Quite recently, the eCommerce industry has had quite a significant expansion. As a matter of fact, it has been showing significant growth since 2014, but the COVID-19 crises only served to expedite it.
With so many companies going out of business, closing down their brick and mortar offices, and switching online, eCommerce is going through its Renaissance. Therefore, it is no wonder that you would want to try and see what it is all about. And this is exactly what we are here to help you with today.
Running an eCommerce business on a budget can be tough. It will take a lot of planning, managing – and a little luck. But with these five tips, you will have a strong basis and be ready for success!
1. Plan your business carefully
There is a lot of talk about planning a business – but no one really mentions the importance of planning it well. What’s more, new business owners might not even be aware of how to create their plan, or what goes into it.
The thing to remember is that your business plan doesn’t need to be a hundred-page novel. Sometimes, a simple one-page business plan will do the trick just as well! It can even help you shape up your focus on what’s important.
What you will want to find on a business plan is your vision and your goal. Answer these two questions:
- Where do you see your business in a certain time period – like six months or a year?
- How do you plan do get there? What resources will you need?
Just by focusing on these two things, you should be able to create the gist of your business plan. From there, you can come back and edit it as much as you need – and this becomes easier the shorter the plan is!
2. Use the right tools for your business
Picking a tool you are going to use for a certain task can make or break your business. This is true in the mortar and brick world – but it comes to the forefront when talking about eCommerce.
And since you are running your business on a budget, you cannot splurge on a huge variety of tools. So, you will want to pick only the ones that you will really, really need.
One of them is good business modeling software. In the early stages of starting your business, you will want to be able to create forecasts of how much you will be spending versus how much you will earn. Tools like IdeaBuddy, Wrike, or Bitrix24 are perfect for this!
The second essential tool you will want is a project management tool. With it, you will be able to plan ahead and manage all your chores, resources, and your team. Make sure you find a tool that can scope well with your business.
Remember – as you grow, the number of projects will grow too – and thus, it can be harder to grasp them all. So, tools like Todoist, MeisterTask, or Trello are a must! Just ensure that these are included in your budget, and you will be set!
3. Streamline everything for the best results
The next thing you will want to do is to remove as much clutter as you can form your eCommerce business. Go back through everything you already have and try to streamline it all down. This includes your products, your tools – even the chatbots you are using on the website.
This task might seem like quite a chore, but it comes with a set of benefits. First, you will speed up your website by removing clutter. You will only have 15 seconds until a user leaves a website to catch their attention. If your loading speed takes this much time, you will lose them – and your budget will suffer!
Secondly, you will have fewer things over which you need to lose your sleep. Your business will require fewer updates, and there is overall less risk that something can go awry. You will also spend less on the upkeep.
4. Consider outsourcing
Another thing that has grown quite popular with the advent of technology is outsourcing. Nowadays, you can find a person who can help you with your workload with only a couple of mouse clicks.
This is why outsourcing your eCommerce is an obvious choice. Once you are running for some time and you are picking up steam, you can find assistants that will take the workload for you.
This way, you can pay them a reasonable rate for their work, while still making money without lifting a finger! You will also not have to deal with the stress that your huge workload can represent. What’s more, you can put your focus on other revenues in order to turn even more profit. Thus, outsourcing is a win-win-win condition!
5. Don’t be afraid to ask for help
Finally, a thing you should always keep in mind is that it is completely fine to admit you have no idea what you are doing from time to time.
In these cases, you should always turn to a professional. Whether you need help dealing with the taxes, you need accounting, or there are some legal issues that raise concern – turn to someone who can help you. What’s more, you can even freelance these consultants online and save a little money that way too!
Remember – all great business owners were in a position that left them confused. It is how you get out of it that matters – and what you do with your answers in the long run that counts!
About The Author:
Petar Dordevic is a content writer for IdeaBuddy, the best business modeling tool on the market. He is finishing his master’s degree in General Mathematics but is also learning about entrepreneurship, eCommerce, and project management on the side.