By: Linda Hale
5 Questions to Help You Decide on The Perfect Niche Market
The first quarter in 2016 is almost gone! You have spent weeks, days and hours trying to decide if ecommerce is right for you. You have researched, interviewed and pondered all of the many aspects to being an ecommerce entrepreneur in 2016. Your conclusions have brought you this far and you are feeling confident about taking the plunge. But now that you have determined that ecommerce is the right ‘fit’, at least for now, you must make that one FINAL decision (well, not really) on what type of ecommerce business to own. Here are five questions to ask yourself as you try to answer the question; “What is the best ecommerce business to be in?”
1. What is your ‘true’ passion?
Then ask yourself, can that passion be turned into a profitable business? This is probably one of the most important questions to ask youreself. There will be days when you do not feel like working – the passion for your business will help to sustain you during those times.
Not sure what your passion is or how to find it? Here is an article published in The Muse by Corrina Gordon-Barnes on finding your passion.
2. IS THE BUSINESS YOU ARE PASSIONATE ABOUT A GROWING MARKET?
There are many ways to answer this question with solid industry facts. Pure Ecommerce has done extensive research on industries that are projected to grow. We create our Business -In-A-Box websites based on this research. According to InternetRetailer.com total e-retail spending is expected to increase 62% in 2016. One of the hottest businesses trending now is Furniture & Décor. Many brick and mortar furniture stores have suffered in the past several years. There is a high cost of doing business when operating a showroom. With an online furniture business you don’t need a 200,000 square foot facility. Also, margins tend to be greater in this business niche and average price points are higher.
3. DO YOU HAVE A BASIC UNDERSTANDING OF THE PRODUCTS YOU WISH TO SELL?
In order to reduce the learning curve you will face when starting an ecommerce business, it helps to know a little about the products you sell. I’m not saying you have to be an expert but you should know enough to determine what features and benefits your merchandise assortment has to offer.
4. Do you have a network of friends and family that will help to promote your business, especially in the beginning stages of your startup?
Let’s face it – not everyone has 1000 Facebook friends in their network, but having a network is crucial these days. So is learning how to navigate the various social media channels. If you are a social network ‘newbie’ then it’s time to spread your wings and fly into the 21st century! Start by creating a personal Facebook page If you are a business professional then you may have already been exposed to LinkedIn, the world’s largest professional network. Social Media Marketing is a crucial part to running an ecommerce business.
5. How long am I willing or able to wait for a profitable return on my investment?
With only so many hours in a day, you need to be realistic about how much time you can devote to the business. If you are unable or unwilling to devote your full attention and working hours to growing your ecommerce business, then your business is likely going to be more of a hobby than a career in which you can make a viable living. And that’s ok – just be honest with yourself so you don’t set yourself up to fail. Ecommerce is highly competitive and requires a lot of hard work particularly when focusing on SEO or Search Engine Optimization, which helps you drive visitors to your site.
These are just a few ways to consider what type of ecommerce business is right for you. Of course, doing a little research and much introspection can provide you with the answers you need. Have questions about starting an ecommerce business? Then check out the Common Questions page at www.Pure-Ecommerce.com where we provide you the answers to the most asked questions when you are thinking of starting an ecommerce business. We invite you to post your question(s) below and we’re happy to give you our guidance!