Starting Your Own E-Commerce Business

Starting Your Own E-Commerce Business

Many of us have dreamt of owning our own company in the past but never thought that it would ever become a reality. Being able to work for yourself, set your own hours and create a company in your own image can seem like just a pipe dream. Hiring staff, renting office space, investing in overheads; it can all seem too overwhelming for some.

However, thanks to the ever-evolving, modern work environment, many people are now becoming self-employed or starting up their own businesses from their own homes, in kitchens, bedrooms and garages across the world. The dream of owning your own company is now becoming a reality for someone, somewhere every second.

Due to the many advanced, secure and low-cost options available for conducting transactions electronically, a growing number of new business start-ups choose to focus on a lucrative e-commerce structure without ever needing to invest in a physical bricks-and-mortar store. But it can be difficult to know where to start if you’re thinking about setting up your own business. As a self storage company that has housed many a fledgeling business, we've come up with a guide to help get your e-commerce business up and running.

Research your idea

If you already have an idea for an e-commerce business that you think could work, then you should do some thorough research before committing to the idea. One of the first things that you should check is the competition. Although you might not have heard of any other business offering what you plan to offer, there may well be someone else who has already had the idea.

This is not always a bad thing, though, as it suggests there is an existing market for your product. It also gives you the opportunity to develop a different spin on the idea and take advantage of any flaws in your competition's product or service. Analysing the existing market will give you an idea of how successful your idea could be if run properly. You should also define a niche or a differentiator that makes your business stand out from the others.

Create a business plan

Many people have great ideas for starting their own business but if you don’t plan and run it properly, then you'll struggle for success. You need to create a business plan from the outset so that you have clear goals to reach and achieve. You should also have sales and marketing strategies in place to make sure that you have a defined way of achieving your goals. The information gleaned from your extensive market research will be invaluable here. A detailed business plan should include;

  • A summary of your business proposal and what you plan to do
  • List of the main competitors in your market or field
  • How you plan to promote and market your product
  • Projections on how much you will make and where this will come from

Register your business

Now that you have planned your business out and decided that it could be a viable idea, it’s time to register and make it official. Anybody that wishes to trade and sell goods in the UK, either through a physical store or e-commerce business, must register their company with Companies House. You can find more detailed information on registering a company on the government website.

This will require you to choose a catchy and unique name for your business that will get the attention of your future customers. One thing you should also do before settling on a name is to make sure there is a web domain available. It would be a shame to register your company and not be able to find a domain that matches. A popular website for registering your domain name is Go Daddy.

Final Details

Now all that’s left to do is sort out the final details and get your business underway. You will, of course, need to buy stock and set-up a website to start your e-commerce business. It can also be a good idea to set up social media pages on Facebook and Twitter amongst other places.

You will also need somewhere to store your stock while the business takes off. Buying and selling in small amounts can be costly and you can save from buying in bulk. Self storage could help you with somewhere to store your belongings while your business grows. This means that you won’t be tied to expensive long-term rent and you can manage your business easier. If you’re looking for self storage, then make sure you contact us today.

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