This is a user generated content for MyStory, a YourStory initiative to enable its community to contribute and have their voices heard. The views and writings here reflect that of the author and not of YourStory.

How to Make a Business Plan to Start an Ecommerce?

To make a business plan for your ecommerce, you need to find a product, set up your business and write after-launch efforts.

How to Make a Business Plan to Start an Ecommerce?

Tuesday March 10, 2020,

5 min Read

Have you decided to quit your full-time job? Are you looking to start an online business? Congratulations, you have set off a business venture. Starting an ecommerce is hard as it involves a lot of factors to be considered. Before you get it off the ground, you should take stock of critical elements needed to run an ecommerce.

Making a business plan may seem a hectic job, but you will be directionless without the one. You do not need to jump onto anything unless you have a reliable and trustworthy business plan.

You had better make a business plan, as you will likely face numerous challenges. A business will act as a safety device. It will give you a direction step by step. This blog guides how you should make a business plan for your ecommerce.

Choose a product to sell

The first step to start an ecommerce business is to find a product you will sell to your target audience. It is the most challenging part because you have to consider both the demand and revenues. For instance, you may consider selling electronic gadgets online, or you may sell clothing for men, women and kids.

To find a product for your ecommerce, you should understand the pain points of your target audience. Just because you have a passion in a particular niche, it does not mean that you will pursue it. It is likely that the product has no demand, or you will probably be reinventing the wheel.

Before you decide on a product for your business, you will have to identify the problems your target audience is facing, and your product should aim at solving it.

Since it is a unique product, the chances of its success are high. If the product is not unusual, make sure that you add some features that make it different from those your competitors are selling. Online research, competitive analysis, and meeting customers in person can help you validate your business idea.

Research is crucial as it helps you find out some tricks to make your product different from your competitors.

Make arrangements to set up your business

Now that you have got an idea of the product, you will be offering to your customers, and the next step is to set up your business.

·        You need to determine the name of your business. The brand name will be relevant to your offerings. If your ecommerce store is selling beauty products, the brand name cannot be a fitness centre. Choose a proper domain name. Your business name should be easy to remember as people will often use the brand name to find you.

·        Once you have picked your brand name, the next step is to create a logo. It is the identity of your business. The logo you choose must interpret the type of business you are running. Make sure that you hire an expert to make a logo for your business. The entire cost to set up your business can cost you a small fortune. Make sure that you have enough savings to throw at it. In case you have stepped down from your full-time job, and your savings fall short, you can fund your needs with doorstep loans 4 unemployed.

·        Understand the simple techniques of search engine optimisation (SEO). You cannot rank on the top page of search engines without it, and both content marketing and social media presence are a part of SEO techniques. First off, you need to start with it and then follow other aspects of SEO techniques.

·        The next step is to choose a website building platform. You can choose between Magento, Shopify, WordPress and BigCommerce. Make sure that you tell everything about your products. Web pages are engaging and helping to navigate users from one page to another.

·        The last but not the least is to launch your business. Add shipping and fulfilment centres to your ecommerce store and set a pricing strategy.


Write after-launch efforts

Now you need to market your store to attract several users. You will perform marketing tactics to convert prospects into sales. Email marketing campaigns, social media marketing, PPC, LiveChat are some of the tools to keep your users in the loop about your business. The effective marketing strategy will drive more customers, which means more sales.

Building your own ecommerce store is challenging. A business plan is like a blueprint to get it off the ground. However, you will learn a lot as you grow ahead. From choosing a product to hooking your target audience can seem like a tough job, but it is rewarding in the end.

Since you are a novice in this field, you should take guidance from an expert. They can guide you in much detail about everything from deciding on a product to the marketing of your business.