So you’ve decided to start an e-commerce store? Welcome to one of the most active industries in the business world; with a huge growth spike in just the last four to five years. You’re venturing into what will likely be a profitable investment, but before you start, there are a few things you’ll want to be sure are done. Here are seven things to do before opening your e-commerce store to the public.
- Get a Professionally Designed Site
If you’re building your e-commerce site on a DIY site builder, you need to stop what you’re doing and hire a designer. DIY site builders are great for personal websites, blogs, and other more media-oriented purposes, but for a functioning e-commerce site, you’ll want to hire an actual web designer.
DIY site builders are extremely limited when it comes to customizing your site. Having a professionally designed website allows you maximum customization, so you’re in control of every detail on how the site looks and functions. Best of all, a professional designer will have insider tips on how to make your site more mobile-friendly and user-oriented.
You simply can’t get the same results from a DIY site builder as you can from a designer. Designers have spent years perfecting their craft, and can design a stunning and functional website to match the great products you’re selling. Let’s face it; a poorly functioning website is not good for business. Make the investment in a quality, well-designed site, and you’ll thank yourself later on when you’re bringing in profits.
- Perform Market Research
If you didn’t perform market research yet, you need to. If you don’t know who you’re marketing to or how you’re going to reach them, you will not be selling units. Plain and simple. You have to be aware of your market and how it behaves, as well as who your target audience is and how you intend to reach them with your marketing efforts.
Once you’ve got an idea of who you’ll be marketing to, it’s much easier to figure out how to market to them. If your audience is older women, your marketing efforts will differ greatly from someone whose audience is mostly teen boys. Know. Your. Customers.
- Get a Name and Logo
You should have a name and logo well before you decide to open your store to the public. Both of these things are vital to brand recognition. What’s brand recognition, you say? When you see the Nike logo, you automatically know the name of the company and what they sell. That’s brand recognition.
Brand recognition is important for the health of your business. You want people to see your name and logo and automatically think, “They sell quality [insert your product here]”. Brand recognition helps keep you in the mind of your customers, as well as set you apart from the competition. Without it, you’ll be just another drop in an ocean of small businesses trying to claw their way to the top. Set yourself apart; stand out.
- Identify Expenses
How much is it going to cost to run your e-commerce store per month? $1,000? $10,000? Having a good idea of the expenses you’ll incur can help you make a better financial plan, as well as put any investors or banks at ease. Generally, to secure any type of funding, you’ll need a detailed business plan; complete with expense and profit projections. Plus, knowing what your e-commerce store will cost is just good management.
- Get a POS System
You’ll need some way to process payments for your online store, and only accepting PayPal is a good way to run your online business into the ground. Sure, it worked for eBay for almost its entire lifespan, but times have changed and so has the way we exchange money.
A POS system will ensure that you can accept a wide variety of payment methods, which can greatly expand your customer base and even help make your e-commerce store into a global business. Credit cards are just one of dozens of ways people pay online, so making sure you can accept pretty much any method your customers throw at you is a good way to keep the business running strong. You wouldn’t want to turn away a customer because you don’t accept their preferred payment method(s).
- Legal Requirements
Do not skip this part of the process. Legal issues are something that can easily sink your business before it even begins to float. Staying in compliance with local, state, and federal laws regarding your business practices and facilities, as well as adhering to IRS requirements, is the best way to keep your business running and keep the government from penalizing you. Pay your taxes, keep your forms updated, and always perform any necessary reporting to your state or local agencies.
- Set Up Social Media Pages
Last but certainly not least, you’ll want to set up your social media pages before your store opens for business. Social media is the ultimate marketing and customer connection tool; providing a free platform that customers can visit to find updates and company information quickly and accurately.
Once you’ve created your pages, be sure to keep them updated at least once daily with promotions, news, and products. This will keep customers engaged and ensure they remain interested in the products or services you have to offer. Remember, out of sight, out of mind; keep yourself in the foreground!