Perhaps one of the most popular paths of entrepreneurship out, starting your own eCommerce store can be a great side hustle. Not only do you get to work within an industry you’re passionate about, but you also get to do so in a way that’s positive and helps you earn more money. And while you might be thinking that this is an expensive and complicated venture, it actually can be much easier than you might imagine. However, that’s why I’m giving you a few helpful tips on how to get started. Check them out below:
Focus On What You Know
As starting an eCommerce shop can be quite the tedious process in terms of the upstart investment of time, you need to make whatever store you’re looking to establish something that you’re passionate about. Quite simply, this should be an industry that you feel as though your contributions could make an impact, especially as you form your niche. And if this sounds somewhat overwhelming, the best way to get about your inventory is focusing on what you know.
Whether it be hockey equipment or vintage clothing, have your store be a hub for the culture that you’re already invested in. Not only will this give you a leg up in regards to your knowledge base on what to buy, but you’ll additionally be able to decipher why these products make sense for your market. Additionally, try to get creative with your approach, focusing intensely on the ROI you’ll receive. For example, as noted by the National Association For Resale Professionals, revenues from resellers hit $17 billion in 2016, which is pretty significant margins when you consider that each of those items was bought at a discounted rate.
While it can be great to focus on profits, the best way you’re going to get there is simply by knowing what items you can buy at a cheaper rate than what you’re going to flip them for. Although that might sound obvious, it’s all about bringing down price point to maximize profits. With this approach, as well as looking at how you can help others, you’ll be well on your way to establishing a great online store.
Know Where You’re Going To Sell
Although you’ll probably be selling on your own website, as a relatively new shop, it’s never a bad idea to consider sourcing your inventory to other resellers. No matter if it’s posting on Etsy or starting an Instagram store, establishing multiple sales channels will give you a better shot at landing more business. And if this is an idea that holds interest for you, then learning how to sell your products on Amazon should be one of the first places you look.
As perhaps the most dominating store online, getting on Amazon and having a successful site can be a huge source of revenue. In fact, according to Web Retailer, over 50 percent of sellers on Amazon made more than $100,000 in 2016 alone, which doesn’t include what they did directly from their own website or in other sources. Read up on some guides on how to get started with Amazon, as this will be one of the best places to start selling immediately.
Figure Out How You’re Going To Afford This
Finally, as affordability is always going to be a factor in any business you start, it goes without saying that you should prepare yourself financially. While starting an eCommerce store isn’t exactly an expensive venture, it is one that you should account for all the costs. Because as noted by GoBankingRate, 69 percent of Americans have less than $1,000 in their savings account, which if you’re in a similar boat, then it might be a wise idea to get some savings together before you start your store.
Make a list of all the costs associated with your store, including hosting fees, the actual eCommerce platform, business licensing, and anything else you can think of should be accounted for. Additionally, in looking at how to put together a plan for financial success, try to overestimate on your expenses than underestimate, giving you a safety net to work within. Especially when it comes to inventory, you’re going to want to be somewhat conservative on your investments as sitting on product that’s not selling will lose you money on every day. Overall, your budget is going to be a significant part of how you’ll be successful with this, so take your time in really drawing something out that covers every base.
As starting an eCommerce store can be a great side hustle, it’s also going to come with quite a bit of work to become a success. What are you most excited to get started on? Comment with your answers below!