There is a ton of money to be made online. And one of the things that I am determined to do is to make more of it in 2020. I mean… it has become obvious that you can make a great living on the Internet, or maybe just use it to supplement your income. In my recent post, 17 Awesome Side Gigs to Make Great Extra Money, I talked about a few things that you can do to make a living, or supplement your income. One of those ways is opening an online store.
More and more people are running blogs, doing online consulting, or running other online businesses instead of working a traditional 9-5. For those who choose to run online stores, it’s a more convenient, more reasonable, and easier than having a brick and mortar stores. There are now many website services that enable businesses to set up shop online and they have seen a massive increase in sales because of it.
If you are considering setting up your own online store for your business, here are a few things you keep in mind.
Choose the Right Products For Your Online Store
Having the right products is a key factor to your success when you create an online store. Not every product is sellable online and some work better in person, this means it’s important to make sure you do the relevant research and learn about the right products for your shop. You could choose to only sell your premium products online or choose a selection from your products. Or you might choose to stock products from other places. Some people have great success buying from thrift stores and reselling on Ebay, or you may choose to sell popular products on Amazon.
While I do sell things on Ebay from time to time, I am not a bulk seller. Funny thing is that years ago when I was an Ebay Influencer we learned all about how to et started. It may be something that I look into one day soon. Just be sure aware that there may be some counterfeit goods out there. It helps to know how to report counterfeits on Aliexpress and other sites.
I also think when you are a small business it’s important to focus on only a few things that you are good at. We can’t all be Amazon right away! If you are making personalized products, pick 10 popular things and stick with those for a while. Reselling? Maybe offer only cellphone accessories, or only clothing by 2-3 designers. This way, you keep your costs down, and you don’t fill your home or office with items that sit there for years. I’ve been there!
Set Good Product Prices
Let’s be honest, pricing is a huge reason why we choose to buy from the sites that we buy from. Unless your product is truly unique, visitors will shop around. Be sure to price your products so that they compete with other sites. Or, offer a personal touch, or make your product unique in some way. Customers won’t mind paying a bit more for better quality, or a personalized touch. Do a bit of research on how you price your products. Think about offering free delivery if possible. Structure your price structure so that delivery is included in the price already. Customers love free delivery! Just make sure that you don’t end up losing money.
Have a Variety of Payment Options
Thinking about payments can be a challenge for even the best online retailers. It can be a bit of a minefield trying to figure out which online payment providers are best and what features you want to include. Believe it or not, not everyone has Paypal these days. There are a lot of payment providers on the Internet so the whole process can sometimes be overwhelming. You need to first think about your payment gateway provider you’re going to use in order to accept online payments with credit cards. And consider accepting options such as Klarna, Paypal, Google Pay, or Apple Pay. Offering a variety of payment options opens up your store to many more people.
I’m not exactly sure when I will open an online store. I am constantly doing research, jotting down ideas, and even looking up sites to find out where to run it. But, when the time comes, I will be ready.
Do you have any other tips and hints that you can share with me in the comments below?
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