8 STEPS ON HOW TO START AN ECOMMERCE BUSINESS

8 STEPS ON HOW TO START AN ECOMMERCE BUSINESS

Starting an Ecommerce business has been the dream of a lot of persons. But however, some factors have prevented or stopped them from starting up their own Ecommerce store.

These 8 steps on how to start an ecommerce business will guide you on how to start an Ecommerce business of your own.

In this article we will be discussing

The 8 steps on how to start an ecommerce business

Starting an ecommerce business

How to start an ecommerce business

Meaning of Ecommerce business

Importance of Ecommerce business

Why you should own an Ecommerce Business

Kinds of Ecommerce business

Step by step guide to Ecommerce store

How to create an Ecommerce store

Designing an ecommerce store

Requirements for creating an ecommerce store

And so on, on that Keyword.

INTRODUCTION ON HOW TO START AN ECOMMERCE BUSINESS

Starting an ecommerce business is a very good decision. This is because ecommerce is among the top trends in the world at large today and one of the best business you can do without much experience.

One of its advantages is that you can still own a physical store and own an online store (ecommerce store)

Just like starting any kind of business,  starting an e-commerce business is not always easy and simple. The requirements, trainings and experience needed is not always easy unless it is being learnt.

But setting up, launching, designing and maintaining similar websites like sites for business owners, designers, content creators, programmers and marketers can sell their products and services is now more easy and attainable than before when the reverse was the case.

WHAT IS ECOMMERCE BUSINESS?

Ecommerce business or businesses are businesses that are into sales of goods, services and funds through the internet.

Just as the name implies, commerce means buying and selling, Ecommerce (Electronic commerce) means buying and selling online.

Having an Ecommerce store means creating an online store where you can display and advertise your business; products and services.

An Ecommerce store can vary in size and scope, from retail behemoths like Amazon to Etsy craft sites and others.

 

“In the US, ecommerce sales amounted to approximately $154.5 billion, accounting for 11.2% of all retail sales in the country”

Source: Report from the U.S Census Bureau, 2019 t hird quarter alone.

Starting an Ecommerce Business is a very good idea depending on your goal. Since the world is now a global village where everyone can connect together, buy and sell from all part of the world. Hence, it is a very good idea to start up an online store.

If you have a physical store, it is adviced to bring your physical store’s presence online. And if you don’t have any, it is adviced that you follow these steps on how to create an ecommerce business and create yours now.

In this days, everyone wants to be his or her own boss

They want to be in charge of themselves. And the internet has made this a very big possibility. The internet has provided a lot of opportunities and made it easy to be your own boss.

The internet has provided a lot of ways and business ideas of becoming your own boss and one of such is through ecommerce store. Ecommerce store

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REASONS WHY PEOPLE CAN’T START THEIR OWN ECOMMERCE BUSINESS

A lot of persons with the dream and ambition of starting their own Ecommerce store has been unable to fulfill and accomplish this goal as a result of different factors or reasons.

Some the major reasons are;

  1. Ignorance of the existence of Ecommerce business as a money making model
  2. Lackadaisical attitude towards setting up an Ecommerce store
  3. Sticking to the antiquated and achaic local business models
  4. Lack of proper information on starting an Ecommerce Business
  5. Looking for get – rch – quick – scheme
  6. The ideology that every online business is a scam
  7. Lack of capital to start and run the business

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8 STEPS ON HOW TO START AN ECOMMERCE BUSINESS (A step-by-step guide)

8 steps on how to start an ecommerce business
8 STEPS on how to start an ecommerce business

The steps in starting a profitable ecommerce business is however made easy as it is being outlined in details in this article.

The steps on how to start an ecommerce business are;

  1. RESEARCH THE ECOMMERCE SPACE AND FIND YOUR NICHE

 

Following the steps on how to start an ecommerce business, the first step is to conduct research. Research is the first step.

Just like no one having set to build a house will start building without research. A builder must first of all make research to find out his Available resources, how far his money can go in the building project, the cost of building, availability of land and site planning, the house plan and so on.

So also you must research the various niche in the Ecommerce space. Then list them down and pick the ones that you can fit into. Having picked the ones you can fit into, then you examine each of them, get the most profitable one and most convenient for you, then you can start

Making enquires now will help you to avoid failure in the future

“Ihedike Favour”

  1. CHOOSE YOUR PRODUCT AND MARKET TARGET

 

Having conducted your research and have chosen your desired Ecommerce niche, the next step is to find the product you will sell.

If you are new into the ecommerce space, then you might be confused on which product to start with. But with a proper research you can get your product and then your target audience. First you have to be strategic in sourcing and getting a trending product to sell.

Consider what you can find delight in marketing as your product

Make sure you get a product that is trending. Search on the internet for trending products and then pick the one that attracts your attention the most and start up your Ecommerce business.

Also research other online businesses and then you can get to know their strategies.

  1. WRITE YOUR BUSINESS PLAN

 

Following the steps on how to start an ecommerce business, the next step after making your research is writing your business plan.

A good business plan makes a business a good one, and vice versa.

“Ihedike Favour”

This is one of the most crucial part on how to start an ecommerce business or starting an ecommerce business.

Business plan
Draft out your business plan- a detailed list of all aspects of your business

Irrespective of the kind of business you are into, you must have a written business plan which you will be working towards achieving the goals written in it.

A business plan is a written outline of every aspect of your business.

It starts with the introduction to the business; the name and nature of the business. Then it goes further to talk about the means of funding, marketing, sales, registration as a legal tender and the day to day running of the business.

Without the business plan, you will just be running towards achieving a blind vision. Sounds like oxymoron right?

Buy it’s true!!

Your business plan will tell how you intend running the business.

Check what others on that niche are doing, then draft your own business plan with strategies that will help you sale

You can check for our articles on

*How to write a backgrounder*

*How to make your first sales online*

*Start up costs for a business*

Get these articles on our site, read them, apply the simple steps and watch the success reality in your business.

  1. SELECT A BUSINESS NAME AND CHOOSE A LEGAL STRUCTURE

 

Altnough this is also part of the requirements and details to be provided in a business plan. But this is the practical aspect.

Having written you business plan, give your business a name, a compelling and attractive name that rhyms with the product or service you offer.

A name that will attract the audience and will define your business in a short word. This is a powerful tool in gaining more visibility of your business.

It is adviced and important that you’ll consult your local secretary of state’s website, as well as the U.S. Patent and Trademark Office, and domain name availability in order to ensure that you’re  business name has not been already claimed by another company thereby affecting your business and yourself.

Next is to choose a legal structure for your business. It is very important to make your business a legal entity to ensure legal and governmental recognition of your business.

It can either be a sole proprietorship business, a Limited liability company, a partnership business, corporation or credit company. You need to choose a legal structure for it.

You can sign a DBA (Doing Business As) application with your local government.

Do you know that your business name can affect your business alot??

{CLICK HERE} to read more

 

  1. CHOOSE AN ECOMMERCE PLATFORM AND CREATE YOUR WEBSITE

 

This is the step towards achieving your business goal, making your business go live’ and become visible.

Just like a physical store, this website will now be the location and face of your store. Hence you need to choose a reliable platform, get their terms and conditions, privacy policy and requirements and ensure you can abide by it.

Choosing an ecommerce store will be the base of developing your store.

Fortunately for you, most e-commerce platforms do allow you to create and launch your online store, and  also help customize your design, add your domain (or purchase one), manage inventory, take and ship orders, receive payment, and many more things.

Irrespective of your desired business or products / service, there is always a platform that will meet your needs.

Some of the most popular Ecommerce platforms you can register in and join are;

  1. Shopify
  2. Magento
  3. Woocommerce
  4. Squarespace
  5. CCN
  6. Expertnaire (though this is for Africans alone)

Having chosen your ecommerce Platform, the next thing is to get your website live’

Choose a design that will suit your products and make a website a clean and attractive one. With a template that will enable you display your goods in a compelling manner to your visitors.

Luckily for you, we can help you create a responsive ecommerce business store at a low price to meet your needs. Exactly as you desire it with compelling features to attract your visitors. You can CONTACT US  for it now.

 

  1. APPLY FOR EIN, PERMITS AND LICENSE

Irrespective of the type of Ecommerce business you are into. You must apply for EIN, permits and license. This is inevitable in the steps on how to start an ecommerce business.

These are essential requirements for the official recognition of your business

You can apply for EIN known as Employer Identification Number. A nine digit number that will help to separate your personal and business finances. But not actually all business are expected to apply for EIN.

An easy part of this is that you can apply for it online via mail, phone or fax or from the IRS.

Also you should apply for license and permit. This will help you to operate legally in your city or state.

You need to register your business with your state and follow the laid down operating license.

You may also need to acquire local operating license, this depends on your location.

Depending on your type of business, you can also apply for license and permits such as;

  • Sales tax permits
  • Professional and trade license
  • HSE (Health Safety and Environmental) License and permits
  • Building and construction permit
  • Signage permit

And any other one available in your state or location.

 

 

  1. DECIDE HOW YOU’LL GET YOUR PRODUCT

 

The next step to consider on how to start an ecommerce business is to decide how you are going to get your product.

The means of getting your products must be put into consideration when planning on how to start an ecommerce business.

You can’t read and study how to start an ecommerce business and finally move into starting one without sourcing for the means of getting your products.

You might be wondering on how to get your products and how to ship them to your customers. You can do personal delivery or go into Dropshipping.

Dropshipping is simply a model where you will find a product you would like to sell, get their supplier and import the products to your physical store.

Below is a list of alternative ways you can get and deliver your products.

  • Make the product by yourself and personally hand it over to the consumer (your customers)
  • You can manufacture it by yourself or partner with a manufacturer to work with.
  • You can buy in commercial rates (wholesale) and resell to your customers in a retail price.  This is also profitable as the margin for selling wholesale products are around 50%. For example if you buy a product at wholesale for $15 per unit, you can resell it for $30 per unit. That is 50% profit
  • You can get your products through dropshiping as earlier explained
  • If it’s a digital product such as ebooks, videos, digital currencies and so on, you can get them through the digital means.

 

 

  1. LAUNCH YOUR ECOMMERCE BUSINESS

 

Having considered the above steps and completed them, the next step is to launch your Ecommerce store.

Having gone through the processes on how to start an ecommerce business, you should now move on to launch your business.

Though there are some steps to take in launching your business and making it grow.

First, source or develop and list your products for consumers to see

Secondly, begin marketing and advertising for your business

Thirdly, device new strategies that will help you to excel in your new business.

Luckily for you, we have got you covered on this.

We have series of articles that will enlighten you to strategies to increase sales, how to make your first sales online, how to make sales on WhatsApp and so on.

Access them now!!

 

IN CONCLUSION;

Having gone through our step by step guide on how to start an ecommerce business, the next step now is to publish your business to go live’ now.

Follow the above steps with a positive mindset.

Always be positive, don’t be pessimistic even though starting initially will seem to be very difficult, still strive hard.

If you follow the Business ideas we normally update on our website, you will never find it difficult to run your business, generate traffic/sales and make your cool money.

Remember, we offer business ideas and help in business promotion. You can always reach to us for any business related issue via our contact us page

You can also like joinand enjoy our weekly business growth tips on our official

OUR FACEBOOK PAGE

 

You can use the comment section below for further enquires or contributions.

 

Thanks for reading.

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