The online retail business model, i.e. running an online store, is great, especially for busy moms or someone looking to run a side or part-time business.
There are several benefits to using this online business model, including:
- The cost of entry to start and run an online store is relatively low;
- You can run your online store in your free/apart time if you have a regular job as most things happen online i.e. your store and sales;
- Now there are so many tools available to help you set up your online store / Estore
- Unlike a physical store, you don’t need to hire staff or pay bills like rent and electricity.
- You continue to earn money while you sleep as your products are available to your customers 24/7 to your online customers!
So now that you know the advantages of having an online store, how do you start your online store?
1. Decide the product you want to sell
It is important for the success of your business that you do not choose a product range that is too large and as I always say, find a product niche and then you have the opportunity to become a main supplier in that area.
Your Estore can become confusing to customers and won’t stand out in the online marketplace if you add too many different types of products to your site, for example if you sell golf gear and baby clothes in the same store. But if, for example, you specialize in personalized golf items, you have a better chance of standing out in the market.
2. Do your research
Find out more about the product you want to sell, the clothing purchase of your potential customers and the price range of this product; Write a profile of your target customer and use it to do your marketing; Research on social networking sites like Facebook and discount providers like Groupon; Choose a product that is marketable and, if possible, one that interests you, as you will spend a lot of your time learning about and dealing with this product.
Finally, choose whether you want to sell retail or wholesale.
3. Find a provider
You should also inquire about vendors who can supply/ship to your customers directly. These are called dropshippers (Google “dropshipping”). Or you may choose to go to a traditional wholesaler who can supply you with small quantities of your product where you then ship to your customers. If you choose to go to the traditional wholesaler, make sure you have space to store the products and don’t order too many products at first. Start small, know your customers.
Some examples of dropshippers include wholesaledeals.co.uk, Doba and Shopster.
4. Have a plan
Write a simple plan that includes:
Who is your target market
what product do you want
Who will be your supplier/suppliers
How will the products reach your customers, that is, will it be the dropshipper or you?
5.Go online
You will need to get a domain name and hosting for your website. There are several easy-to-use tools that you can use for your online store. Ekmpowershop is especially easy to set up.
Make sure your site is not cluttered and easy to navigate.
6. Registration
If your business is one that needs to be registered to operate, register your business with Company House. If not, my advice is to start small as a sole trader until your business grows and it becomes a necessity to be a registered business. You may also need an accountant for tax purposes.
7. Marketing
There are several ways to market your Estore, including:
- Write articles about the products you offer and post them on social networking sites like Facebook, tweet about them;
- Offer discounted products to entice visitors to start buying from you, once they buy from you once, there is a higher chance that they will buy again.
- Have a regular newsletter where you give information about a small number of products, their benefits, uses and of course recommend the products in your Estore!
Suggestions
Make sure your domain name is relevant to your product and easy to remember, eg preemie clothing, preemieclothing.com
Start small. Know your customers before you start buying a large number of products to sell.