Previously, you walked through the first 5 steps to start an online business for dummies, from identifying products to sell, conducting market research, validating your idea, making a complete business plan to building your brand. In the second part today, we will give you advice on how to run your business legally, resolve deliveries, as well as build and launch your store with an effective marketing strategy.
A great deal of suppliers will not work with you if your business is not legally registered. Plus, you can have some tax headaches later on. Since every business is different, these are fundamental steps in making your business legal.
Choosing a structure is the first step before you register your business with the government. Ultimately, you should figure out the appropriate entity for your business goals. Although you can seek advice from a legal advisor, it is vital to learn about available structures.
Before you legally run your business, as an owner, you must prepare some documents. To save you time and prevent later issues, we recommend finding a county clerk to ask about required papers and registration fees (if applicable). For future reference, a variety of business licenses you should know are:
Have everything you need in your hands? Let’s get started by making your business go live. But wait, you need to choose the best eCommerce platform for startups.
(Source: Miss Amara)
Now, it’s time to nail down the selling part. Here, the rule is to keep your website simple but effective, as you only have five seconds to attract customers’ interest. There are two points that every eCommerce owner should keep in mind.
Through your sales copy, you can connect your brand values with ideal consumers. Once you do it right, it will be much easier to persuade them to make a purchase.
Besides text, visual materials and user experience play a key role in launching a profitable online business. In addition to finding a template that fits your branding, you should:
For more valuable tips to build a successful eCommerce store, please check this article out:
Top 8 Essential Features of eCommerce Stores to Succeed
Next step, you have to figure out how your products reach consumers. It is super essential to map out your shipping strategy before operating your business. Accenture pointed out that 56% of consumers will not shop with a brand due to a poor delivery experience. Here are the vital things every store owner should know:
Fortunately, if you use Shopify and you are based in the US or Canada, you can use the United States Postal Service (USPS). UPS, DHL Express, and Canada post shipping operate right through Shopify and have pre-negotiated rates.
Before your online store can generate the first sale, you must drive traffic to your site -that is the goal of digital marketing. Some effective marketing strategies merchants should consider applying are:
For brand new sites, paid advertising is the fastest way to get visitors. Google Ads and Facebook Ads are the top two popular platforms for advertisers. However, not al businesses know how to leverage the power of Google Ads. If you are a crypto company, web3 Google Ads agencies can be helpful, as they can drive better results and maximize your return on investment. Compared to waiting for organic traffic, pay-per-click ads show your brand on SERPs right away and allow you to test out different keywords, prices, headlines, and selling methods as well. Once you establish the high-converting keywords, you should use them in your copy and code throughout the site. As a result, your website can climb on Google rankings quickly, bringing you higher search traffic.
Email marketing is still a powerful tactic in any marketing strategy. Its purpose is to build an email list to nurture potential customers and turn them into paying ones. Once they become your subscribers, it means that:
Online merchants should consider the customer’s lifetime value as a critical criterion to assess their business performance. According to WWO, 43% of profits come from repeat customers for average online stores. Thus, it is essential to follow up with consumers to boost sales. In this situation, you can take advantage of back-end selling and upselling techniques.
You might also find Upsell and Cross-sell Techniques: All You Need To Know useful.
Did you know that by January 2021, the total number of social media users worldwide was 3.6 billion people, and this figure is expected to grow? Meanwhile, a study has indicated that more than halfof social browsers use social media to research a product or service, and 71% of them are more likely to buy it based on social referrals. So if you see the limitless potential of social networks, here are some suggestions to attract and acquire new customers:
Related read:How much cost to start a Shopify business
Measuring your eCommerce performance lets you know how you run your business and uncovers future opportunities.
Data gives us much information, but you may feel that it is too much to handle all at once. In terms of business, you should first focus on and become familiar with these key performance indicators (KPI):
To see an explanation of these terms and how to calculate these metrics, please visit here.
As you will roll out digital marketing, understanding some marketing success factors is a must. Some essential KPIs that e-merchants should know are:
Presently, you have an idea of what to evaluate, but where and how do you do this? The best way is to take advantage of analytics tools. The most common is Google Analytics which allows you to set up dashboards, customize reports, and see users’ activities in real-time. In addition, eCommerce platforms like Shopify have a built-in informative overview of sales and site performance. To eCommerce stores, collection and search analytics is a must-have feature. Once you know customer demands through search behaviors, you can develop effective strategies to leverage your website.
Now the topics of finance, shipping, marketing, operations, and everything discussed today are huge to learn. We hope that our guide to starting an online business for dummies helps you build blueprints to begin your eCommerce journey. Also, don’t forget to follow us on Facebook, LinkedIn, and Youtube for more handy tips to grow a business online.