When starting an online business, there are numerous advantages to be enjoyed. One of the significant challenges faced by most people is the lack of capital. This is because most business ideas are brick and mortar based.
Requires minimal capital
Though there isn’t anything wrong with having a physical store, it does require a substantial amount of capital. At the very least you would need to hire business premises and acquire machinery, local licensing as well as hire supporting staff.
Your business idea may be sound but raising the capital may prove somewhat difficult although not impossible.
Starting a business online is far easier regarding capital in comparison to a brick and mortar. If you already have a service or product that you want to sell, you could very well start operations from your apartment or living room. This is possible because your store is virtual and not physical.
A quicker way to start a business
To pursue the online option would mean you have to open an online store. You can create your web store using an e-commerce website builder such as Shopify, Weebly or Volusion among many others within a short time frame.
It is cheaper than having to hire a brick and mortar store and everything that goes into running it. You could have your online shop up and running within a day and at zero cost, to begin with, which is impossible to do with a physical store.
So the online option does offer a way out if you are struggling to raise business capital.
Most e-commerce web builders will offer a trial period for free as you test the waters and hopefully make some sales to help push you along.
E-commerce tips to sell online
So you have managed to launch your online store, what next? Starting your store is the easy part, getting sales is not as easy due to cutthroat competition. You want to position your online store in a manner that will bring sales organically. Here’s how you can do that:
- Take advantage of niche markets. This means market segments that are not overcrowded and are unexploited. You can do this through the products you choose to sell. For instance, plus sized dresses or fitness gear for plus-sized men and women
- Your online store should be visible. Visibility for an online store means customers land on your e-commerce site when searching for specific products. You can make this happen by ensuring your web-store is search engine optimized
- Makes sure that your site is mobile friendly. In today’s online selling landscape, this is no longer an option as nearly half of online purchases are being made through mobile phones or tablets
An online store can be a viable business for as long as you have the right products and target the right market segments. One thing is for sure. It is less capital intensive at startup as you can run the business single-handedly.