Get your e-commerce business strategy right to reduce uncertainty
Before you rush to set up an online store and launch your business, you need to do some thorough research and develop a business strategy. Ignoring this will result in you struggling uphill.
Your market research will cut through the uncertainty about the viability of your product and niche and tell you how much work you need to do.
Make sure they are done right:
- Choose a highly leveraged business model
- Choose the niche and scalable products you need.
- Create the right pricing strategy.
- Find legitimate suppliers from whom you can source products
- Identify the right suppliers with the right legal channels to monetize your products.
- Choose a catchy name and get a license and LLC.
- Get to know your target audience in-depth and build personalities.
- Check start-up costs, variable costs, break-even points, and revenue projections.
I have gone through in-depth how to do each of the steps outlined in this article. If you take the time to research, dig your hands into the trenches and do it, you will save money, time, and effort. You can also check out these ideas for selling products.
If you need clarification on eCommerce in general, I highly recommend taking my Ecommerce Business Blueprint course. Don’t jump into eCommerce if you don’t understand the basics.