With coronavirus around us, people have migrated into other potential sources of income. One source that has proven to be lucrative for all was establishing their own online stores.
Something about working from the comfort of your own home and being your own boss tends to appeal to people who seek to create wealth for themselves. Financial freedom is a dream we all seek, but only a few tend to achieve. Here, we provide you with a step-by-step guide on starting your own online store. Maybe, this could be the first step towards a financially independent future for you!
Step 1: Decide On a Target Audience for Your Product(s)
What exactly are you trying to sell? Who do you want to sell it to? What price is best for your product? These, along with many other questions, are your starting points to figure out how your online store is different from others.
According to statistics, most e-commerce store owners make about 20 to 30% profit margin. The more expensive your product, the more profits you stand to make. Having a relatively expensive product that is of quality, popularity and longevity will create brand loyalty. With that, you’ve successfully created a brand that is unique, lucrative, and profitable.
Step 2: Select a Business Name and Create a Website for Your Store
Your business name is what makes you stand out from all the other online stores. Make sure you choose something that is easy to pronounce, significant, original, and best depicts your product(s).
Do not choose a name that is too long, closely related to another product, or simply makes you unprofessional. Your name is what helps customers relate to your brand. Better make sure it is as special and easy to remember as possible.
As to creating a website, there are plenty of platforms that offer free trials before any financial commitments. You get to create your own theme/template, upload your products, and familiarize yourself with the platform and all of its features before launching your official website.
Designing the ideal website for your business is essential if you are to reach your full potential. By making it more appealing to customers, you ensure that your service is premier and that they would be more attracted to what you have to offer.
Step 3: Market Your Online Store
Pretty obvious, yeah? Marketing your business correctly will lead to more revenue, and thus more profits! If done correctly, you will benefit from your online experience fully by marketing your products through the right channels.
Affiliate marketing is one way you could do it. However, learning about affiliate marketing can be quite challenging because of the abundance of sources available online. You’ll find a lot of sources, even for beginners, on how to get started with affiliate marketing.
Social media is your best friend, you definitely want to venture online and find ways through which you can use it to your advantage. You can choose from a plethora of online social media channels to market your products in a timely manner. You can choose when to post, your target audience, and the frequency of your postings.
Step 4: Sign With a Supplier, Set Up the Company and Get a Sales tax ID
Though it might sound like a hassle, doing all of these steps will legally protect you from any liabilities your business might have. Once you’ve contractually agreed with your suppliers, established a website, and registered your business legally, you’re good to go! This will put you in a prime position to excel in your business without potential future problems. At the end of the day, you would hate for your business to be interrupted by something that is easily avoidable.
Essentially, this is a step-by-step guide to your financial independence. By starting your own online store, you get a great mix of working from home and being your own boss. There will be sleepless nights at first, as you try to perfectly plan and implement every detail of your business.
However, once it’s completed, you get to enjoy all the benefits of owning your own business. Online stores provide customers with a chance to shop whenever they want from whichever place in the world. It offers many varieties to choose from while issuing bonuses, discount deals, or coupons that will make your purchase cheaper.
It is an expanding business that you might regret not getting in, simply because you weren’t ready for a new challenge. Follow this guide, get started, and enjoy the ride!