Convert $ 10,000 to $ 1 Million in 3 Years – Vital Tips for Ecommerce Success
The world of e-commerce is one of the most profitable industries to get involved in, yet the great rewards on offer have resulted in immense competition. A quick search for online stores on Google reveals hundreds of stores that sell the same thing. A little insider knowledge coupled with careful planning and dedication is all you really need to be successful.
The best part of e-commerce is the small capital required to get up and running compared to the unlimited potential billing. An initial investment of $ 10,000 can result in an annual turnover of $ 1,000,000 + in just 3 years. This may seem like a difficult task; however, this guide offers some helpful tips to help you achieve this goal.
You need an attractive website to be profitable. The competitive nature of e-commerce means that your website must stand out. All successful online stores have functional, professional-looking websites. They have spent years and mountains of money perfecting their sites, so take the time to visit the top online stores and incorporate their best features on your site.
Building a professional website for less than $ 10,000
A premium web development and graphic design company will charge around $ 40,000 for a fully functional and professional site. You can get the same quality for less than $ 10,000 if you follow these steps.
1. Find a local university that has IT courses and place an advertisement on their bulletin boards looking for people to finish their studies. Graduate students have all the required technical skills and charge a third of the current fee with major companies.
2. Use an existing open source shopping cart platform, such as Magento, so most of the work is already done.
3. Take the time to research and design the features of the site yourself. Have a clear vision of what you want, you will save thousands if you make it yourself instead of paying your designer for this.
Planning and preparation
One of the keys to success is planning and preparing before launch. Every minute detail of the business must be recognized and a course of action taken. Everything from managing inquiries, processing sales to organizing returns, must be planned down to the smallest detail.
Strong supplier relationships
Once you join a distributor, make an effort to meet with them in person or at least take the time to talk to your sales representative about their vision for your business. If you have a good relationship with your distributor, they will actively help you succeed and achieve your goals. You can then request special prices that will give you a competitive advantage in the market.
As soon as a steady churn begins to develop, your focus should turn to your customer base. The following tactics are a good starting point to keep your customers coming back.
o Weekly newsletters with discount coupons and special promotions
o Automatic emails sent 1 and 2 months after an order reminding the customer of its existence
o Referral programs that offer store credit to those who refer friends to your store.
By following these tips and having a strong marketing campaign, you can turn an initial investment of less than $ 10,000 into an annual turnover of $ 1,000,000 in just 3 years.