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Ecommerce is easily one of the best kinds of business you can choose to run, and it’s one that you are always going to be keen to ensure that you are considering for yourself. If you are looking for a first business to run, or you are keen to have a business that you can run from home, then ecommerce is going to be the one to go for. There are many ways in which it is one of the easiest kinds of business you can run, and you will probably find that you can get a lot out of it.

However, there are many things you will need to bear in mind too, to help ensure that you are getting it going in the right way. The fact is that setting up an ecommerce store requires that you are paying attention to a few key points. In this post, we are going to take a look at those points, so that you can hopefully set up your own ecommerce store in no time at all.

Decide On Your Niche & Model

Firstly, you are going to need to know what your business model is and what kind of niche you are going to focus on. Having these clear in your mind is really important if you want to make sure that you are as likely as possible to succeed in your business. When it comes to thinking of a niche, it is usually best if it’s something that you personally care about a lot, and genuinely so. In terms of that, make sure that you have something in mind that you can see yourself focusing on within your business.

Once you have done that, you can think about your business model. There are more ways to approach this than you might think, and it’s all about making sure that you are happy with your choice of business model and that it is likely to work as well as you would hope. As long as you have a model that you are happy with and which is likely to be profitable, you should find that you are more likely to have success with your business on the whole.

Don’t rush into either of these decisions. They are important enough that you need to make sure you are really, truly happy with them before you do anything further in your business.

Find Product Opportunities

Once you have both of those in place, you are going to have a better idea about the kinds of products that you are likely going to need to sell. That is something that you will need to be really clear on, and which you are going to need to think about in detail – because your products are of course the basis of your whole business. As such, it’s vital that you are aware of this and happy with your choice of products in general.

One way to look at this is to think in terms of product opportunities. You need to keep your eyes peeled for anything that seems to be something you could sell, or which you are going to be able to potentially sell at some point in the future – as well as products which you might be able to create new versions of, where possible and necessary. That alone is one of the most important things that you can do here when you are starting up an ecommerce store business.

It’s important to find a balance between having a clear niche and generally keeping your options open. As long as you manage to do that, you’ll have a much better chance of success in the future with your business.

Figure Out Your Supply Chain

The actual question of how you are going to get your products in stock and then sell them on is of course hugely important. This kind of logistical aspect to things is something you can’t afford to overlook at all. If you don’t know where you are going to source your products from and how you’ll ship them out, then you don’t actually yet have a business in place at all.

There are a lot of ways you can approach this. You could decide on your products, as above, and then look around for the best places where you can get these for a decent price – bearing in mind you also need to keep the quality of the products as high as possible too. Or you might want to make the products yourself – however, you should be aware that this is a much more difficult process that immediately complexifies the entire business model. Nonetheless, it works for some people and it is at least worth considering.

The important thing is to make sure that you have a means of securing your products and that you are sure it is sustainable. Otherwise, it might not be suitable for your ecommerce business’ future.

Set Up Your Website

Now comes one of the most important elements of all – the website itself. It probably goes without saying that you need to make sure your website is as good as possible. After all, in an ecommerce setting, the website is actually the main place where business happens. It is your shop floor, so to speak, so it has to function as one. You need to make sure that you are setting it up just right if you want your business to succeed.

So what can you do to ensure that your website has the best possible chance of succeeding? There are quite a few things to be aware of here. First of all, think about what domain name you are going to use, ensuring that it makes sense for your business and that it is memorable. Then you need to focus on getting your website actually designed, and this needs to be as professional as possible, which is why it’s always important to get a professional to do it for you, or with their help at least.

There are many elements to a website that you need to be aware of. For instance, there is the actual marketplace itself, the pages that you are going to need to have for your products. Then there is the searching function, which has to be as good as possible if you are going to keep your customers happy at all times so they can find what they need when they need it. And of course, you need to make sure that you are able to take payments as well.

That is actually one of the most important elements in all this, because you obviously need to be able to take payments if you are going to ensure that you are making money, and it’s also one of the most important aspects of keeping your customers happy too. The better the payment system is, the happier they will be, so make sure you are using an online payment provider that you can trust and that you know is going to work well.

You’ll probably also want to make good use of SEO tactics, to help make your website more popular. If you can do that, it’s amazing how much of a difference it makes to the whole experience of using the site, and to how easily people can find it. With all that being considered, you are going to find that you have a website that really works, and that’s going to lead to a much better ecommerce store in general.

Research The Competition

All companies have competition, and you need to make sure that you are as aware of what your competition is as possible. If you don’t put any time and effort into this, you will end up not quite knowing what your business needs to do in order to succeed, so it really is important that you are thinking about this. If nothing else, it will mean that you have a better sense of the kinds of things that are going to help with getting your business to be more popular.

There are two main ways you can learn from your competition: from their successes, but also from their failures. The more attention you pay to both of these things, the better off you are going to be with regards to your future success. Once you start paying attention to the competition, you are already going to be in a much better place with your business.

Make sure that you are doing this from as early on as possible, so that you can hopefully get to a place where you are aware of what they are doing at all times. If you do that, it will really help you out a lot.

As you can see, there is plenty to consider when you are setting up your own ecommerce store, so make sure that you are aware of these as best as you can be. That is going to be really important from the start.

Originally Published on https://www.breakfastleadership.com/

Michael D. Levitt Chief Burnout Officer

Michael D. Levitt is the founder & Chief Burnout Officer of The Breakfast Leadership Network, a San Diego and Toronto-based burnout consulting firm. He is a Keynote speaker on The Great Resignation, Quiet Quitting and Burnout. He is the host of the Breakfast Leadership show, a Certified NLP and CBT Therapist, a Fortune 500 consultant, and author of his latest book BURNOUT PROOF.