If you want to cash in on the lucrative online shopping market, you can set up your very own ecommerce website to sell any product you want. Though a lot of people are setting up such websites these days, there’s no reason why you can’t make a profitable ecommerce website from scratch.
Though making money right from the start would only be a foolish fancy, once your site takes off, there’s really no stopping the money from flowing in. To start off, you would need to buy a unique and catchy domain name as you want people to remember your brand name easily. At the same time, you would also need a fully functional website that is capable of handling all the complexities involved in selling products online.
To buy a domain name, you just need to head over to any of the domain registrars and pay a small annual fee to be registered as the owner of the domain. Once you are done with that, you would need to hire a website developer to create a good-looking ecommerce website and as this requires a fair amount of coding, you would need to shell out a minimum of $1000 or more if you are looking for some added features.
I would advise you to decide on what you are going to be selling and whether there is a market for your product. You don’t want to spend a couple of thousand dollars on a website only to shut shop a few months later. If you want to save on initial amount you have to invest, you can partner with some friend of yours who is good at programming websites. This way you would be able to save a lot of money and utilize that on marketing or advertising.
Before you get too excited about starting off, get to know some ground realities first. It’s advisable to create a decent business plan, with details about the price you are going to sell the product for, your strategies for profit and finally the profit margin so that you know exactly what you are going to be doing. Also you would need to tie up with a courier company to ship your products, or if you are selling online services, you need a payment processor for transactions through your site. You may also want to consider some inventory managing tools and supplies from Schaefer Systems.
Be Realisitic – Advertise
The success or failure of an ecommerce business almost entirely depends on the advertising. You can’t expect people to start typing your website’s name to buy stuff just as the case is with Amazon. You would have to spend a good amount of people on creating awareness about your brand. Over a period of time & with consistent advertising, you can expect people to start checking out your website and even ordering some products. From there on, word of mouth would be the main reason of your traffic and revenue.
You don’t necessarily need to spend huge amounts of advertising. The best way to create brand awareness is by advertising online since it is much cheaper and most people tend to be online everyday anyway. The main challenge would be to make your initial customers happy so that they can recommend your website to their friends, relatives and colleagues. Always remember that word of mouth referral is the best advertising, so try to keep all your customers satisfied.