Looking for a new business you can start in 2020 to create more source of income or to start a new business?
There are many businesses you can start, such as blogging, affiliate marketing, starting marketing agency, building a niche site, freelancing etc. All these types of business can make you money, but if you want to start a business that can generate you 6 figures per month or a year, you may want to consider starting an eCommerce business.
Many of these businesses I mentioned about require little money to start, but for the eCommerce, it requires investment and more time, thought the result would be rewarding.
If you have little money to invest and ready to learn from experts who have built successful eCommerce business, then you’re in the right track.
How To Start An Ecommerce Business
The first critical step to get started is research. Don’t operate without having in-depth knowledge on what you want to build.
Growing an online business is an investment just like other business such as Service-based business, software, digital product sales, and physical products are just the tip of the iceberg.
7 Steps to Build a Successful e-commerce Business
- Start Ecommerce Niche Research
- Personas and Product Selection
- Establish Your Brand & Ecommerce Business
- Create Your Online Store
- Attracting Customers to Your Ecommerce Store
- Marketing Your Products Online
- Establish Your Brand & Ecommerce Business
8 steps to Establish Your Brand & Ecommerce Business
Step 1: Register Your Business
The first step is to register your company name. This is very important, and it will help you when you want to incorporate your business and do all the legal protection and tax issues.
Step 2: Pick Your Store’s Name
Before you pick your store name, make sure you do your research to determine which niche you want to choose. Finding profitable and evergreen niche is essential. After you have decided which niche you want to build your store on, then, find the name that is very easy to remember.
This aspect is very crucial and determines your success, so take more time to know that the market high volume research and not too competitive.
Step 3: Get Your Business Licenses
Getting your business licenses has many advantages, and if you are new to the process, there a lot of information that can guide you.
You can also familiarise yourself with the small business association to get more ideas and learn from those who have succeeded in an eCommerce business.
Step 4: Get Your Employer Identification Number
You need an Employer Identification Number (EIN) if you’re from the US to open a business account and file your business taxes, even if you don’t need any employees. The EIN is a bit like your business’ social security number. It identifies your business and helps you file the most crucial paperwork.
Step 5: Apply for Business Licenses
Building an online store also requires specific business licenses and permits. Check your county and state to see what types of sales tax licenses or home business licenses you need for your business, and get those approved before starting operating.
Step 6: Find the Best Vendors
There are a lot of competitions when it comes to selling products online, so it’s in your best to find the quality and best prices for your products or materials you use to create your products.
Do your research very well until you find a vendor you want to do business with – this includes your e-commerce software such as an open cart.
Step 7: Design your Logo
Having your business logo is a great way to build authority and let your customers know that you mean the business. But make sure that it is not in use by other company in your niche. The logo design should not be a problem as there are many places such as Fiverr and Upwork to find a freelancer to help you design a good logo for your e-commerce business.
Step 8: Get Visual
If you want to go visual, consider the colours of your brand, the image and the typeface or fonts you’ll employ wisely.
If you have a budget, you might want to hire a marketing company to create a design brief for your business. You can also create it without need to hire any company, but you need to read marketing blogs to learn how the designed can help boost your brand.
You can develop yourself and by learning more about the steps to build a profitable and thriving eCommerce business through the following websites:
If you have any question on how to start an eCommerce business and start making money, let me know from your comment below.