Starting an e-commerce company can be incredibly lucrative, but it’s not without challenges. With about 4.5 million new online businesses in the US alone, it can be tough to stand out from the competition. The good news is that you can make a few key strategies to set your business up for success.
One of the most important things you can do when launching a business online is to ensure you have the right tools in your arsenal. These days, there are a ton of great resources available to help streamline your operations and make your life easier. Here are just a few of the must-have investments for any e-commerce business:
Website builder
Your website will be the face of your business, so you want to ensure it’s up to par. Luckily, several great website builders are now available, allowing you to create a professional-looking site without any programming knowledge. Weebly, Wix, and Squarespace are popular options to help you get started.
Accessibility should also be a part of your website design consideration. You want to make sure as many people can access your site as possible, so consider investing in a responsive design. Doing so will allow your site to be available on all devices, from smartphones to laptops. According to Statista, over 60% of web traffic now comes from mobile devices, so considering this area is non-negotiable.
You can also hire a web designer if you want a more customized experience or have specific needs for your site. These professionals can help ensure your site is aesthetically pleasing, functional, and easy to navigate. When you create a site that looks great and is readily accessible, you’ll be well on your way to success.
Shopping cart software
If you’re selling products on your website, you’ll need a shopping cart solution to process orders and payments. Many great options are available, including Shopify, BigCommerce, and Magento. Each has its unique features and pricing structure, so be sure to do your research before settling on one.
Your shopping cart software will play a significant role in your website, so ensure it’s compatible with your site builder. You’ll also want to consider ease of use, as you don’t want customers to get frustrated and give up on their purchase. The last thing you want is a high abandoned cart rate because your software is too complicated.
So, take the time to find a shopping cart solution that integrates well with your website and is easy for customers to use. This way, you can avoid any headaches down the road.
Payment processor
You’ll need to set up a payment processor to accept payments on your website. It is a service that will handle the transaction between you and your customer. Paypal and Stripe are two popular options that are available to most businesses. However, you need to compare the fees associated with each service to see which is the most affordable for your business. You don’t want to get stuck with hidden fees that eat into your profits.
If you’re starting, you may want to consider a payment processor that doesn’t have any monthly fees. This way, you can save money while getting your business off the ground. Once you’re generating more revenue, you can switch to a service with lower transaction fees.
Remember, your payment processor will be a critical part of your business, so take the time to find one that meets your needs. In doing so, you can avoid any costly mistakes down the road.
Insurance coverage
Of course, every business needs to have insurance coverage. It will protect you in case of a lawsuit or other unforeseen circumstances. There are many types of business insurance, so be sure to research to find the right policy for your company. The most common types of business insurance are general, property, and product liability. You may also consider workers’ compensation, business interruption, and professional liability insurance.
While insurance is not a requirement, having adequate coverage is crucial for any business. It will give you peace of mind knowing that you’re well-protected in case of an accident or lawsuit. However, there may be some cases where you’re not qualified for coverage. For example, if you’re a high-risk business, you may have to pay higher premiums or be denied coverage altogether.
When in doubt, consult an insurance lawyer to identify any potential risks for your business. They can help you find the right policy to protect your company, no matter the circumstances. Thus, you can avoid any unforeseen liabilities that could come up down the road.
Now that you know the basic requirements for establishing an online business, you can start on the right foot. The above are just a few essential tools to launch your business online. Be sure to take the time to research each of these areas so you can set your business up for success. So, don’t wait — get started today and see the results yourself. You won’t regret it!
