Kick starting your own eCommerce business is definitely an exciting option for you if you want to become your own boss. Undertaking an e-commerce business is definitely going to be a profitable venture for you in this era of digitalisation.
In fact, according to estimates, eCommerce business sales touched USD 5.7 trillion dollars in September 2023. Isn’t it huge? However, be it offline or online, every business requires a lot of hard work, patience, creativity and most importantly capacity to bear risk.
So, if you are willing to become an entrepreneur, then in this article you will find a step by step guide to start your own eCommerce business.
E-commerce offers a lot of potential for growth and profitability to every entrepreneur. But, with the increasing competition, every entrepreneur should stand out in the market with the help of his unique strategy. Here is a comprehensive guide for the budding entrepreneurs to set up their business model accurately.
There are different types of business models which are prevalent these days. Once you have finalised the goods and the services which will be the most expensive items on eBay, you will be dealing with, figure out the way to deliver them to the end customer. There are four prominent business models usually undertaken by entrepreneurs namely:
- Business to Business: Businesses sell their products to another business under this model. The latter thereafter may sell these products to another business or directly to the customer.
- Business to Customer: Under this model, businesses directly sell their goods to the customers. Companies like Sugar Cosmetics, Amazon and Walmart follow this model.
- Customer to customer: This model connects customers to sell their goods to another customer. The products are often second hand, discounted and recycled.
- Customer to Business: This is a unique business model wherein customers sell their goods and services to the business. Upwork and Fiverr are the best examples under this category.
Once you have finalised your model, you need to write down your own business plan. This plan will include the objective of your business, the scope of the goods and services you deal in, sources of finance, marketing campaigns, list of target audience, and unique selling propositions of your products that helps you to distinguish your business from your competitors.
This plan will comprise your month-wise strategy and your future plans of growth and expansion that will help you to sell the most profitable things on Amazon. Writing an business plan is essentially to attract suitable investors to your business. Hence, one must sincerely jot down their business plan.
Today’s consumer is purely brand centric. They wish to buy branded goods not only for their quality but also to qualify for social recognition. Therefore, e-commerce businesses put a significant effort in building their brand image globally. The first step to build a brand is to think of a creative name, followed by an attractive logo.
This helps to create a visual image in the mind of customers, thereby helping to escape the cut-throat competition. In addition, building your website and increasing your presence across social media platforms also helps to build a brand. However, one must be careful while choosing the platform to launch their website. The platform should be accessible, functional and capable to withhold a large user engagement.
Different jurisdictions have different requirements to legally recognize a business. Some may require registering the business, while others may not. In addition, you may also need to procure some licences and apply for permissions before transacting a commercial activity.
It is important to be conversant with all these requirements beforehand to avoid any legal complications in the future. This helps to create a responsible image in the eyes of the consumer and adds to the credibility of the brand.
A careful execution of these steps in addition to a digital marketing strategy is likely to help your e-commerce business grow and flourish over the period of time. Today, the growth of the e-commerce business depends a lot on your acumen and your efforts in promoting and marketing the same. If one follows this guide religiously, then nothing can stop your business to grow and flourish with time.
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