There are things that if you take care of in the early planning stages of your business – when it’s more of an “on paper” thing than a “real” thing, it can give you a little early success while launching and growing an online store.
1. Product Hunting
Finding a product to sell: The first step to building an online store is knowing what products you want to sell and to whom? Answering these two questions will solve 80% of your problems. 39% online businesses got fail in 2019 because the product demand was not there.
2. Setting Up Your Digital Shop
Deciding the platform to build: There are so many options for eCommerce websites like Woo Commerce, Magento etc. For the beginners, its recommended to build your store on Shopify but its a little expensive but also offers a powerful integration with Facebook ads.
3. Social Media Strategy
Not all the social channels are relevant: Don’t waste your money and energy on those social channels which are not relevant. For example, a cosmetics brand will get more sales on Instagram rather than LinkedIn. Research your competitors which platforms they are using.
4. Operations Plan
Setting up the systems and processes: Streamline your entire business processes including legal, budgets, opening COD accounts, suppliers lists, inventory management, customer profiling, basic accounting, refund policies and customer support.
5. Financial Plan
Strong cash flows can help you grow: Most of the online sellers take cash flows very for granted and due to poor financial planning they face problems in paying suppliers, advertising on Facebook and getting late payments from the courier companies. As a result, they don’t grow.