The Easiest Way to Start an E-commerce Business in 2019
Greg here with another great guest post. Today, I’ll introduce you to Becky Frost, a digital content creator for Jungle Scout. For most of our audience, you will likely already know what Jungle Scout is. For those that don’t know, Jungle Scout is one of the leading SaaS companies out there helping Amazon FBA entrepreneurs do product and market research before launching their products on Amazon’s marketplace.
If you’re curious or looking to really dive into the ecommerce world in 2019, then this post is for you. Of course, we’re here to help you get started whether you’re looking to buy a profitable ecommerce store, or looking to sell one that you’ve built.
Alright, take it away Becky!
Since 2018 is over, why not start your new year off with a bang?
Stop dreaming about the life of freedom you’ve always wanted and start creating it. This is the perfect time to launch the e-commerce business that you’ve been building in your imagination.
Make it a reality!
But starting a business is extremely difficult, right? Well, have no fear! We’ve put together this step-by-step guide to make it a lot simpler, showing you exactly what to do when establishing your business in 2019.
Know what you want to achieve.
Make sure that you set a clear target as to what you want to achieve in the next six to 12 months, as having a goal is essential to success. Be sure to make it attainable though. There’s no point in setting goals that are impossible to achieve; you’ll only be setting yourself up for failure.
So, before you continue, ask yourself these three questions:
1. What do I want to sell?
Knowing what you want to sell means conducting extensive product research. If you want your online business to be successful, a lot of your time will initially be spent finding a killer product to sell, using proven research techniques.
You don’t want to sell something that anyone could pop down to Walmart or Target to buy. No. You want something unique! Something they HAVE to come to you to buy.
However, you don’t want to sell something that few people want. Your potential product needs to be in demand—consistently, and over an extended period of time.
Since your product will determine your customer base, how you market and brand yourself, who you take on board, and how you sell, your product research will make or break you.
Invest your time in product research now, so that you can avoid wasting your time trying to turn a mediocre product into a winner later on!
2. Where do I want to be in six months?
By visualizing your desired outcome, you’ll have given your subconscious mind something to work towards.
If you have nothing to aim for, progress can become messy. You could find yourself working on unimportant tasks or losing sight of your priorities, focusing your attention on the wrong things during that all-important first year of trading.
This doesn’t mean setting yourself a goal of earning half a million bucks in profit though. As much as we would all love to launch a business that would earn $500,000 in its first six months, that level of immediate financial success is HIGHLY unlikely.
Instead, set your six-month goal to something along these lines:
- Have your business up and running;
- Run at least one promotion to gain your first customers;
- Turn your first profit.
Goals like these are achievable, and achievability is the goal.
3. How am I going to achieve this?
Start by asking yourself, what do I need to do to reach my goals?
Of the tasks you identify as must-dos, are there any that you can’t complete on your own? Will you need outside help from freelancers?
If yes, start looking into reliable, experienced, and well-reviewed freelancers. If you don’t know where to begin, sites like Jungle Market will make finding the help you need easy.
You’ll also want to look into what tools you’ll need for your business. For example, will you be doing your own accounting? If so, what software will meet your business needs?
As the adage goes, failure to plan is planning to fail.
Having a successful business is all in the planning. Therefore, it’s important that you frequently take a step back from your business and assess your progress before moving forward.
Periodically evaluating what has worked well, what could be improved, and what you would do differently will:
- Help you avoid repeating your mistakes;
- Help you strategize more effectively.
Research, and a lot of it.
This may take some of you back to the good ol’ days of school and exams, when the word ‘research’ filled you with dread.
But this time around, doing extensive research in FBA doesn’t just mean the difference between getting an “A” grade and getting a “D” grade. This time, it could mean the difference between launching a successful business and launching a business that is doomed to fail.
To increase your chances of success, you should conduct exhaustive research on the following:
1. The Competition
Know your competitors!
Once you know your direct competition, take a look at their business as both a customer and a business owner. Ask yourself:
- What are they doing well?
- What would you change?
- What are they not doing well?
- What could you improve?
- How are their reviews?
By making sure you have the better product, branding, listing, website, etc., you’re giving yourself the best chance at beating your competition and winning those sales.
Think about it.
If you’re planning to buy something, and have a choice between two companies, what informs your decision? Are you going to choose the one with the okay website, mediocre reviews, and an uninspiring listing? Or do you choose the one with the killer site and listing, whose product photos are the bomb and the reviews are awesome?
I know who I’d pick!
Plus, getting to know your competition is a good way to research price points. You want to match and then undercut your competition by a fraction. Don’t get me wrong, you still need to make a profit. However, by having a product that is slightly less expensive than your competitors’, you’re giving your business an edge.
A well-reviewed, low-priced product with a listing that blows other listings away? Who WOULDN’T order from you?!
When you start your business, you might think you have to do everything yourself to save money. But that’s not true.
From product research to branding, and logo creation to photography, there is a wide range of skills needed to get your business up and running. And sometimes hiring experts to tackle the tasks that you can’t is your best option.
By contracting out jobs that you’re not qualified to handle, you’re not just saving yourself the time you would have spent learning these new skills. You could also save money!
Extra help could mean listing your product (and getting sales) sooner than expected. That’s why, when you get to this stage, you shouldn’t be afraid of hiring a freelancer.
As long as you diligently research all of your options, bringing on the right professional will set you apart from your competition and ensure that your business thrives.
So don’t let the cost of a freelancer stop you from hiring an expert to help you. Investing in someone who will help launch your business successfully is worth the upfront costs you’ll incur.
Have no fear.
Easier said than done, I know! But when Karl Pillemer asked 1,200 people aged, 70 or older what their biggest regret was in life, many said that they wished they’d worried less.
And we totally understand. There’s a lot to worry and be hesitant about.
You’re using your hard-earned cash to finance this venture. What if you lose money? What if you aren’t successful? What if you’re not prepared?
In life, it’s easy to focus on the negatives, making excuses as to why this isn’t the right time to start your business. While being cautious isn’t necessarily a bad thing, it doesn’t push you to achieve greatness either.
Remember, you are capable of anything if you put your mind to it. Why not stand up and say, “2019 is going to be the year I change my life for the better”?
With essential planning and proper research, you’ll do just fine.
So welcome in the new year by joining the ranks of #freedombuilders around the world. That way, when you look back at 2019, you can say that launching your e-commerce business was the best decision you ever made, perhaps second to only when you decide to sell that FBA business once it’s making a profit!
Good luck, and go get ‘em!