Do you dream of owning your own online store? Do you have grand visions of working from your laptop while your ecommerce business rakes in sales on auto-pilot? Our goal is to have your storefront up and running, including products, today. You might even make your first sale! This basically means what you're going to sell and who you're selling it to. Need help deciding? Check out these 10 foolproof strategies for choosing an e-commerce niche.
If you sell more expensive items, less people are likely to purchase, but your AOV will be larger. In a nutshell, you want to avoid niches which are already dominated by household names.
Image Via: imgur. Their brand loyalty kicks in, and they head straight for the brands which occupy their top-of-mind awareness. Image Via: themthdegree. The graph spikes every year around December maybe air fryers are a popular Christmas gift? How do you do that?
People automatically assume the wedding niche is highly profitable because, well, people are willing to splurge on their big day. And once you stop, your sales drop too. If you find a niche that fits the above criteria but is new to you, take your time to do some market research. At the end of the day, the more you understand your competitors and how the niche or industry functions, the better your chances of building a successful online store. The next step in starting up an online business?
Deciding whether you want to dropship or hold your own products! Dropshipping has become super popular, but as with anything else, it comes with its own set of challenges.
Image from Linkedin. Sure, the idea of putting your feet up while a third-party company takes care of your fulfillment is pretty enticing. Image via: giphy. When they screw up and they will , at some point or another , your customers will be pointing fingers at you.
But dropshippers who have to communicate with manufacturers who are in a different city, or even continent Image Via: mission3media. Offer returns, but only for defective items, and state that the item needs to be sent back to you within a shorter time period perhaps 7 days? If one manufacturer is consistently sending out defective products, stop working with them and look for a different manufacturer instead.
Image from HelpScout. You can either hold on to your higher margin or pass down the discount to your consumers, which will drive more sales.
Products delivered in well-designed, branded packaging are perceived to be more desirable and attractive. Probably like you just bought something from the black market. Or maybe some guy in his basement trying to con you. Image Via: giphy. Image from Nashvillewrapscommunity. Awesome branding and packaging also encourages consumers to share your product on social media. You can even include a call-to-action on your packaging and tell consumers to use your branded hashtag when they post about their purchase on social media.
With this business model, your customer specifies whether they want a 3, 6 or month subscription or any other options you offer. Your customers keep paying every month assuming you're awesome, which I'm sure you are! People obsess over picking a name - I know I have. Otherwise you'll spend months trying to figure it out and never pull the trigger on starting.
Spelling is hard, people! Otherwise people might go to the wrong URL. You want to make it as easy as possible for your customers to find you! Your business name should be words, MAX! I would strongly advise sticking to one or two words. Again, the easier a name is to pronounce and type, the more people will remember it. This is a no brainer, but I had to add it.
But what happens when you decide to branch out in the future? Need product ideas? Check out this post about trending products. If international suppliers aren't your thing, SaleHoo has a Supplier Directory that lists high-quality suppliers and it's fairly cheap for a membership. Their Market Research Lab is also pretty useful for finding hot products:. This tool allows you to compare different products and evaluate them based on sales trends, competition ratings ie whether there are a ton of other stores selling the same product , and more.
To learn more about finding the right supplier, check out this guide. When it comes to creating an ecommerce store, there are many platforms to choose from. One of the more popular solutions for startup businesses is Shopify. Or, if you want something custom made, you can hire us to help you out. On top of filling in the standard information, such as product name, description, etc, be sure you also input your meta description for better SEO! Check out this guide to create a killer about us page plus get a free template , and check out this guide to creating a return policy that actually makes you sales instead of getting returns!
Choose the guests — make checkout as frictionless as possible. On your Payment Providers page, you can enable different payment methods. PayPal and Credit Cards are a good idea! Bitcoin might not be bad either. Check out this article to learn more. On your Shipping page, you can set shipping rates for different zones. We have a huge guide to all things shipping you should check out for this. On your Notifications page, you can customize the emails your customers will receive upon completing an order.
The main benefit to this is that your business will operate as a separate entity from you, the owner. While incorporating your business protects your personal assets, you can start as a sole proprietorship without any official paperwork.
Read this article to learn more about incorporating and making sure you're doing everything legally. Take our advice with a grain of salt. This means you only have nexus in one state. You only have to pay sales tax on orders placed by customers in Michigan. While you can collect sales tax in all states you have nexus in, you need to get a sales tax permit before you do that. You now know how to set up a company, how to set up your website, and how to meet your online business sales tax requirements.
You get the idea. One golden rule of marketing: you want to have a presence where your consumers are hanging out. So be sure to keep your social media pages updated and active! Also: Link your social media to your store by learning how to add your Facebook pixel to Shopify plus 5 easy tips to maximize it.
To get started, read this guide on competitive PPC analysis. There are loads of fake influencers out there who bought their followers. Avoid those at all costs! In fact, to navigate the muddy waters and find the golden nuggets, check out this guide. For more details, read our guid e to planning your year. It even comes with an Excel sheet you can use to work out your sales projections - so go ahead and plug your numbers into that template! As George Patton famously said, a good plan violently executed now is better than a perfect plan executed next week.
So stop waiting for that moment to happen, and just make it happen instead! Looking to hit the ground running? Bold's apps are designed to increase average order value from day one. We know you aren't looking for extra startup costs — that's why you can try any of these conversion apps FREE for 14 days:. If you found this guide useful and I hope you did, because I poured my heart and soul into it! Get the knowledge and inspiration you need to build a profitable business — straight to your inbox. Written by Bill Widmer. Bill is an eCommerce content marketing and SEO consultant.
Careers We're Hiring! How to start an online store 7 Steps, no experience required by Bill Widmer February 28, 20 minute read. Topics: eCommerce News.