After helping more than 200+ clients to open their own online stores successfully, I want to share with you the 5 requirements that made them hesitate before choosing this business model that is growing steadily.
The last thing I want is for you to miss out on the benefits of having the freedom of a booming digital business because you’re left wondering, so let’s get to it.
Table of Contents
A good product
Obviously the product is the basis of any online store. Years ago, this requirement meant a significant initial investment in stock but today it is no longer a problem thanks to dropshipping.
You just have to decide what you are going to sell and find a good supplier of this product.
In this way, your online store only acts as an intermediary between the end customer and the supplier and you can offer a greater variety of colors, sizes and sizes to satisfy the tastes of all your customers.
Analyze your market
To detect a good business opportunity for your online store you only need to focus on one thing: solving a real problem people have with your products.
The bigger the problem and the less people are able to solve it, the more your chances of making money selling your online store’s products will increase.
To do so, I recommend an infallible tool: Answer the Public. With it you will get questions that people ask about a specific topic.
In this way, you will be able to identify those products that are most sought after and analyze the demand. My advice: choose products with a stable demand and forget about those that are only sold during certain months of the year, for example, during the beginning of the school term.
A platform that gives you freedom
If there’s one thing you need to be clear about in the business world is that the more control you have over your business, the freer you will be.
I tell you this because every week I receive requests for quotes from owners of online stores that decided to open it through platforms like Shopify, Wix or Squarespace and now want to switch to WordPress because they feel tied to them.
The owners of these businesses have not only lost control of sales since they have to give them a monthly commission or per transaction, but they have also lost the exclusivity of their customers’ data since they keep all the emails to send them their promotions.
Legal adaptation of the Online Store
Unlike what most people think, you do not need to register as a freelancer to start selling with your online store if the income you generate with it does not exceed the minimum wage in Spain.
Nowadays the SMI is 14.000€ per year and we agree that once you exceed it, it won’t be a problem to register. So don’t worry, as the tax authorities interpret that the income is occasional until you exceed that figure, so you don’t need to invoice.
The other legal requirement that your online store must meet is compliance with the GDPR. To do this, you just need to have your legal texts visible and up to date, ask for the acceptance of privacy policies and cookies on your website and offer the option to unsubscribe from your mailing list in all emails.
NOTICE: this data is based on my experience, but I always recommend speaking with an advisor.
Optimized Payment Process
If you don’t have an optimized checkout process you are losing money. You have to get the maximum number of visits to your payment page to convert into customers.
For this you need your checkout (the payment page) to be as optimized as possible. The guarantee you offer with each order, testimonials from other customers and the delivery time should always appear in writing.
Finally, it is highly recommended that you also offer several payment methods (credit card, Paypal/Stripe and bank transfer) so that the customer can choose the one that is most convenient for him.
Easy, right? This is just what I wanted you to think as you reach the end of this post.