The prospect of stepping into a new business venture in the New Year might seem daunting. Not only due to the current evolving situation with the coronavirus, but because the world as it stands seems like an uncertain place right now.
As an entrepreneur, there are a number of things you need to consider before jumping straight into a new venture, from startup costs to market research.
Believe it or not, eCommerce businesses are those who have survived the test of time even during the most economically dark times in the past couple of years. If you have a product idea that could potentially help a person, your business plan is already viable.
If you have been on the fence about setting up an eCommerce business in 2022, then now might be the ideal time to explore your options. Consider the following advantages and you will soon feel confident stepping into this new area of your career.
Start Up Costs Are Relatively Low
Depending on your industry, the general costs of setting up an eCommerce business are very low. From the website design to backend systems you won’t need a lot of start-up capital to get the ball rolling.
Look into the following ecommerce articles to learn about all of the different elements you might need when you’re first starting out. You’ll gain some insight into strategy, business management and a whole host of other topics to help you grow a thriving business from the ground up.
Way back when, setting up a business would have required an exorbitant amount of start-up capital; before technology existed a physical shop or store was the only way to sell products. Not only did you have to pay rent, but you also had to front the costs of electricity, utilities and building maintenance.
Expensive insurance cover was also necessary to make sure there were no risks when it comes to theft. When you run an online store, these elements don’t matter, and you can put as much or as little into the startup of your company in the initial stages.
Loans and Capital
After doing some research into your industry, you may find that you need some form of loan in order to aid your start up venture. Whether you require a bank loan or you would prefer to follow a crowdsourcing method, the interest rates in general are extremely low at the moment.
There is a lot of taboo around taking out a loan, but it’s really not as big of an investment as it used to be. You may also want to look into venture capitalists who are keen to contribute to your idea.
As long as you have a good business plan that showcases your reputation as an entrepreneur, you may find it easy to find investors to help your business grow. Nowadays it’s not uncommon for people from all over the globe to take an interest in a business and offer to fund it in one way or another.
It’s Simple To Set Up Even If You’re Not Tech-Savvy
There is undeniably a lot of technology involved when it comes to setting up an eCommerce business, but luckily there are a wide variety of options available to you.
The world of eCommerce offers some of the most user friendly software platforms so that you can do most of the setup by yourself. With new applications, payment technologies and funnel systems it is becoming easier and easier to set up your own eCommerce business, even if you have no experience.
People Want to Support Local Businesses
Nowadays more and more consumers are geared more towards helping local businesses. The big online businesses such as Amazon have their uses, but when you run an eCommerce business you have your chance to add a personal touch to every sale.
For the first time in many years smaller businesses are actually able to compete with the global leaders. As long as you’re able to match up your products and pricing with your biggest competitors, you should have no problem in maximising your results.
Starting a Business? Easy as 1, 2, 3
Starting a business has never been easier, especially with the rise in new and improved technology. With online platforms available at your fingertips, such as Shopify, starting your very own digital shop is a seamless process.
Even if you have no idea how the back-end technology works, there are a number of different web development platforms that can help you to create a seamless, professional and functional website.
Having access to these invaluable technologies gives you the upper hand to move with the trends as they adapt and evolve to the changing world around us. Instead of having to deal with the slow, monotonous everyday tasks they put intuition first and help to drive sales without the stress.
Brick and Mortar Stores Are Closing Down
As sad as it is, you’ll probably notice that your local high street doesn’t look the same as it used to ten years ago.
Although there will always be physical shops in some capacity, many are closing at an alarming rate. More and more consumers are turning to the online world to do their everyday shopping.
Not only is it much more convenient to shop from the comfort of your own home, but it is also much easier to scope out the best deals by comparing different websites.
It’s also much easier to keep track of your inventory when you run an online store; this is one huge advantage to consider when setting up your eCommerce business.
With fewer stores on the high street there is lower competition from them. However, it does mean that online stores are becoming more and more saturated. You’ll need to work hard to stand out from the crowd and find your own place in your chosen industry.
Minimal Equipment is Required
To set up your eCommerce business the only two things you might need are an internet connection and a laptop. Of course, this depends on your chosen industry, but the initial setup won’t require too much equipment.
There are new processes in place which allow you to start contracts with manufacturers and shops to develop, produce and even fulfill your products; you don’t need to fork out for the machinery costs and you don’t even need to know how it works either! Not only will this save you a tonne of time and money, but it also means you don’t need a large space to start up your business.
You can start a thriving eCommerce store from the comfort of your own sofa whilst a reputable manufacturer across the globe, creates your products for you. As a savvy entrepreneur you need to put your skills first and leave manufacturing processes and other specialist areas to the professionals.
Contribute to a Thriving Economy
Starting up your own eCommerce business is going to benefit the economy in so many ways. You will always have the advantage of the current upswing in the global economy.
Trade across all major markets are vastly improving, and some of the largest economies are performing at the best rates. This is an excellent indicator that it’s time to startup your very own eCommerce store, because there are consumers out there who are willing to spend their money.
There is still a time limit when it comes to starting up your online business. Even if you have a great idea, you need to strike whilst the iron is hot so that the market doesn’t become too saturated. As markets continue to expand and grow you want to get in there as soon as possible before there is an inevitable die down.
Expansion Possibilities and Potential
As mentioned earlier, it’s easier than ever to start an online business. This means that the potential for expansion is almost limitless. Even if you start with one small idea now, you never know how the market will expand and change in the years to come in the future. As soon as you start to experience small tastes of success you will want to grow your business even more.
Similarly, as more and more people become aware of your product you will become in higher demand. Online exposure is one of the best ways to scale and reach out to potential new clients.
Whether you open up offices around the globe or you recruit an enthusiastic team of employees, there are so many options when it comes to growing your business.
Start Your eCommerce Business Today
It’s no secret that 2022 is going to open up numerous doors for entrepreneurs seeking their own financial freedom. As you can see, there are a whole host of reasons why you should get involved in the world of eCommerce, from the ease of setting up to the relatively low costs. The fact that this is a risk free venture makes it even more viable as a business idea.
The rewards of having an eCommerce widely outweigh the potential issues you could run into in the future. Not only will you have the freedom of running your own company, but you will also be able to work on your own time and earn the money you have always wanted.