So, you have an idea for an online retail store and now you need to know what comes next. Whether this is an idea you’ve been sitting on for months or you just dreamt it up with your buddies over the weekend, there are few steps you to take to really get started. So, how do you start an online retail store?
How to start an online retail store
First things first: pick a product.
Challenge number one: what are you going to sell? There are a number of options when it comes to sourcing a product to sell in your store. First, you need to determine if you’re going to make a custom product yourself or if you’re going to buy wholesale and distribute an already existing product. The options are nearly endless, but this blog post is a great place to get started.
so, is your idea a good one?
Ideas are great, but building a successful e-commerce business depends on a lot more than a great idea. You’ll need to do your research to determine if your idea is can actually be a viable business. This step may be less fun, but it’s an imperative one to avoid a costly mistake. So, how do you know if your idea is a good one? Here are a few evaluation methods to test the product itself and the market in which you intend to sell.
- How To Evaluate Market Demand For Your New Product Idea
- How To Evaluate Product Viability
- 5 Strategies To Evaluate Your Product Idea
Research your competition
Truth is, to establish a great business strategy, you need to know what you’re up against. You can research your competition with these 8 tools.
Preparing & setting up your business
Now that you have a good idea, a product to sell, and an understanding of the competitive market, it’s time to get down to business.
- Write your business plan. This is your roadmap that helps you bring your thoughts and ideas together. Your business plan will help you know how to move forward and how to compete effectively.
- Register your business. Determine which business entity best suits your business. Do your research to find out whether or not you should establish an LLC, incorporate, establish a partnership or another entity. You can find more information on the different business entity options here.
- Name your business. Have fun with this one. A good rule of thumb, though, is to make sure your desired domain name is available before making your final decision.
- Create a logo. You want your logo to be simple, eye-catching, and memorable.
Build your store!
Now for the fun stuff! The first and biggest decision you’ll need to make is to determine which platform is best for your online store. As Shopify Experts, we believe you can’t go wrong with the platform. It’s ever-evolving to provide its users with the best and easiest system available. Understandably, in some cases, another platform may better suit your business.
Ready to get started with your own store? Get in touch!