With the birth of the digital age, and a pandemic, everything from our every day shopping to bill payments has moved online. Many big retail chain stores are moving this way too.
According to a quick Google search, 87% of shoppers now check ecommerce reviews before they buy. 77% of those people buy online.
So if you’re thinking of starting an E-commerce business, its the best time to. If you’ve been thinking about it but worrying that you don’t have enough money to get started, well don’t worry. It’s not as pricey as you think. Read more to find out.
You can start an ecommerce on a low margin. You just need to have enough to cover the cost of a good ecommerce platform (one without big transactional charges and fees).
You also need a strong work ethic and a desire to succeed, like any other successful business owner.
So where do we start?
Dropshipping is what makes it possible.
Dropshipping is a business model that doesn’t require you to manage accounts or inventory. This gets rid of your need to invest in buying stock, storage costs, and a warehouse. Having a warehouse comes with its own risk of keeping stock that doesn’t sell.
Starting an ecommerce business with this dropship model is alot easier than other methods and that is why it has gained such popularity and momentum. When we say easier we mean the entry level doesn’t have as many boxes to tick for you to qualify.
You can read more on dropshipping online. There are many great articles full of Q&As that will answer most, if not all of your questions.
First things first. You need to build a business model and plan.
The foundation of any business is a good plan. A weak foundation can make your empire crash even before you begin the build.
Seting long term objectives is key. Then you can break then down into short term goals and steps of action. Your short term goals must snowball you into reaching your long term goal.
Do you research. Read up on ecommerce best practices, case studies, latest news etc. Find out what works and what doesn’t and set yourself timelines for each goal. Write everything down. Your timelines and goals. That way you can make a commitment to get it done.
Study your market, audience, products that will give you a good margin, trending products, and niche products.
Do not spend a dime until you have a solid business plan in place.
Next, decide on your product.
The product you choose will determine the success of your business. So choose well. We can’t emphasize this enough.
You can go for a trending product or a niche product. Trending/commercial/popular products are in high demand. E.g, headphones, toys, make-up.
Niche products usually sell to a specific audience or customer base. Example, camera lenses, printer ink etc. It’s important you choose some thing you are passionate about so that you will care to learn about the product and know all the ins and outs.
If you;re innovative or creative enough, who says you can’t sell a product you made yourself?
Products that solve people’s problems, are products that sell. If you want to sell a trending product then jump on the bandwagon early, and not after its old news.
Then, set up an E-commerce store!
These days, it’s as easy as creating a Facebook or email account.
Set up your store with VARStreet in a few easy steps. Design your store, add your logo, upload the products you want to sell and voila! There are many websites out there where you can set up your ecommerce store. Study the market and see what other brands similar to yours are using.
The good thing is, you don’t need an entire team.
The best thing about starting an ecommerce business is you can do it on your own without hiring a bunch of employees.
If you do need some help, you can outsource certain jobs like photography, social media management, copywriting etc. to freelancers.
Spend as little as possible.
Logo design and brand is not expensive. There is a variety of free tools and programs out there to help you get started.
You can design a logo yourself on Canva. You can also create banners and other graphics on there too. There is a free version which is also a good substitute for Photoshop.
So what did we learn from this short article? That with the right mindset, choices and creativity, you can build an ecommerce business on a low budget and you don’t necessarily need to break the bank. Choose the right platform that will help you scale without adding any additional costs.
We’ve helped many clients build their E-commerce businesses, here at Colabz and we’d be happy to help you too. Get in touch with us!