How to Launch a Profitable Online Business
by Sourav Ganguly Starting a Business 02 December 2020
If you’re looking for a Profitable Online business, you should consider eCommerce.
With the pandemic pushing more people to buy online, it is anticipated that it will reach $4.3 billion in sales by the end of the year. That’s 16% of the total retail market.
Given this financial opportunity, you too can try and make money online. Take the case of Matthew Lepre of the Ecom Warrior Academy course, who has built his multimillion empire with simple dropshipping.
To achieve a full-time income just like Matt, you should follow these tips on how to launch a profitable online Business:
Select a Product
The first step to having a successful eCommerce shop is choosing the product you wish to sell. Consider your interests, as well as the top-selling goods in the market.
One of the best ways to succeed in this regard is to go for private label supplements dropship. With the CBD industry booming, there is a huge demand for CBD products both in oil form as well as in the form of capsules and other supplements. You can get your business up and running immediately and get your share of sales right away.
Evaluate your Goods
After choosing your products, the next thing you have to do is determine whether or not they will sell.
For example, sterilizers and cleaning materials are all the rage nowadays because of the pandemic.
Procure Your Items
The next step is to find a place to source your goods. You have four options:
If you know how to do things yourself, then this is the best course for you.
This is especially the case if you are a hobbyist, as you can find success in making your beauty products, jewelry, and accessories, to name a few.
By making things yourself, you get to earn more money because you have control over the cost.
In case you don’t have the skills or equipment to create a product, you can always source your goods from established manufacturers.
Just visit the right, legit websites like Alibaba or IndiaMart. With these B2B marketplaces, you can access the best and cheapest manufacturers from China, India, or Taiwan.
With this, you can buy products directly from manufacturers at a discounted price. Although you can sell these items at a higher cost, you may need to purchase a lot to get a discount.
According to Ecomwarrior clients, this can be an issue if you don’t have space to store your inventory.
The dropshipping business model is perfect if it’s your first time to start an eCommerce shop.
One such proponent is Matthew Lepre, an expert in online mentoring and training. According to the Ecom Warrior Academy course founder, dropshipping is an excellent choice since it’s a low-risk, low-cost program.
Whenever you receive orders, all you need to do is forward them to your dropshipping business partners. Since they’re in charge of the packing and shipping, you don’t have to worry about storage or logistics.
Because of these benefits, dropshipping is a hands-down favorite in Ecomwarrior reviews.
Check Your Competition
If you want your business to succeed, you have to scope out your competition at Amazon, Shopify, eBay, and the like.
There are two ways to evaluate your rivals. One is SWOT analysis, where you list your business’s strengths, weaknesses, opportunities, and threats.
You also have to work on competitor analysis. With this, you get to evaluate the strengths and weaknesses of the other group.
Armed with such information, you can start a unique program or offer that puts you ahead of the pack.
Create a Business Plan
Creating a business plan is vital to your shop, as Matthew Lepre of the Ecom Warrior Academy training courses attests.
With this, you can detail your strategy and identify your resources. At the same time, it can help you evaluate business viability as you determine the possible roadblocks to success.
Name Your eCommerce Store
Having a good eCommerce name is vital. It’s the primary way for people to know your store.
If you want your shop to make a mark and a good deal of money, your brand should be:
- Creative and You don’t want to get mistaken for another company.
- Check the US Patent Office to find any name similarities.
- Short and easy to remember. Your brand should be easily memorized.
- Available for domain registration. Even if your name meets all the specifications mentioned above, it’s useless if the Shopify website domain is already taken!
Come Up With a Logo
Just as important as your store’s name is your logo. As people learn from visual cues, a good logo can make your shop memorable for marketing.
Before creating a logo, you first have to determine your brand’s identity.
After this, the next step is looking for visual inspiration. Remember to check the recent posts from free websites like LogoLounge, Logoed, and Logoinspire.
Another vital step is to choose your brand’s colors. For example, brown is the best one to get if your company deals with baked treats, natural goods, or outdoor stuff.
It’s also essential to select the right typeface or font. For example, using a Serif face is the best way to denote authority and elegance.
Before you publish your logo on your website, do consult with the members of your marketing or customer service team. You’d want to have an extra set of eyes for editing and improvement.
Build Your Shop
Whether you go for Shopify or Amazon, the same tenets apply if you want to build a great income online. These include putting all the necessary information in your product descriptions and using beautiful product images.
Get Your Shipping and Fulfillment Affairs in Order
Before you launch your store, you should have all your shipping and fulfillment issues sorted out.
This should not be a problem if you have gone with the dropshipping model that Matthew Lepre has recommended. That’s because the Ecom Warrior Academy review has cited dropshipping as the perfect course for beginners.
If you have followed another model, it’s time for you to get access to packaging materials. From this, you can determine your shipping price.
It’s a good idea to implement free shipping for your upcoming launch. This course will entail some losses, but you’ll be able to work this out soon.
Promote Your Shop
To get paying customers, you need some stellar marketing.
Here are some techniques that experts like Matthew Lepre recommend:
- Offering discounts, like 10% off or free shipping
- Joining social media platforms, such as Facebook or Reddit
- Collecting every email address available for marketing
- Signing up for a paid advertising program
- Setting up an affiliate marketing program and creating affiliate links for bloggers, influencers, and the like
Starting a new online shop is easier than it has ever been. With the help of the Ecom Warrior Academy mentoring and training course by Matthew Lepre, you can generate great sales every month!