Important Steps to consider before starting an E-commerce Store
It is true that to run an e-commerce store is easy and even a 5th grader can achieve dream of starting an online store. And technology nowadays is supporting that. Only thing required is certain amount of planning and discipline to start with your idea.
Investment of time and money
- Any business needs investment. That investment is not only in terms of money but also in terms of time.
- You need to have sufficient time to Think, Strategize and Implement your business idea. Again, having time is not enough, what is more important is time management skills and ability to prioritize the work and time.
- Every business runs on capital. Make sure you have enough funds to start your online store and sustain it till starts to make earnings for you. Without number crunching, your dream can turn into a nightmare. So having money to back your dream should be the first thing to put in place.
Patience and Consistency
To have a dream is not enough, but the capability of sheer patience is required. There are uncountable cases where people have the dream, drive and investment but then too they are not successful. That is primarily because of lack of patience. There is a saying “Slow and steady wins the race”
- Do not think that very first day will bring you profit
- Learn from your and other people’s mistakes
- Don’t imagine that running a business is always thrilling, accept the monotony of the work.
- Don’t be highly optimistic nor pessimistic. Stay grounded to reality.
Have a Business Plan
Having a right business plan is extremely important. If you are planning to raise funds from banks or investor, you need to have a business plan because looking at your plan only, they can decide whether to provide you with funds or not. To have good business plan is not important only from the investment aspect but it is the blueprint of how you will be steering your business in say next five years. Without concrete business plan is like hitting at something in dark.
- Wisely choose your product/services
It is not always required that product that you choose be unique or yield high profits. Most basic thing is, there should be demand for it. There is no point of selling products or services which have no usability, as no usability leads to no demand.
Again, E-commerce definitely gives you an advantage to introduce your products or services to immensely vast population but it also exposes to numerous competitors. There may be number of online businesses selling the same products. So either your marketing strategies should be different than your competitors or your products should offer some different features which gives you an edge. So thorough study is required for to narrow down these points. Jumping in the e-commerce just with an idea and no research will not help.
- SEO and SEM
SEO and SEM research is highly required for online business. Keyword research and competitors analysis is something which should be done at the first step itself before selecting your store’s name and choosing the product for your business. After SEO research, it may strike to you that it may take a long time for you to come in SERP, hence SEM research has to be done as to how much money will it take per click to target your best keyword.
Register your business and domain name
After finalising the products and gauging the competition and having a concrete business, educate yourself with all rules and regulations you need to follow.
- You need to register your business in your state.
- Choose an official business name and do the paperwork
- Be sure to comply with all the regulations that are applied to your business. As it is very important to run business with ethics for a good reputation.
- E-commerce store is an online store, so your domain has to be registered. Which should be researched initially and have a name which is short, catchy and with relevant meaning.
- Select a webhosting service. Many a times ecommerce application developing companies like mart2web set it for you. So it may ease you all these hassles.
Set up a Merchant Account
Every business starts a merchant account for all the business transactions. A merchant account will accept credit and debit transactions. Since business is online, you will have to confirm with the bank that your business transaction will be done online and your account should be qualified for that.
When you start your ecommerce one of the first question which will rise in your mind will be “how my customers pay me?” As all the buying and selling processes will be done online. Payment Gateways is the answer to this question. Payment Gateway is the financial interface between your website and customer which will facilitate customer to pay through multiple modes and make shopping from your website a pleasurable experience.
Ecommerce application developers like mart2web pre-integrates your website with most authentic payment gateways of around the globe.
Since all the business transactions are done online, your e-commerce store should have online security. It is extremely important that your website should have SSL (Secure Sockets Layer) certificate and PCI (Payment Card Industry) compliance to protect the financial information of the customers.
These certification brings trust to your consumers. More trust more sales.
E-commerce Application Developers like mart2web helps you in achieving it.
Above are the few points for which will help you in having a good and a strategic start! As success lies in how well you start…
For more information, contact us!