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Making a smart business plan for your Online Store

business planIf you are a business owner who wants to enter the online business world, then unfamiliarity with the process is the biggest obstacle. You want to avail the benefits of eCommerce website development but completely unaware of the tricks and traps. “How to start an online store” is a big question that troubles many budding E-entrepreneurs.

Here are some important things that you must know whether you are entering directly into the online market (it means you don’t have any conventional outlet) or want to launch a parallel stream of revenue.  As you move forward reading the article, you will be clear about the salient aspects of it.

Step #1: Never start without a plan

Imagine a situation when you start a retail outlet (brick and mortar) in a busy locality. Do you think it is possible to do it overnight? Is it not something that requires sound planning and systematic implementation? In the same manner, starting an online business is nothing but expanding your business in the virtual marketplace.

Hence, it would be best if you were ready with a clear framework and an unambiguous roadmap. All critical aspects, such as marketing, advertising, and finance, should be looked after well.

Step #2: Define the right business structure

Once you decide on a business plan, select a structure that suits best for the company. Consider tax benefits and other business aspects. Once you decide on it, the next step is to establish an online outlet. It is expected that you know what products you want to sell through an online outlet. If you haven’t decided on it yet, then do it first.

Step #3: Establish the distribution channel

Remember, it is not sufficient to establish an online outlet. It would be best to have a strong and robust distribution channel, whether it is drop shipping or reselling.

Step #4: Barcoding is the intelligent way of business

You need to establish barcodes for every item you need to sell. A separate barcode for every product ensures accurate billing.

Step #5: Inventory management and Supply Chain Management

You need good inventory size irrespective of whether you have an online business only or have a parallel setup. Also, you must implement a robust CRM system to manage business operations. Warehousing and logistics are also important aspects. Thankfully, you don’t have to incur huge expenses on these heads as several third-party arrangements are available.

Step #6: Create the website

Contrary to the perception, eCommerce website design and development come quite late. Once you are ready with everything mentioned earlier, buy a domain name and get the website developed. Of course, it is a core technical issue that requires an expert’s intervention.

Online eCommerce development services such as Shopify make things pretty convenient. You have the flexibility of buying a domain name, and there are tools available to build the website.

Once you setup the online business by hiring a mobile application development company in India, make it visible using optimization concepts. Reap big benefits by exploring the potential of the virtual world.