It’s never been easier to start an ecommerce business. Thanks to increasing internet accessibility , growing online shopping trust , and more user-friendly tools, entrepreneurs can launch a successful ecommerce business in no time.
That’s not an exaggeration, either. While we recommend you put a little more time and thought into your business before launch day, it’s possible to go from conception to take off in less than a week.
Your ecommerce business could be a full-time job, or it might be a lucrative side hustle. You may list all your items on an online marketplace like Amazon or Etsy, or you could host products on your own ecommerce site using Shopify or Squarespace.
There’s no single-best way to form an ecommerce business.
However, starting from scratch with no direction can be intimidating. Jump off on the wrong foot, and you might have to recorrect down the road, and that can waste valuable time and money.
Let’s help you avoid that from the get-go.
Below, we’ll show you how to start an ecommerce business the right way. Our 6-step process will help you do everything from finding your target market to identifying the right products to launching your online store.
But before we show you how to start an ecommerce business, let’s dig into the why .
Table of Contents Why Start an Ecommerce Business?
Does it feel like everyone from your coworker to your grandma to your childhood pen pal is starting an ecommerce business? There’s a good reason for the surge.
Here are a few (of many) reasons to start an ecommerce business: Massive Market: There are an estimated 2.14 billion online shoppers—that’s over 25% of the world population.
Booming Online Sales: US consumers alone spent close to $1 trillion on ecommerce in 2021 (up nearly 18% year-over-year). By 2040, experts estimate 95% of all purchases will be made through e-commerce.
Low(er) Startup Costs: You can start an ecommerce business without spending thousands of dollars. You don’t have to worry about real estate, utilities, or even payroll. Here’s how much it costs to start an ecommerce business .
Easy Setup: Buy a domain, purchase hosting, find your product, build a brand, and voila—your ecommerce business is ready to go. OK, it’s a little more involved than that, but an ecommerce business is one of the simplest types to set up.
Flexible Operations: You can operate your ecommerce business from anywhere in the world. Want to take a month-long vacation? Your ecommerce business isn’t going anywhere. Need to relocate across the country? Your ecommerce business likely won’t even notice.
Limitless Scale: Sell a single product or hundreds of different ones. Make thousands or millions in sales every year. Manage it alone or hire a team. Your ecommerce business can be any size to fit your bandwidth and goals.
Fun and Freedom: Managing your own business is exciting and rewarding. Yes, it’s a lot of hard work—but the prize is worth the effort.
6-Step Process: How to Start an Ecommerce Business
Hopefully, those statistics and benefits got you hyped up for starting an ecommerce business. Now, let’s talk about how to make it happen. 1. Choose Your Target Market First Your target market is the specific group of consumers who might be interested in your products.Some people start with a product idea and then define their target market—however, this strategy has a few potential pitfalls. First, you may find valuable products to sell to an audience that doesn’t interest you. Or worse—you may come up with a brilliant product that nobody wants to buy.Take Google Glass, for example. Google created the wearable technology without a customer’s need in mind. After 2 years (and hardly any sales), Google accepted defeat and discontinued the product. Google built the product first and tried (and failed) to find a target market. Lack of market need is the second biggest startup killer. Don’t fall into this trap.Find the target market , identify the need, and then find the product that solves it. How to Find Your Target Market Start with what you know. If you’re a software as a service (SaaS) expert with a side passion for backcountry skiing, selling furniture might not be your forte. And that’s OK.Instead, look into niches you’re familiar with and like. You’ll be in the know and better ready to find problems that need solving.For example, if you’re an avid knitter, you likely already have a network of like-minded friends in the community.What do they complain about? Do specific stitching patterns frustrate them? Do they wish for […]
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