Choose Your Product – What are you going to sell?
In starting your own business, you’ll have to figure out the product (or service) that you want to sell. Is it personalized arts and craft, a new tech gadget, or somewhere among the beauty industry? Whatever it is, keep in mind that your product is the most important contributor to your business’ success.
First off, answer YES to these questions:
- Do you think people will actually buy it?
- Is there a demand for it? (Read: How to know if there’s a demand for your product idea)
I’m saying this because not all products are marketable and most importantly, profitable.
Business Preparation – What are you going to do?
- Initial Capital
Prepare the initial capital you are willing to spend for the launch of your business. Realize that it is highly possible that it will increase in a matter of weeks because there are going to be impulse decisions you are going to make, and it’s totally okay as long as you are prepared.
- Supplier
Scoring the best quality products with as little cost as possible is a complete opposite of a walk in the park. It’s risky, time-consuming, and overall a total headache. And once you finally find them, building your relationship is important because they are going to be your partner throughout your whole business venture.
- Business Name and Logo
In choosing your business name and logo, being easily recognizable and memorable should be the priority. Having a professional create your logo is a bit pricey, but if you don’t have a lot of money to spare, you can start by creating your own logo using your business name’s initials.
- Business Registration
Registering your online business is easy but takes a while to process. But it’s still better than having to stand and line up for 4 long hours. Go to DTI’s website, reserve your business name, pay the right amount, and get your certification through email.
- Competitor Analysis
When you research for demand, you will see a bunch of competitors who you’ll have to follow. List down all their activities and identify how well their customers respond to them. It’s an instant sneak peek to how well you should be doing in terms of marketing your products.
- Business Plan
To become an entrepreneur is easy, to be a successful one is not. List out your plans and objectives, your projections and strategies, and all the vision you’ve imagined for your business. To shed some light and help you start your own, read Shopify’s guide to the ultimate business plan.
Marketplace Creation – Where are you going to sell?
Option 1. Build Your Own Site:
Option 2: Join a Marketplace:
Option 3: Use Social Media:
Business Pre-launch Setup – Don’t forget about these!
- Product names and descriptions
- High quality product photos – instant customer magnet!
- Payment System
- Bank Deposit
- Remittance Centers
- Paypal/Paymaya
- Cash on Delivery
- Delivery Courier
- LBC
- Xend
- Fastrack
- Black Arrow
- Terms and Conditions
- Returns, Refunds, and Exchanges
Advertisement – How are you going to promote?
- Facebook
- Facebook Ads
- Join groups related to your niche
- Instagram
- Maximize the power of hashtags
- Follow the followers of your competitors
To summarize, here’s a list you’ll have to tick off to properly jumpstart your online business this 2017.
- Initial Capital
- Supplier
- Business name and log
- Competitor Analysis
- Business Plan
- Marketplace
- Business Setup
- Promotion Strategy
Are you ready?
While it is challenging to create your own business, the fulfillment it gives is undeniably great. Being your own boss is always a dream many Filipinos try to achieve, and with e-commerce, it is is not impossible to do so.