I have taught you the secret to getting rich is to spend less than you earn. You then invest the remaining funds to create multiple streams of income. But, spending less and living a frugal lifestyle is not the only way to fulfill that equation. You can earn extra income. Today, we look at how to start an ecommerce business online.
Previously, several readers have commented that they are running affiliate marketing websites. This is a fantastic low-cost way to earn commission income by marketing for somebody else.
Another low-cost way to market other people’s products is through drop shipping. What is drop shipping? Drop shipping is a supply chain method that allows you to buy products individually from a wholesaler, who then ships them to your customer on your behalf.
Below, I am going to outline a 6 step strategy to start an ecommerce business online. Then, over six more lessons, I will hold your hand and we will delve into each of the steps in more detail.
You don’t need any prior knowledge or experience. Just make the decision to take action. Work through the six steps and you will be well on your way to running a successful ecommerce business.
Let’s get started!
Step 1: Select a niche based on your passion
Although there are thousands of products out there you could sell, you need to tap into your own unique interests. If you have a true passion for what you are selling, you will love dedicating your energy and time into providing the best experience for your customer.
It is a fact many people go into retail sales only for the money. If this is you, it will show in your website! What you need is a store and an excitement for your products the customer will never forget. Remember, enthusiasm is contagious!
But what if you don’t have an obvious passion? In this lesson we will look at a strategy to discover YOUR niche. We will also look at some free or inexpensive tools to help refine your perfect niche.
By the end of the lesson you will:
- have selected a niche for your ecommerce business,
- know there is a market for your product or range of products, and
- understand who your customers are and why they need your product.
Next, you need to get those products to your customer through an online store.
Step 2: Create an online store
You may feel overwhelmed by the need to create your own website. But, in this era of technology, anybody can build an online store using a specific technology.
I will guide you through this technology in Lesson 2. The technology is simple to use and you don’t need any programming or web design skills. If you have access to a computer and the internet, you can have your website up and running in a surprisingly short period of time.
Who knows, you may become so good at creating websites another side hustle is born! This is how I fund many of my subscriptions to membership sites and newsletters.
Step 3: Access millions of products for free
Once you have set up your website, you will need something to sell. This is called inventory.
In this lesson, we will look at how to gain access to millions of products without spending your money. You will set up your own online business with hundreds (or even thousands) of products that you never have to physically handle. This is the secret behind drop shipping.
I will give you website access to millions of products, including sought-after brand name items from the USA.
Step 4: Attract targeted visitors to your business
Without visitors to your website, you cannot expect your website to be successful. After all, who will buy your products if nobody visits your store?
Now, in the case of your store, we want to entice a specific type of visitor traffic. These people are actively interested in and looking for the products you are offering in your store.
In this lesson, you will learn a strategy where you can access billions of visitors and direct them to your ecommerce store.
Without these targeted customers, your website won’t generate a sustainable profit.
Step 5: Multiply your profits
To get your business growing in leaps and bounds and to make even more money from your website, you need to leverage your traffic and inventory. In this lesson, I will teach you a specific 2-step strategy for maximizing your profits.
The first step is email marketing; sending out regular emails to your customers and simply asking them to buy more. But sending out an email campaign is not as straight forward as it sounds. There is specific software you need to make sure that the email you send out to your customers ends up in their inbox rather than the spam folder.
We will also look at the strategies to use for different product price ranges. For example, the strategy for selling a $1,000 watch is very different to the one you would use for selling a $20 children’s toy.
The second step is diversification. By coming up with a new range of products and using a product launch through your emails, you can almost guarantee your profits will double. One way to diversify your product range is to take your top-selling products and give them private labels. Private labeling means you can get YOUR brand name on every package and product you sell. Great for brand awareness and more sales!
You may also want to consider providing customer support as your business expands. Taking care of your customers by providing a toll-free number shows you value their patronage. And, because your customers are happy, they will continue to buy from your website………multiplying your profits.
Step 6: Repeat the process
The title of Step 6 is pretty self-explanatory, but there are pitfalls to watch out for as you grow your business. There is no limit to how many stores you can create or how many products you can sell. Then, you only need to generate new targeted traffic to increase your earnings. If you can rake in a fortune from one site, imagine what you could do if you had five sites, all attracting thousands of visitors.
This is an important key to your success. Multiple streams of income ensure that if one business has a down month, there are other stores to bolster the earnings.
Are you ready to take action?
So there you have it in a nutshell. A 6 step process to start an ecommerce business online.
Come back and check the website regularly if you would like access to the six lesson training program. Or, you can follow me on Facebook and I will let you know when the first lesson is available. Choosing the right niche for YOU may be the most important step to success, so you won’t want to miss out.
Catch up with you again soon at Your Financial Freedom.
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