Having your own online store is a great way to earn money. Your online shop can be a side venture to generate some extra income, or it could be an exciting new business venture that lets you take your career into your own hands.
While you might have already tried selling goods on eBay or Etsy, having your own online store is a different kettle of fish altogether. It takes a lot of work to make an online shop successful, and many people fail to keep their business going.
Do you think you’ve got what it takes to open an online store? You might want to think about the following first.
Having a great idea
An online store is a fantastic concept – everyone loves to shop online these days, right? When setting up your own store, you need to be prepared to face a lot of competition – including international competition. To stand a chance of success in the e-commerce world, you’re going to need a strong idea to put you ahead of the competition. Having a passion about something is important, so unless you’ve got a strong idea to motivate you, then you should consider other ventures instead.
The multiple roles you’ll need to play
When you own your own business, you soon learn that you need to wear a lot of hats. You’re now the owner, accountant, marketer, customer service rep and everyone else it takes to create an online store. If you’ve got money to invest in staff then great, but many business owners find at the beginning that it’s just them getting things off the ground. With that in mind, you should be prepared to undertake business training in areas like digital marketing, copywriting, data analysis with Tableau learning and even website management. If you’re serious about making it, you’re going to need to invest the time and money it takes to become an effective business owner.
The hours involved
Unlike a physical retail store, online shops never close. That means you’re going to be putting much more time into your business than you might realise. From dealing with customer service queries to making sure orders are picked and packed – you’re going to need to put the hours in. One of the biggest reasons not to start an online store is the hours involved, so if you’re not ready to give up your weekends or feel that you can maintain a consistent service, this isn’t the right path for you.
Owning an online store could be very profitable if you’re able to put in the time and energy to make it a success. While there’s a lot involved, it can be a great way for you to generate income and even go on to become a global success. If starting an online store seems like more work than you bargained for, perhaps you should consider getting a hobby instead? Find something that you’re good at that you can develop into a money-making venture. When you’re passionate about something, it won’t feel like work, so think about what you could start today that could help you earn tomorrow.