necessary one. 

Tasks you may need to carry out before launching your new e-commerce store include:

  • Choosing and registering your business name and company 
  • Obtaining all the necessary business licenses 
  • Getting your Employer Identification Number 
  • Applying for any work permits needed in your city or state 

Now all you need to do is buy or create your products and start selling! 

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