Many people think that businesses have to be complex things. Coming up with an idea should take ages, right? Setting up your business should cost loads of money, correct? Neither of these things is strictly true. If you want to spend ages coming up with an idea, then you can. And, depending on your idea, the startup costs may be high.
However, there are times when neither of these things happens. For example, what if someone gives you a great business idea? Then, you don’t have to spend ages thinking of one. And, what if that idea didn’t cost a lot to start up? You’d be saving a lot of money, and can get things started a lot quicker too. Well, what if I told you I have a business idea that I’m willing to share with everyone reading this? It’s a simple idea, and anyone can go through with it.
My business idea is to start an online retail company. I know, this is hardly a revolutionary idea as there are many of these businesses around. In a way, that’s what makes this idea so good. You can clearly see that it’s effective, as there are plenty online retail companies out there. Plus, I like this idea because you can make it your own. Things are open for you to do whatever you want. The items you sell are entirely up to you. They can be homemade things, food items, anything you think will sell, fast. Personally, I’m a firm believer in selling homemade things. Especially it’s easy to make a lot of them. This is because it makes your product unique, as it’s made by hand. But, if you can’t make things yourself, then don’t worry, there are still ideas out there for you.
Regardless of what you sell, the premise behind your business remains the same. You’re starting it from home, and selling products online. Naturally, there are many things you must take into consideration here. So, I’ll run you through some top tips to get started with this idea.
First things first, you must come up with your company name. In truth, it’s difficult to give out clear-cut tips for this. Your company name can be anything you want it to be. What I will say is ensure it makes sense and isn’t offensive. Don’t name your business after a curse word, for example. And, don’t give it a random name that gives people the wrong impression. For example, naming your online retail business ‘Strategic Marketing’ makes no sense whatsoever. Everyone will think you’re a marketing firm, it’s just wrong.
Names can be as simple as using your name or initials. If you have a good name, then this can be a great option for you. But, if your name is complicated and hard to pronounce, you might have to look for a different tactic. Another popular idea is to come up with a name that gives information on your business. As an example, look at the retail store ‘Toys R Us’. Their name tells you about the business, they focus on selling various toys. So consider this as an option when naming your business.
Arguably the most important part of starting this business is creating your website. This is the place where people will buy your products. So, you must ensure you setup an ecommerce site, rather than a generic business website. It’s this website that makes this idea so good too.Think of the money you save compared to a traditional retail business. While they’re going out paying for retail space, you’ve got a quick and easy task on your hands. If you’re lucky, you might be a web design whizz too. In which case, you can set up your site without having to pay anyone. If not, then I advise you to get a web designer to help you out. Don’t worry, this won’t cost much at all. The benefit is that they can make your site look more professional, and function perfectly.
It’s important that you think about different pages on your site too. The homepage should look different to other pages on there. On your homepage, you should have your best deals and top selling items on display. This helps grab everyone’s attention and keeps them on your site for longer. Also, you need to make your online store accessible for mobile devices. This means using responsive web design that alters the appearance of your site to suit different devices. To make your company more impressive, I suggest developing an app too. People can download this, and then shop using their phones.
When you have your website, you can start listing all your items for sale. Upload pictures of each product, and make it easy for consumers to see them. Then, someone will see something they like, and buy it. Now, you’re left with a slight conundrum. How will you get the product to the customer? You have to figure out a way of distributing your goods. In the beginning, I suggest you save money and distribute from home. Store all of your products in your house/garage. When an order comes in, you sort through the items and package it for the customer. Then, you contact a courier service to come and collect the items, then deliver them for you. It’s simple and saves you a lot of money.
But, the beauty of this business idea is that you can grow it into something big. The more customers you get, the more demand you have for products. As such, you have to provide more things and increase your stock. Slowly, it becomes impossible to store everything in your home. So, you should search for fulfillment centers to give you a helping hand. These centers can store, package, and ship your products for you. It’s a great idea if you want to grow your business and keep up with the increased demand from customers.
The Cost Of The Items You Sell
Finally, we conclude with a very important issue. The cost of the items you sell can make or break your business. When I say this, I’m talking about two things. Firstly, the amount of money it costs for you make/buy the products. Secondly, the amount you sell your products for. Obviously, you want to sell them for more than they cost you. Otherwise, you won’t make money on every sale.
The key to achieving this is getting your products for cheap. If you’re creating new products, think about the costs. For example, let’s say you’ve started a clothing line. You need to think about the cost of materials, as well as labor costs. You may try and make the items yourself to save money. But, as you grow, you’ll need to outsource the manufacturing. Add everything up, and then sell your clothes for a profit. If you’re buying goods to sell, then you should buy in bulk. Bulk-buying means you can save money, and sell the products for more. What you don’t want to do is sell your items for too much. Check current market trends, and fit your products with how much similar ones are selling for.
With these tips, you can start an online retail business from scratch. It’s great as you can run this operation from home. But, you can also grow this business and transform it into something massive. It’s a brilliant idea for people that want to start a company without spending too much money.