In an article that appears in our latest e-Info magazine for online sellers, Dave Furness says that rather than focusing on the negative things that could happen when you set up your online business, you should take the plunge.
If you’re looking to start up an online business in 2016, my advice would be to just do it. Too many people get hung up on worrying about what might happen, but if you never try you’ll never know. Keep the fundamentals in mind, so products, pricing and processes are key to success. Also build your processes and systems for the business you see yourself being in two to five years’ time, as this will stop you reaching any glass ceilings too quickly.
If you are just starting a business in 2016, there are plenty of things you can do now to get ready for the new year. Research! Look at what people are doing in your category now, what mistakes are they making, opportunities are they missing that you can capitalise on? Where are the gaps in the market that you can exploit, giving yourself a competitive advantage? In fact, all of these questions are applicable whether you’re just starting or if you’ve been in business for years.
In 2016, the main issues I see online sellers having consistently regards the profit of the business. Keeping an eye on marketplace fees, marketing fees, cost prices and currencies are all crucial for online sellers to remain in the black. Nothing kills a business quicker than no cash flow.
For online sellers looking to grow their business in 2016, as competition increases in the online space, it has never been more important for sellers to innovate within their product ranges. The opportunities in bundling together products and entering the market with unique products are huge when more and more sellers are trying to stand out from the crowd. If you sell in one region such as the UK, look to expand to other English speaking countries first, USA and Australia. The language barrier doesn’t become an issue in product descriptions and customer service. If you do that already then it’s time to branch out and look at opportunities in foreign speaking countries where there is highest demand for your product range.