Resources for Young Entrepreneurs Who Want to Start an Ecommerce Business
One challenge often faced by young entrepreneurs is a lack of startup capital. If you’re in your 20s and 30s and want to found a company, an ecommerce store is a great option. You can begin small and keep overhead costs low by working out of your home, then expand operations later when you’re earning more money. Here are some resources from Matheaze Tutors to help you get started.
Take Care of Administrative Steps
Completing the admin work upfront will simplify matters later.
- Register your business as a formal legal entity in your home state.
- If you go with a limited liability company, you’ll have certain legal protections and tax benefits, and a formation service can help you get set up in minutes.
- Determine what type of startup funding you want to use to get your store going.
- Set up a business bank account for your company to streamline your finances.
- Do you have a separate workspace in your home? If not, it may be time to explore listings in your area to find a home with an office or spare bedroom.
Research the Market
Market research will help you determine what to sell and how to define your brand.
- Do a competitive landscape analysis to figure out what products will perform well in your ecommerce store.
- Ask the crucial queries to define a brand that will resonate with your target audience.
- Develop the elements of a strong brand, including the store name, logo, and slogan.
Set up the Ecommerce Store Essentials
Configure your ecommerce store with an eye towards customer satisfaction.
- Learn the elements of a great ecommerce site and design your platform accordingly.
- Decide what modes of payment you’ll accept in your store and set them up.
- Establish a holistic customer service system to keep your customers happy.
- Invest in software for bookkeeping that will help you manage your inventory, invoices, and 1099s all in one.
- Take a class or work with a math tutor to ensure that your numbers knowledge is en pointe.
Invest in Marketing to Drive Growth
Grow your ecommerce business with high-ROI (return on investment) marketing.
- Set up social media accounts and use them to push traffic to our ecommerce shop.
- Build a list of email subscribers that you can send email marketing campaigns to.
- Cross-promote your store through partnerships with other websites, blogs, and brands.
An ecommerce store is a great startup option for young entrepreneurs because it can be started with minimal capital investment, making it low-risk. Put the pieces in place as described above and you’ll set yourself up for success. You can then scale up as you start to earn more money.
