Thousands of Australians have pondered this question and the short answer is … yes! That doesn’t mean you will, rather it implies that the potential is there and if all the dials are in the right place, you can unlock a success run and create a sustainable business that keeps on growing.
Looking at potential products
The list is endless and whatever interest you must be in high demand; creating a demand is a tall order – hot products are eco-friendly and there must be a future for the items. When you think you have found a line that would work, you have to see how close to the manufacturer you can get. Buying direct from the factory is the cheapest, otherwise, you have to deal with wholesalers, who take their slice of the pie!
Crunching the numbers
Take a look at what competitors are charging and see if you can come in slightly lower; at the end of the day, it is all about price and if you are competitive and offer quality merchandise, you should hold your own in the marketplace.
Digital marketing
You need an SEO agency like King Kong to drive traffic to your store, which will be the core of your online marketing, with social media and SEO. Forget making it without an SEO budget, it simply isn’t going to happen; every seller is using digital marketing in some form or another and with an award-winning Sydney based SEO agency, you can get ahead of the pack.
Write a business plan
Include absolutely everything when costing the startup; IT equipment, web design and hosting, digital marketing budget and, of course, a large inventory. Think about business registration, which can be done online and project revenue for the first 5 years, based on realistic numbers.
IT Needs
Luckily, you can get the following from a single provider:
- Domain name registration
- Web design & build
- Web hosting & site administration
- Cyber-security
- Digital payment gateways
Some owners run the site while others use admin from their host to manage the platform. The choice is yours.
Do your homework and with a lot of hard work and dedication, your e-store will enjoy steady growth.
