If you’re considering starting a new e-commerce business, there are quite a number of things you need to map out—everything from what you will sell to what shipping services you’ll use matters. You shouldn’t ignore the fine details either. When you consider around 20% of small businesses fail in their first year, the stakes can be pretty high. Here are 10 things every new e-commerce business must plan for.
- What you’ll sell
The first thing you should decide is what exactly you’ll e-commerce business will sell. There are plenty of possibilities. You could sell toys, jewelry, art, books, etc. Whatever you do decide, make sure there’s some demand for it.
- Your business name
Business names matter. Your business name will define your business for however long it lasts. Cool and catchy, yet simple, business names tend to leave the best impressions.
- Register your business
This one can be pretty important. While the laws will vary depending on where you live, there’s a chance you’ll have to register your business with your local government.
- Get proper licenses and permits
Similar to registering your business, this one will vary depending on where you live and what type of business you’re running. There might be certain licenses and permits you’ll need to operate your e-commerce business legally, and you’ll need to do your research to see if you need any.
- Your website
A good website is important, and even more so if your business is primarily done online. It would be best if you placed a strong emphasis on building out a functional, visually appealing, and modern website.
- Choose your e-commerce software
On par with creating a strong website, you need to carefully choose compatible e-commerce software that will work well with your website. There are hundreds you can choose from, which doesn’t make this an easy task.
- Create a logo
A logo plays an important part in creating the identity of your business. An ugly logo can be uninspiring to customers and turn them away. Place some focus on creating an appealing logo that reinforces your brand.
- Plan your budget
Creating a budget is something every business has to do. However, what is different is figuring out how to acquire the startup money you’ll need to get your business off the ground. You’ll also need to budget that money until you can start turning a profit.
- Employees
It’s not too early to start deciding if you’ll want to hire someone to help keep up with demand. Sure, you’ll probably start as a one-person team, but assuming your business does well, you’ll need to bring more people aboard.
- How you’ll ship products
This one tends to get overlooked, but packaging and shipping costs play a significant role in any e-commerce business. You want to make sure the products you ship get to your customers safely. Deciding what materials you’ll use does take careful consideration. For example, you may think shrink wrapping and stretch wrapping products are the same, but each material has different properties and uses.
A good business plan can help any e-commerce business succeed. It takes time and effort, but it’s worth it. You’re likely to be satisfied with the end results.
