If you have run a business either as an owner, partner or manager then you know the commitment it takes to be successful in business. Running an ecommerce business takes just as much effort and commitment as any other type of business, so don’t be fooled into thinking an online business is somehow easier.

That said, if you are committed to starting an ecommerce business than you should first be prepared to commit the following:

• Time: The more time that you can commit to, the better managed your ecommerce business will be.
• Funding: As they say it takes money to make money, and an ecommerce business is no exception.
• Experience: If you have no business management experience, then you would be smart to partner with someone who does.
• Accounting: Maybe the most critical component of long-term success for any business, accounting is crucial for success.
• Advertising: If you don’t advertise you won’t make enough sales to survive. So, make sure you have an advertising budget.
• Marketing: Implementing a long-term marketing strategy when your store opens, ensures sales will grow over time.
• Shipping: The crux of every ecommerce business, the goal is to find fast shipping and a low cost.
• Products: Equally important as accounting, but way more difficult to get right. Get a dependable supplier that will extend terms to pay.
• Software: We saved this for last because this is where most inexperienced ecommerce business owners get stuck.

Most of the items listed above are as they say “no-brainers”, however there are a few that can really send your new business into debt faster than you can imagine.

Ecommerce Platform

The first is the ecommerce platform that you choose to build your new ecommerce business on, remember you’re just starting and can always upgrade later. You don’t need to overspend here, in fact in this case less is better. Suggested platforms for starting your ecommerce business are WooCommerce (built on WordPress), Shopify, BigCommerce and Magento. We recommend WooCommerce because it gives you ownership of all code, and flexibility to upgrade for far less than the other ecommerce platforms.

Accounting

We have tried several different options here, the one platform that seems to be global is Intuit QuickBooks. Most ecommerce platforms have plugins or apps that will connect QuickBooks to your ecommerce website and automatically update all your sales data. Simply give a login to your CPA, and they can manage your books, and taxes.

Advertising & Marketing

Most do-it-yourself ecommerce business owners who think they can manage the marketing of their business usually struggle to make sales. Sales only come when a proper strategy has been developed and executed, this is not something you can entrust to entry level marketing people of contractors. To make your new ecommerce business a long-term success you need to have a viable roadmap of where you’re going and how you’re going to get there. Generating revenue on a consistent basis requires highly experienced marketers.

Ecommerce Business Funding

If you have enough funding then you can last through the lean months when your business first starts, and don’t kid yourself, there will be lean months. It’s not our purpose to give financial advice, but we have seen too many good companies fail due to lack of funding. Our general recommendation for a start-up ecommerce business is for the business owner to have one year of saving to live off, until there is enough profit.

Product Supply Line

Before you get started you should be absolutely dialed into a suppler. You should know how long they have been in business and how healthy the market is that intent to sell in. Don’t rush this part of the plan, better to wait and get all the information you need to decide than make a snap decision. Remember, you will have competition, and your competitors may have a very strong potion in your market. Do your homework to make sure you have a fair chance to compete, and the supplier will give you all the products you need. Don’t be waiting on the dock for your next order, and don’t warehouse your suppliers’ overstocked products. Buy only what you need to start, you can always order more.

In conclusion, starting an ecommerce business is a big commitment if you’re going to do it right. But it also can be a huge payoff if you find the right company like Affordable Marketing to help you generate revenue to make your new business a success.