Embarking on an entrepreneurial journey is easier said than done. According to Statista, retail eCommerce sales in 2018 amounted to 2.8 trillion USD. In North America, the eCommerce industry has been registering double-digit growth rate for the past 3 years. Owing to such favorable assertions, the number of entrepreneurs betting their chances on this industry is increasing. But don’t lose the perspective. When you experience the vibes of eCommerce ecosystem, you are confronted with this question: Should I start my eCommerce business or buy an existing one?
If you buy an existing eCommerce business, it is in your best interest to honor existing negotiations and outstanding contracts. In case you fail to honor them, your business may go for a big-time toss. It is likely that you may end up inheriting financial burdens and unknown problems.
Let me be clear- when you start an eCommerce venture, your website may not rank well in Google Search Engine Result Pages (SERPs). Organic traffic may be insignificant. More often than not, it takes a few months to acquire customers. It may take years to retain them. Entrepreneurs like you are expected to acquaint themselves with the nuances of customer acquisition and retention. It entails truckloads of stress and long enduring hours. Tweaking a few changes to an established company will not add any value to your brain pockets.
If you don’t learn and implement from scratch, you are doomed to fail. Frequent changes in parameters such as organic reach, site traffic, relationship with vendors, inventory management, payroll processing etc., should be handled with meticulous care. You will learn and evolve. Your experience will help you solve out-of-the-box challenges.
Personal Brand Identity
Buying a business means borrowing someone else’s brand identity. You are no longer the scriptwriter of your business vision. You are just buying somebody’s business vision. Remember, entrepreneurship in eCommerce industry is unaccomplished without personal brand identity and brand reputation. When you start an eCommerce site, you can set your own business vision, goals, marketing procedures and strategies.
If you have considered the above scenarios and have arrived at a decision to start your own eCommerce business from scratch, then here is a simple 5 step procedure on how to start your own eCommerce business to get you started with your adventurous journey.
Step #1: Identify your niche. Do a thorough market research –primary and secondary. Talk to your industry expert, influencer, friends, families, kith and kin to get their perspective.
Step #2: Identify who your target audiences and consumers are. Create buyer personas.
Step #3: Register a .com domain name. Keep track of important aspects such as conversion rate optimization, store optimization, inventory etc.
Step #4: Figure out the right channel for your products and categories. Create a foolproof marketing strategy to grab eyeballs. For instance, it is worth incorporating social media strategy into your marketing strategy.
Step #5: Keep forging relationships with customers. Keep them engaged and informed. Be persistent with your efforts.
If you have some kind of experience in your industry niche and think you’re ready to start your own business, then consider what you can offer that competitors cannot. Try to assess any foreseeable risks and be sure to evaluate trends in the marketplace. Consider how the consumers’ shopping behaviors have changed recently.
Now, as a small business owner, set short-term & long-term goals to move your eCommerce business forward and kicking. What do you hope to accomplish in the future? Assess the right path that will allow you to meet your goals in an effective way.
In the end, the adventure and risk can be high when you have started your eCommerce business instead of buying an existing one, but you will learn a lot in your entrepreneurship journey and you will make a mark for yourself by changing the world. “Journey of a thousand miles begins with a single step”!
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I am a professional blogger, guest writer, Influencer & an eCommerce expert. Currently associated with ShopyGen as a content marketing strategist. I also report on the latest happenings and trends associated with the eCommerce industry.
Follow me on Twitter @Jessicabruc (https://twitter.com/Jessicabruc)