4 Tips For Starting An eCommerce Store On A Shoestring Budget
Launching your first eCommerce store can be one of the most rewarding experiences there is. Not only do you get to become an entrepreneur, but doing so in an industry that you potentially love and cherish. And if this is going to be your first time with launching an online store, then there are a few things you can do to invest wisely in growing this thing from the jump. Check them out below:
Know The Cost
While most of us wish that we could start a business for practically free, unfortunately, there’s always going to be an overhead to get going. As noted by the SBA, it’s estimated to cost between $3,000 to $5,000 to start the average small business, which while that’s not a terrible rate, is also nothing to sneeze at either. And especially when it comes to collecting and acquiring inventory, this is not going to be a cheap process, however, one that is crucial to your success.
Start mapping out the different items you’re going to need for your business, including the costs of licensing, starting the website/eCommerce store, and even entry-level inventory. Furthermore, it’s best to be more conservative with your estimates than trying to stretch things. Although it’s unfortunate, you might find out that this requires more saving than you anticipated, however, as long as you remain patient, then you’ll find yourself with enough of a safety net to get the job done.
Create a Solid Brand
Another important aspect of impressing others with your eCommerce store will be with your brand, which is one of the hardest to nail down. While the return on a great brand can practically become a cult following, it’s also an item that takes quite a bit of reflection and honing down to get right. And while it might sound silly, branding is practically half-art, half-science, which isn’t always the easiest to distinguish between the two.
To begin, take a look at your current branding efforts and ask yourself what type of personality does it evoke, as well as how others might perceive it. A big part of this is not only coming up with something but having it be recognized as well, for example, as noted by CrowdSpring, color increases brand recognition by 80 percent, which can have a huge factor in permanently embedding yourself in someone’s brain. And before you try to completely revamp your logo, try to get as much feedback as possible.
If you’re going to be launching a new business, then gaining a good grasp on social off the top will be crucial for your future success. Not only is this practically a necessity for most companies, but one that is becoming especially more competitive (especially for eCommerce). In fact, as noted by Hootsuite, 93 percent of businesses are expected to increase their social ad spending in 2018, which goes to show how much so many more companies are investing in social. And if you’re looking to keep up, it’s best to get started on your plans early.
One of the best ways to start planning for social is by mapping out the content you’re looking to produce, as well as why/when. The latter is the somewhat more difficult part, especially considering that you’re going to want to compile campaigns based upon either your most popular inventory or items that you think will produce a high ROI. Remember, a significant part about social is trial and error, so start going through some different strategies to see what’s working and what’s not for you to hone in on doing better in the future.
Don’t Forget About SEO
Finally, as one of the most important digital marketing tools out, SEO is a great strategy to use in garnering more customers to your eCommerce business. This is where a lot of our online discovery begins because as noted by Search Engine Journal, 93 percent of online experiences begin with search, which goes to show it’s the first point of contact for a lot of people. And if you’re looking to take advantage as well, the best thing to try and discover is your digital niche.
In regards to SEO, your niche is all about finding the specific search terms and keywords that are unique to your business. For example, if you make and sell hammers out of steel, then something like “american+made+steel+hammer” might be a could search term to use. SEO is a practice of trial and error, so make your best effort and remember to be patient. Try your best to study SEO as it can be one of the most strategic paths to bringing in a new customer basis in no time.
What are you most excited about in starting an eCommerce store? Comment with your answers below!