Do you want to achieve financial independence? The internet offers a slew of opportunities that can help you.
You can build an authoritative niche blog, earn commissions through affiliate marketing, sell online courses, and more.
The chances of success? Probably not as high as you hope – unless you have your eyes set on eCommerce.
Here are a few reasons why:
> > According to Statista, retail eCommerce sales will hit $4.5 trillion by 2021.
> > Around 71% of consumers believe that online stores can give them better deals than brick-and-mortar establishments.
> > 67% of millennials and 56% of Gen X now prefer shopping online.
>> 57% of shoppers are now willing to make purchases from foreign sellers.
Impressed? You should be, but despite the growing optimisim around eCommerce, it’s understandable to have some doubts on whether or not it’s the right opportunity for you.
You may not have any idea on what to sell, lack any experience whatsoever in business, or are simply too scared of failures to take your first step.
Whatever your problems are, funding shouldn’t be one of them. And that’s why we’re here – to discuss the best ways an aspiring entrepreneur can build an eCommerce business on a shoestring budget.
A word about drop shipping
Before anything else, you need to learn about drop shipping and how it differs from traditional wholesale.
Unlike wholesale retailing, drop shipping is a business model wherein you don’t have to take physical possession of the goods as a seller. Rather, the manufacturer takes care of delivering orders once a sale has been made through your online outlet.
This means you don’t have to invest in a warehouse or purchase goods in advance. It may sound like a magic bullet for the cost-conscious, but you need to observe a few precautions when searching for dropship suppliers:
>> Avoid Suppliers that Charge a Monthly Fee – Requesting for subscription fees is a red flag that may indicate that the supplier is in deep financial trouble. Of course, it’s also a huge inconvenience for eCommerce startups that are trying to save.
>> Ask if They Consider First-Time Sellers – Some suppliers refuse to work with first-time business owners for various reasons. To improve your chances of approval, make sure you prepare the necessary business requirements, such as your EIN (Employer Identification Number), tax ID, and so forth.
>> Ask About Their Processing Time – One of the risks in drop shipping is putting your brand’s image in the hands of an external entity. As a rule of thumb, make sure the supplier is capable of delivering orders in around 1-2 weeks or less.
>> Learn Their Returns Policies – Even though you’re not directly involved with product shipment, your brand is still accountable for returns and refunds. Make sure you have a solid grasp on how these things are handled by your supplier.
>> Look for a Contact Number – If the supplier can’t provide a contact number, then it’s already too much of a risk. Remember, a reputable drop shipper should be willing to answer all their sellers’ questions via phone call.
Now that we have got those out of the way, it’s time to focus on building your first-ever eCommerce store.
Read More >> http://www.jeffbullas.com/how-to-start-an-ecommerce-business/
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