By: Linda Hale
Is owning an ecommerce business right for you? What you need to now before you take the plunge!
So you want to be an entrepreneur and start an ecommerce business? You have read that ecommerce retail sales are increasing. In fact, according to Internet Retailer in 2014
US Annual e-retail sales surpassed $300 billion – up 15.4% from the previous year. But despite the promising outlook for ecommerce sales, what else should you know before taking that step? Here are some points to consider:
As optimistic as you might feel about the future of ecommerce sales, it’s important to be conservative in your projections for your business. Be sure to write a business plan to establish a forecast of sales based on industry statistics. Enloop.com offers free business plans to help you get started.
According to a recent study by Research Brain Institute on business failure rates, 25% of startup businesses fail within the first year. However, the retail sector is more promising and after 4 years 47% are still in business.
If you choose to quit your job, be prepared to fund your living and business expenses with your savings. You should have a minimum of 12-18 months nestled away. If you have a limited marketing budget for your website, it may take longer to establish consistent traffic to your site.
Pure Ecommerce has done extensive research on industries that are projected to grow. We create our ecommerce websites based on this research.
However, it’s crucial to do your own research on businesses that interest you. Try to select a business that you have a passion for or one in which you have some experience.
Funding an ecommerce business doesn’t have to break the bank. If you purchase an existing business with a proven track record you should expect to pay more than if you purchase a new ecommerce website.
There are pros and cons to each approach. If you start your business from scratch you will need to hire a web designer, hosting company and set up accounts with vendors for your merchandise. You’ll need to learn about every aspect of setting up and running your ecommerce business.
An easier approach in our opinion is to work with a company like ours that offers website design and consulting to teach you step by step about ecommerce. Starting a new business can be challenging enough without having to worry about whether what you’re doing is being done the right way.
4. Do you like to work alone or do you need social interaction?
Working at home can be difficult if you are a social butterfly. Working alone can create feelings of isolation and disconnection.
Ask yourself if a work-at-home job is right for you.
Are you an independent, self starter?
Can you identify and organize priorities to remain productive?
Owning an ecommerce business offers the flexibility and freedom to work anytime and anywhere, however it’s critical to establish ‘office hours’.
Can you carve out a workspace free from distractions?
Are you disciplined enough to set a plan of action and stick to it?
If you are not hiring a workforce to help with daily tasks it can be a bit overwhelming at first. Plan a daily schedule that allows you to focus on the following priorities. Expect to spend a minimum of 3 hours per day on developing your business.
Social Media Marketing
Search Engine Optimization (SEO & Content Writing)
SBA.gov – Thinking about starting a business?
Are you ready to take the plunge? There are many reasons to start an ecommerce business before the end of 2015 and we hope we’ve given you some clarification on the important things to know before buying an ecommerce business. If you have any questions or comments post them below.
We also invite you to take a look at our latest collection of ready-made internet business! Many different niche markets to choose from and you can see them now at www.Pure-Ecommerce.com. Ready to make your move? Then schedule your FREE phone consult by going to https://www.vcita.com/v/pureecommerce.com. During our call we can explain our process, as well as, any questions you may have about starting an ecommerce business. The team at Pure-Ecommerce is dedicated to helping people like you who have a desire to become an entrepreneur!