Despite the school load, many college students nowadays would turn your startup business idea into reality. If you’re one of them, consider starting an ecommerce business.
For one, it is easier to kickstart and manage. You do not need to rent a physical store, and, often, there’s no need to store your inventory. Aside from that, it has a massive potential to be successful and something you can keep on doing when you graduate.
If having an online store is something you want to do, here are eight practical tips you should keep in mind:
1. Start with a low-cost business
One of the challenges of becoming an entrepreneur would be the initial costs before getting your business up and running.
You don’t need to be operating a full-blown company while in college. Decent side hustles can take you far, so looking up low-cost business ideas can be a great start.
There are plenty of low-cost business ideas that people have stated that they could get good money from. Some students even went on to grow their side hustles into legitimate bigger businesses after graduating.
Some examples of low-cost ecommerce business ideas would be dropshipping. This is popular in the ecommerce world, thrift store flipping, affiliate marketing, and many more.
2. Have a business plan
Whether you have a low-cost business idea or not, you mustn’t just daydream about what your ecommerce business is. To get that business up and running as soon as possible, you have to draft a plan.
A business plan, to be exact, is what you need to hit the ground running no matter what ecommerce business you have in mind.
Your business plan would contain all the necessary business idea details, from the target customers to the execution. It will also include accounting for your expected costs to get things started and where you plan to get the capital.
Don’t forget to include things like apps, productivity tools, and the like when accounting for the costs of your budding business.
If you’re feeling lost while getting your ecommerce business started, you can always consult your business plan. That way, you know what you need to focus on to get it up and running.
3. Identify your target customers
You can’t draft up a business plan without learning who you want your target customers to be. It’s a beginner’s mistake to start any business without having a specific group of people as target customers in mind.
Many people picture everyone patronizing their business, but that is impractical and not actionable in any way. By identifying a specific set of target customers, you can have an easier time targeting them with your ecommerce marketing.
You can set up more precise messaging and brand positioning, which will hit your target customers’ pain points. That way, your marketing and advertising efforts will be more effective than if you’re targeting any and everyone.
4. Understand the demand
An ecommerce business is nothing new in the market. A college student with an ecommerce business, and a successful one at that, is also nothing new.
However, this doesn’t mean that there’s no longer any space for you to start an ecommerce business. It simply means that you need a better understanding of the market’s demands to know where you can get more of a foothold.
Look at which niches have a high demand. These places might have lots of competition already, so it will be harder for you to make a name for yourself.
If you find a specific niche that has the demand but less competition, that’s where you’ll shine the most.
5. Pick a mentor
Many people of all ages value going to college because it’s an organized way of getting valuable information that you can use in your life. Unlike having to experience it for yourself or through years of trial and error, having your professors teach you is a shortcut that not everyone can have.
It’s the same with starting a business. You can opt to make someone your mentor to guide you in your journey towards setting up an ecommerce business. They know the dos and don’ts better than you do. So, they can advise you so that you don’t have to waste time and effort on things that probably won’t help in the end anyway.
It also helps to have someone you can go to who you know has struggled through the same thing you are experiencing now as a budding business owner.
6. Be patient and resilient
Although many people have found success in starting an ecommerce business, know that it’s not all sunshine and rainbows to get there.
It will take some time and effort, and even then, it won’t guarantee success. That’s why patience and resilience are vital qualities to have as someone starting an ecommerce business.
If you have a business mentor, they’ll be able to hammer down this lesson during the times when you feel stuck and frustrated.
However, every entrepreneur goes through periods of inactivity and plateaus in the business. That’s why you mustn’t paralyze yourself with frustration and keep at it.
7. Research and development
When starting a business that either provides a product or a service, you always need to conduct research and development. That is until you nail down the best offer that you can give to potential customers. After all, there’s only so much that marketing and hard work can do if your product or service isn’t of quality.
Keep in mind that it is always about constant testing and experimentation. Until you find the best way to operate your business, you’re going to make tweaks here and there all the time. So be ready to adapt at all times, especially in the first few years of a business. Of course, in those first few years while you are adapting, do not forget to keep your website maintained. After all, it is the first part of your business customers come in contact with.
8. Ask for some help
Don’t hesitate to seek help whenever you need it.
Of course, many people advise that you avoid mixing up personal life and your business together, given the money concerns. If you believe in this, consider hiring outside help when you need it.
Once you get the ball rolling with your business, that’s one of the best times to hire outside help. That way, you can focus on making your business grow while the rest of the team helps you run the business.
Starting an ecommerce business while in college is challenging, but it can also be very fulfilling. Aside from the extra cash, it’s even a way for you to carve a future career path for yourself. Try it for yourself, but know that it isn’t going to be a walk in the park at all. Regardless, you might be able to make something out of it.