Update: I am no longer interested to advice on this topic.
Are you planning to start an e-commerce business online ? Then you should answer some of the great questions first.
Finding out the correct answers to these questions requires a considerable research, you should take enough time. Keep in mind, spending good time in the initial stage of your business is the great investment. The more you prepare in the beginning is directly proportional to the successful future.
Lets ask those great question:
(1)What is the market demand for the product or the service that you are offering through your online business ?
(2)Have you decided your customers ? What categories of customers are planned to target ?
(3)Who are all the competitors ? The major impact over the success of any business mainly depends on the weight age of the competitors already present in the scope of your business.
(4)Business goal defined ? Do you have a business plan or a projected roadmap on what to do ?
(5)What kind of advertising, marketing plans taken in promoting your product online ?
(6)What web technologies are best suited for your e-commerce website ? Your hosting plan.
(7)On what way the payments are received from the customers ? Which third-party transaction system you are going to use for the same ?
(8)How do you process the customer orders ie., how the products are shipped ?
(9)Your potential product supplier or you are taking up the own production product ?
(10) Are you ready with the management plan for taking care of the day to day activities ?
(11) What are the software’s planned to use ?
(12) The greatest question, What is your budget ? And the financial plan for budget execution ?
Take enough time in answering all these questions, don’t worry about the time involved, do plenty of research before putting your legs.
My suggestion is that, formulating the business plan first, leads you to take easier decisions for the remaining questions. Understand, what you are going to do and the goals. You should find out the accurate information’s required.
Collect as much as possible information from various sources like business journals, current market trends, historical research that really helps you to take the effective decisions.
You can’t easily start an e-commerce business today and become quick rich tomorrow, it takes time. Put enough time and find out what you already have and what you don’t have. Try to achieve the things that you don’t have.
Say, if you are an expert in marketing and financial management, at the same time you are not an expert in web technologies like HTML, scripts, server-side programming etc then you may need to achieve the web tech knowledge. You could appoint a web expert, to support and guide the technical things involved in web designing for your online business.
A start up business may fail for thousands of reason but majority of the failure comes from poor investment of time and research. In this business world, there are chances for every one to competite every other as there is no restriction on what you are doing good than the other.
An unique idea for your online business and the right plan to manage, makes you to stand out from the crowd. Reaching to right audience and at right time gives more chances to reach the heights. Starting up any business involves considerable amount of risk, that too applies for an e-commerce business.
Invest your time in right way, Break The Risks !!!