Starting a business can be an overwhelming task for most people. The pitfalls are so many and if you’re not focused you can easily fail. You will have to give it all you’ve got both financially, materially and otherwise. A classic goal of such businesses is to own a successful e-commerce business.
You will need to face every challenge that could be a cog in the wheel of your progress to succeed at it. You must be determined and ready to work hard. It’s imperative you have an understanding of owning a business before you take the plunge. You must have certain skills, the commitment to succeed and be resilient. This is necessary for you to own a successful e-commerce business. Otherwise things will start to fall apart even before you start.
So, you must pay serious consideration to your friends and family, your finances and ultimately yourself if you feel you must proceed. The following important questions will truly help you figure out if you’re really ready.
1. Are you truly ready to carry the responsibilities for a successful e-commerce business?
You must understand that responsibility in the corporate world is quite different from the business arena. Everything rests on your shoulders to own a successful business. The challenges come in enormous proportion. The working hours are usually long and so many issues to attend to. You can find that many issues fight for your attention at the same time.
You‘re responsible for any employees you may have, and at the same time, attend to your customers. The company’s finances will be first on your list that you will need to attend to with great care. Especially, you do not want to forget the taxes. You will need to sign your signature on so many forms after filling them as you proceed.
Give great consideration for what you’re about to delve into. You should have it at the back of your mind that so many responsibilities will come like never before to own a successful e-commerce business. This is all irrespective of your work experience. You’ll be ready to take them on if this part is clear.
2. Will hard decisions be very difficult for you to make in a successful e-commerce business?
Many critical decisions need to be taken when you’re in business. Some of them will border around your business directly, while others, your personal life and also employees. You’ll have to take on some very hard, yet critical decisions when hard times hit. For example, you need to lay off staff if needed. You must make sure that it is made no matter how difficult or tough a decision is for your business. Otherwise, you’ve got a big problem on your hands.
3. Does owning a business strike you as a way to make an easy and endless stream of income?
It’s not a realistic impression to think, that when you start your own business, the money will begin to roll in as soon as you start. You may be in big trouble if you quickly put your 9 to 5 job by the wayside without considering your financial needs.
Considerable years might have gone by to raise your income to that height you seek to own your own business. On the contrary, you may opt to sacrifice financially just for the fact that you want to own your own business. In the long run, you’ll be better for it if you study the in’s and out’s of successful business operation.
4. Is desperation your driving force?
In recent years, as the economic crunch bit harder, some companies were forced to downsize and consequently a lot of their workers were laid off. Perhaps you’re a victim of such treatment and you think starting a business is the only available option on the table. Then, you need to think twice.
This might be what you need to finally break free from your financial worries. Then, again, you’ve to give it what it requires like being committed. Consider, also, the energy it takes in the e-business world. The corporate arena is totally different from a business environment, so get it right!
5. Do you think of proper organization?
The daily activities of running your own business entail so many responsibilities. You might be required to multitask on any typical day. For example, fill some tax forms, prepare the payroll, pay some bills and many more. You could find it very difficult if you’re not a well organized person. Additionally, the air conditioner could develop a problem when you least expected it. So many options should be up your sleeves if you want to own a successful e-commerce business.
You most certainly will want to have what you want to do on a list and have them done one after the other even if you’re interrupted. You’ll go back and ensure you finish them off. Then, you must ensure that you properly organize your schedules if you really want to get it right.
6. Is being creative part of you?
Being creative gives you an edge in business. Then, success will happen sooner than later if you’ve got a bit of creativity in the mix. Marketing campaigns and advertising will be crucial to winning customers over for them to make a buying decision. Your creativity could be in writing, graphics and much more. Applying these possibilities into the scheme of things will be vital for business.
You can win your potential customers over in this industry with top notch writing skills since they cannot physically feel or touch what they’re purchasing. Expect what you write on your sale page or ads to make the difference.
7. Do you have a flexible personality?
Staying focused is crucial to being a successful e-commerce business. However, you might need to go through several approaches to get to your destination. Being flexible is very important because some approaches may not see the light of day.
There are times when a particular marketing approach stops to yield results in the e-commerce business world. At this juncture, you want to come up with a new idea to continue to market your product to the public. A new look can be of immense benefit whether the business is doing fine or not.
8. Are you a goal getter?
This can be useful in all facets of our life. It becomes an advantage to own a successful e-commerce business. You’ll have clearly defined goals within a time frame when you own a business. This is whether it is to increase profits, increase turnover, etc. You should have clearly defined goals at the beginning of each year to boost your morale to achieve extraordinary things.
As a goal getter, your plans for the future are well laid out and a thorough execution is put into consideration. Take for example, your goal is to surpass your gross sales and net profit for your first year of operation. Then, with each day, that will be your motivating factor that propels you to give it all it takes.
You might want to spread your energy to accommodate some product selections and also target the market at the end of the day. Your plans for the future should have a long term plan that will include the timing of your product expansion and other areas of your business.
9. Is optimism instigating a positive mindset in you?
Mental attitude is vital when it comes to business and other aspects of life. Ensure you look on the positive side when you’re faced with challenges. This will keep your momentum and help you ride through the tough times.
Business will always go through rough patches in life to succeed. Especially, during the first or second year of operation. You should do everything within your power to put things in place to hit it really hard right from the word go. Therefore, your advertising and marketing strategy is top notch.
Even your emails have all been sent out at the right time. Then, all it seems to be is to wait for your potential customers to call and place their orders. Then again, you may be disappointed. At such times your optimism is what keeps you going.
Don’t fret, even when few orders come in and some calls come through complaining about certain products. Just think that things can quickly get better. This is when your mental attitude should kick in and help pull through the hard times. This is paramount to own a successful e-commerce business and that’s what pushes an unfavorable situation out sooner than expected.
10. Do you have experience for a successful e-commerce business?
Having experience will give you an edge to have a successful e-commerce business. Whether it’s sales, marketing, advertising, or any other it will make it easier for you to succeed in this venture. It’s a must that you’re computer literate because that will be the tool you’ll be working with.
Hands on experience is essential if you really want to make headway. You should be familiar with both hardware and software and have it mind that more often than not you’ll be working with computer experts.
11. Do you have people skills?
In a successful e-commerce business, your customers want to be treated right which will keep them coming back for more. You need to know how to please your customers and to satisfy them for whatever service you’re offering. Like they say, your customer is always right so you must live up to their expectations.
Your customers barely interface with you in e-commerce, most of the time, except through the internet. So, you owe them every responsibility to deliver good service. You’re well on your way to success with great people skills.
Someone out there will find fault somewhere no matter how well organized you’ve set up your e-commerce business. Be it the price, service, or even your employees. That’s part of the business. Do well to keep that in mind.
12. You’ll need to exercise a lot of patience.
Also, be able to see things from the customers’ perspective in your own business. You must ensure you leave a positive impression if a customer is not satisfied with a particular kind of service. No one wants a disgruntled customer to step an inch out of your business premise. That could spell doom for your business and potential customers may stay away from you.
You must also be ready to make it up to the customer, even when you know it is not your fault. A phone call or a written note might be appropriate to apologize about the product delivery since your customer could be many miles away from you.
It’s essential you leave the customer happy for your successful e-commerce business.
You will have to set the tone for your employees to follow. Be rest assured that your employees will follow suit and project it in their dealings with customers if you have a cheerful personality and a fun to be with kind of person.
It is necessary to be financially savvy to own successful e-commerce business. You will be dealing with quite a lot of money. You’ll need to have all the skill to be able to handle it quite appropriately. These issues are as follows; payment of bills, making bank deposits, making quarterly reports to IRS and state and so much more. There are risks involved in handling huge cash and you will want to be good at it.
The plans you make in regard to a successful e-commerce business are major determinants of your income and also expenses for a particular period of time. This could be within a six month period or a year. It entails a whole a lot of proper planning and a great deal of budgeting.
Take for example, you need to know the total number of staff you require to get started. You need to know the amount you need to disburse for adverting and marketing. How to fix the pricing of your product. Also, you need to know the shipping cost and handling of your products.
All of these are very essential to own a successful e-commerce business. Any financial experience at this stage will be worthwhile. Then, that’s definitely a plus if you enjoy doing things like these. Otherwise, you’ve to gear up to contend with it.
13. What’s your financial standing?
You require money to get started just like any other kind of business. Though, you can start with a little capital and build it to a substantial level. Ensure that you’ve a certain amount that will be enough for you so you can hit the ground running before you start.
The business will require even more money to get started if you’ve a big dream. For example, you would expect the start up cost to be quite a lot for an e-commerce business that’s full-time based and has lots of products. You might have to consider a whole lot of things in this situation. A reserve is needed that will keep you going for as long as the business starts to pick up. You must also have an alternative way out in the event that things don’t seem to work out.
Your finances are really important. Are you willing to sign for a loan if you don’t have enough capital? Have you collateral to offer? Or do you intend to partner? These are pertinent questions that need answers if you really want to succeed at it.
You could be heading for the rocks when you don’t do the right thing as regards to your capital for a successful e-commerce business. Some businesses in the United States have fallen by the wayside because they were not properly capitalized. They venture into business just because they want to fulfill their insatiable urge to be called a business owner. You’ll be taking a lot of risk if you’re set up without a strong financial standing to withstand the bad times.
14. What about family commitment for a successful e-commerce business?
Your family will be greatly affected when you own your own business. This is true even if they’re involved in the business or not. It’s even more of an issue if you’re the only one involved in the business. This will be a problem the entire family will have to deal with if they’re used to having you around most of the time.
Your spouse might be the one to bear the brunt of it all. She will have to work twice as much to keep the home together. She will have to drive the kids to school, prepare the meals, and help the kids with their homework. All of these may have serious consequences in the future.
Your kids will also bear part of the pain if you want to be successful in business.
All the school events that a child needs a parent to attend might not be possible. Things might really be tight around finances and some luxuries might not come as they used to.
It’s imperative to let your family members know what you are about to do long before you start the business. Communicate to them the essence of what you are doing. Also, why they should support you in your quest to own a successful e-commerce business. There is a lot of stress involved in this business and having issues with your family will only escalate it.
On the flip side, your family member could be a member of your staff. The major problem you will encounter is who the boss is and whether the rule of authority is properly spelled out. Then, I presume both of you can work together and respect each other’s opinions if this is well sorted out. Running the business may be too much of a burden to bear, if not.
15. Are you capable of handling stress?
Stress is synonymous with most businesses so yours wouldn’t be an exception. Keeping to deadlines, handling customers’ requests, and money issues, all pile up to add to your day-to-day activities.
Loads and loads of people have actually pulled through in spite of this stress to have a successful e-commerce business. They’re able to keep their cool during such times and weather the storm while other people don’t seem to get it right during such periods. You need to figure out which class you belong to.
16. What is your state of health for a successful e-commerce business?
Owning a successful e-commerce business may be demanding for you health wise. The truth is you will have less time to eat your meals when due, sleep as much as you can or even exercise. Some aspects of the business will require a lot of physical strength to say the very least.
You’ll have to get a check up on yourself to know if you’ve any health issue that might hinder you from succeeding with a successful e-commerce business. Know for certain that the business will require your presence day in and day out. So, you certainly want to ensure you sort that out to prevent your business from going under.
The questions above are essential ingredients to keep you on your feet. They will help you to actualize your goals, if you’re truly ready to own a successful e-commerce business.