It’s the time of year when people think about new beginnings. Are you ready to take on the challenge of starting an online business as a way to supplement income? If so, there are plenty of things you can do to improve the chances of success. In the digital age, you’ll need at least a basic understanding of how computers work, preferably a college degree, a day job to support yourself as the business gears up, and a product or service that suits your skills. Here’s a review of the steps for e-commerce business success in the 2020s. Note that you need not be an expert in IT or a super-seller to earn a decent income with an e-business. But you do need to check most or all of the skill boxes listed below.
Basic Computer Skills
Of all the business growth tips for entrepreneurs that you should pay attention toyou cannot avoid those aimed at technology. While you need not be an IT guru to run an e-company, make sure your basic skills are up to snuff before opening the virtual doors of your organization. That means knowing how to research the competition, look up articles based on key words, compare prices within various product niches, and file legally required forms to establish your entity.
There are several no-cost options for learning computer basics, with most courses lasting about four weeks. Expect to spend one hour per day watching videos and reviewing lessons. It’s not rocket science, as the saying goes, but you do need to know your way around the internet and understand common computer terminology used in e-commerce.
A College Degree
Anyone can start an e-commerce company without having attended college. But you’ll up your chances of success if you learn essential marketing, management, finance, and accounting skills by earning a business degree first. What if you don’t have a degree yet and worry about covering the expenses? Check out scholarship opportunities first.
There are hundreds of them out there, and they typically come with no strings attached and no need to repay the money. Fortunately, you can scour the landscape for scholarships and apply for several at a time by using a no-cost searchandapply platform. There’s no sense in using the huntandpeck method for locating scholarship cash. Instead, opt for a free platform on which you can find the best opportunities in a matter of minutes.
The Right Niche
Don’t settle on a product or service until you evaluate the competition. Avoid niches that are saturated with new entrants, but also stay away from those where the potential for online traffic is exceptionally low. For example, segments that are currently very crowded include tech product reselling and insurance lead-generation.
Before choosing, assess your own preferences and skills. If you have a background in writing and editing, consider services like resumewriting, freelance content creation, and commercial copywriting. Be careful with adult-oriented products, gambling services, and male potency products. Controversial and legally shady business segments are an invitation for long-term trouble.
A Backup Source Income
What you hear at social gatherings is true, don’t quit your day job. It typically takes at least six months to get an e-commerce company off the ground, so be sure to have a backup source of income. Ideally, it would be best if you spent a few hours each evening building the new company until it could generate enough revenue to sustain you. However, many people aim to do e-commerce part-time and never quit their primary jobs.