STEP 1: FIND A BUSINESS IDEA.
According to Forbes & Huff Post, 90% of e-commerce start-up businesses fail. Huff Post also states that this happens within the first 120 days.
Below are reasons why some businesses fail & ways you can avoid failing as you start your business. Understanding why some failed & how to avoid these issues will put you on the right track to success. It will also help you decide which business is the right fit for you.
REASONS SOME BUSINESSES FAIL:
1. Targeting everyone as their demographic.
2. Lack of research. (Do people actually want or need your product or service?)
3. No clear product or service value.
4. Poor money management. (Not enough money/Money running out)
5. Little to no cash flow.
6. Poor inventory management. (Purchasing too much or too little inventory)
7. Bad partnerships. (If you have a business partner, have you clearly discussed the duties of each person and written it out in a business plan?)
8. Ineffective marketing/ No website traffic.
9. A bad website design.
10. No clear website call to action.
11. Bad site security.
12. Bad product pricing.
13. Hidden or high shipping costs.
14. Bad customer service.
15. Bad product photography.
16. Lack of expertise.
17. No patience.
18. Lack of support with your business as it grows.
19. Comparison.
20. Desire for change.
WAYS TO AVOID FAILING:
1. Selecting a niche market.
2. Doing effective research.
3. Making your product/services perceived value greater than its price.
4. Planning your business finances.
5. Setting goals/ Planning ahead/ Writing a Business Plan. (What goals can I set with this business so I am not wandering aimlessly?)
6. Not purchasing too little or too much inventory for your business.
7. Writing out a clear business plan for any business partners.
8. Effective marketing.
9. Having a good/trustworthy website design.
10. Having a clear call to action on your site.
11. Making sure your website is secure.
12. Not over or underpricing your products.
13. Clear costs & pricing.
14. Having & maintaining good customer service.
15. Having clear product photography.
16. Seeking professional advice.
17. Cultivating/maintaining patience.
18. Hiring help as your business grows.
19. Not comparing.
20. Loving the work.
21. Not quitting.
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QUESTIONS YOU SHOULD ASK:
What is your niche?
- A niche is “a specialized segment of the market for a particular kind of product or service”. For example, designer handbags is a niche market in the handbag market.
What business can you start now within your budget range? (If you have additional bills & expenses, it’s important to take that into consideration as well.)
Do you have enough savings available or are you able to get financing for your business?
What business do you enjoy & wouldn’t mind doing even when business is slow?
* Is this a business you see yourself doing long term?
Do people actually want or need your product or service?
Does your business solve a problem or touch potential customer pain points?
Will you start off running your business alone or will you have a partner or team?
Will you be selling products or services?
If you’re selling products, are they physical or digital?
Will you source your products or make them?
Where will you source your products?
Who will build your website?
How will you market your business?
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Below are some online business ideas & some of the pros & cons of each.
ONLINE BUSINESS IDEAS:
1. Drop Shipping: List products for sale on your website. Once it sells, order it from a 3rd party & have them ship the item directly to your customer.
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Pros
- No money required to purchase inventory.
- No inventory storage required. (You won’t need to deal with high-maintenance products that may be too large [require extra storage space], heavy [more expensive shipping], fragile, very valuable [require security], or etc.)
- No direct customer shipment required.
- The perfect business model for market research.
- You can easily broaden the products you offer.
- If this business model is used as a backup, it can save you money during slow seasons so you can consistently provide “new arrivals” without purchasing inventory.
- This business model can help you if something happens to your direct inventory.
- If your vendor ships internationally, you can easily build international clients along with your local clients.
- You can sell through some 3rd party sites like eBay & Amazon instead of having a personal website.
- Very flexible.
- Access to a simple & large online platform. (General)
- Less overhead spending. (General)
- Good growth potential. (General)
- Available customer insight through web analysis softwares. (General)
- Sell 24 hours a day, seven days a week. (General)
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Cons
- You have to find a reputable drop shipper. (Your business will only be as good as your selected suppliers.)
- You may have issues with customer shipments, quality control, customer returns & customer service because you’re not directly in control of the products. (A higher chance of bad customer reviews = A higher chance of a failed business.)
- This is typically a high volume type of business to generate meaningful income. (You can “get around” this by focusing on high value items.)
- It’s best to find a vendor that specifically supplies to drop shippers so you can receive a private discount on your products & hide your vendor information easier. This requires additional research.
- You may struggle for a while to build a client base that shops on your site.
- Drop shipping requires very little capital to start so it’s very saturated & competitive.
- Potential legal liability issues. (It’s recommended to have a Drop Shipping Agreement Contract so you’re protected if a supplier decides to illegally use a trademarked logo or some other companies intellectual property. You may be complicit if your vendor is operating illegally.)
- Long customer shipment times.
- The cost & time required of running a website. (General)
- Potential website fraud issues. (General)
- Potential legal issues. It’s important to know the laws in your state about online sales. (General)
- Business marketing costs. (General)
- It takes time to build customer trust. (General)
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Online Product Ideas
- Eyelash Store
- Jewelry Store
- Wig Store
- Designer Handbag Store
- T-shirt Store
& Etc.
2. Digital Information Products: Create text, video or audio digital information products centered on your niche.
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Pros
- Can become a passive income stream.
- Doesn’t require money to create.
- Can be sold over & over again.
- No inventory shortage.
- No shipping problems/hassles.
- Instant delivery.
- No storage space or cost.
- Access to a simple & large online platform. (General)
- Less overhead spending. (General)
- Good growth potential. (General)
- Large market. (General)
- Available customer insight through web analysis softwares. (General)
- Sell 24 hours a day, seven days a week. (General)
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Cons
- Creating a good product takes work & time.
- Depending on what you’re selling, your digital product may require updates.
- Server maintenance required. (If your server is down, it will negatively affect customer sales.)
- Competition.
- Digital products can be copied.
- The cost & time required of running a website. (General)
- Potential website fraud issues. (General)
- Potential legal issues. It’s important to know the laws in your state about online sales. (General)
- Business marketing costs. (General)
- It takes time to build customer trust. (General)
3. Online Courses: Do you have a specialty or something you have learned that others would be interested in learning? Create a website with online courses.
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Pros
- You can create a course on anything.
- Low startup costs. (Biggest investment is your time. Other investments = Online course software platform, equipment to record video lessons, and an optional a marketing budget. You can grow your business by paying for marketing or marketing for free but paying for marketing will always help you grow faster. You can also presell your online courses before investing a lot of time creating courses nobody wants.)
- You can operate this business from anywhere in the world.
- You can be flexible with your time.
- Build Relationships with affiliates & businesses.
- You earn 100% of the profits.
- You can create unlimited “seats” for your classes & make unlimited income.
- More clearly defined products than memberships.
- Can typically be priced higher than memberships.
- You can also prerecord your classes & charge people to access them so you don’t have to physically teach each class. (A perfect option to create passive income.)
- No shipping or product storage required.
- Required research for your students sharpens you as an individual.
- Good online courses build trust which can help you expand your business.
- Access to a simple & large online platform. (General)
- Less overhead spending. (General)
- Good growth potential. (General)
- Large market. (General)
- Available customer insight through web analysis softwares. (General)
- Sell 24 hours a day, seven days a week. (General)
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Cons
- Teaching is hard work. You may need to spend time doing research to perfect your classes.
- Depending on what you’re teaching, your classes may need updates.
- You may need to overcome feelings of being in front of the camera.
- You will need to market & build trust for people to want to purchase your courses.
- The cost & time required of running a website. (General)
- Potential website fraud issues. (General)
- Potential legal issues. It’s important to know the laws in your state about online sales. (General)
- Business marketing costs. (General)
- It takes time to build customer trust. (General)
4. Sell A Service: Do you know how to design a website, write resumes, manage a social media platform or etc? Create an online business centered on selling your services.
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Pros
- Low startup cost. (Depending on the service.)
- This business model can be expanded by “productizing” services through physical or digital goods.
- You can expand your business by training others to provide various services.
- Access to a simple & large online platform. (General)
- Less overhead spending. (General)
- Good growth potential. (General)
- Large market. (General)
- Available customer insight through web analysis softwares. (General)
- Sell 24 hours a day, seven days a week. (General)
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Cons
- “Time” is your inventory & you have a limited supply of hours in a day.
- The cost & time required of running a website. (General)
- Potential website fraud issues. (General)
- Potential legal issues. It’s important to know the laws in your state about online sales. (General)
- Business marketing costs. (General)
- It takes time to build customer trust. (General)
5. Create An Online Membership Program: If you’re a gym instructor (for example), you can create an online membership program where people pay you monthly to join your workouts.
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Pros
- If you set up your membership correctly, you can receive consistent money flow. (Available indefinite membership access.)
- Access to an ongoing community.
- Less expectation for a “finished product”.
- Easy to adjust & improve over time.
- Flexible pricing adjustment.
- Access to a simple & large online platform. (General)
- Less overhead spending. (General)
- Good growth potential. (General)
- Large market. (General)
- Available customer insight through web analysis softwares. (General)
- Sell 24 hours a day, seven days a week. (General)
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Cons
- If your membership allows cancellation at anytime, your finances aren’t “secure” monthly.
- Bigger commitment. (Long term business model.)
- It can take longer to make a large amount of money compared to selling courses.
- The cost & time required of running a website. (General)
- Potential website fraud issues. (General)
- Potential legal issues. It’s important to know the laws in your state about online sales. (General)
- Business marketing costs. (General)
- It takes time to build customer trust. (General)
6. In Stock Online Products: List online products in stock & ship them to your customers once sold.
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Pros
- Product pricing flexibility.
- Product quality control.
- You can easily sell through 3rd party sites like eBay & Amazon.
- You can excel with customer service because you are directly handling your products.
- Depending on what you’re selling, you can make large profits because there’s no “middle man”.
- You’re in complete control because you own your products.
- You can hide your vendor information from customers easier than when you are drop shipping.
- Access to a simple & large online platform. (General)
- Less overhead spending. (General)
- Good growth potential. (General)
- Large market. (General)
- Available customer insight through web analysis softwares. (General)
- Sell 24 hours a day, seven days a week. (General)
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Cons
- Inventory storage required.
- Money required to purchase inventory.
- It’s harder to broaden your products because you have to spend more money to do so.
- Direct customer shipment required.
- Reliable inventory vendor(s) required.
- Can have shipment delays beyond your control from vendors.
- Not the best business model for market research.
- It’s recommended to consistently post new items even during slow periods which can be challenging.
- In the event of a fire, theft or etc, it will be challenging to pick your business back up.
- You may struggle for a while to build a client base that shops on your site.
- The cost & time required of running a website. (General)
- Potential website fraud issues. (General)
- Potential legal issues. It’s important to know the laws in your state about online sales. (General)
- Business marketing costs. (General)
- It takes time to build customer trust. (General)
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Online Product Ideas
- Eyelash Store
Requires little money to start.
- Jewelry Store
Requires little money to start.
- Wig Store
Can be sold for large amounts.
- Designer Handbag Store
Can be sold for large amounts.
- Designer Clothing Store
Can be sold for large amounts.
- Thrift Store
Requires little money to start.
- Electronics Store
Can be sold for large amounts.
NEED HELP? CLICK BELOW.
STEP 2: RESEARCH YOUR MARKET.
TARGET AUDIENCE
Who will be your target audience? (Analyze their Demographics, Psychographics, Geographics & Behaviors)
- Will your customers be females, males or both?
- What age range will they be in?
- What is their income range?
- What are their values & lifestyles?
- How does your target audience make purchasing decisions? What influences them?
- What are their habits?
(FULL LIST OF QUESTIONS AVAILABLE ON YOUTUBE)
PRODUCT PRICING
What is the estimated price range of your product(s) or service(s)?
Based on your target audiences occupation/ income range, will they be able to comfortably afford your product(s) or service(s)?
If your product(s) or service(s) are expensive, how will you “bridge the gap” for interested customers?
How much does it cost to create or purchase your product(s) for resell? If you are selling a service, how much will it cost to complete the service (service supplies and etc)?
How much do your competitors sell the same product(s) or service(s)? Will your prices be cheaper, the same or more expensive? If your prices are more expensive, what additional value are you providing?
Are your product(s) or service(s) in demand? Is your target audience willing to pay your prices?
What pricing strategy do you plan to use with your business? (Penetration pricing, Price skimming, Value-based pricing, Competitive pricing, Cost-plus pricing, Premium pricing & Bundle pricing?)
BUSINESS EVALUATION
What are your customers wants & needs?
Are you solving a problem with your business? If so, what problem are you solving?
Is there any research supporting your selected business & its success?
Is your selected business a recession proof business & if not, how have others survived with this business during difficult economic times?
What potential problems do you see with this business & how do you plan to solve them?
What are some market trends with your selected business? (What are some consumer behaviors or technological advancements?)
COMPETITOR RESEARCH
Who are your competitors?
How is their website design, layout and content?
What are some of the marketing strategies used on their website?
How are they using social media to promote their products?
How do they engage with their customers on social media?
Do customers seem satisfied or do you see complaints?
What do people like and dislike about your competitors products or services?
Where and how are your competitors advertising?
What messages are they promoting?
What’s the latest news and development in your industry?
Conduct a survey by selecting a few people in your niche and asking them about the opinions of your competitors. What do they like and dislike about them?
Participate in industry groups or forums to learn more about your competitors and stay up-to-date on the latest trends and best practices.
What do your competitors offer that make them stand out?
What will make you stand out among your competitors? (What will be the “signature” of your business?)
What will keep your customers or clients coming back?
* Test your product or service to gauge the interest before making a heavy financial or time investment. One way you can do this with physical products is through dropshipping & one way you can do this with digital products is through social media. (If you’re using social media, talk about your digital product and ask people if they would be interested. If people show interest, tell them to sign up to your waitlist so they can be notified once your digital product is available.)
* You can also test your selected business by contacting a select amount of people that fit your target audience to experience your business before it’s released publicly. (For example if you want to sell a digital product, share this digital product with a few of your target audience to get feedback.) Based on their feedback, you can adjust your business accordingly to meet more of your target audiences needs.
IMPORTANT INFORMATION:
Business is constantly changing so it’s important to research your selected business & see how it has performed throughout previous years. Paying attention to patterns, paying attention to trends, paying attention to your customer needs, analyzing if/how the business has succeeded during tough economic periods & etc will give you a higher chance of success. As you look into your selected business & conduct thorough research, you will be on the right path to creating a soild business with a strong business plan.
NEED HELP? CLICK BELOW.
STEP 3: CHOOSE YOUR BUSINESS NAME & LEGAL STRUCTURE.
Is your business name unique?
Is your business name easy to remember in your niche? (The easier it is for your customers & clients to remember, the easier it will be for them to recommend your business & come back.)
Is your business name available?
Does your business name give an idea of what your business is about?
Do you want your brand to be a luxury brand? If so, does your business name reflect that?
What “feeling” does your business name provide to your customers even before they see your products or services?
Does your business name stand out from your competitors?
What will be your legal structure?
Will your business be a sole proprietorship, partnership, LLC, corporation, or cooperative?
Additional things to keep in mind when selecting your legal structure:
What will the size of your company be? Are you planning to run everything yourself or will you start hiring immediately? Are you starting with a business partner? (The number of people in your business is one of the factors that will help you determine the legal structure that’s best for your business. IMPORTANT INFORMATION: You will end up paying more fees or taxes if you choose a legal structure that is too small or too big for your business.)
It’s important to note that the kind of legal structure you select will determine your liability. Some legal structures put your income & personal assets at risk while others offer more protection.
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Part of the information provided below is directly available on the North Carolina Secretary of State website along with the Texas Secretary of State website. Click the words “North Carolina” or “Texas” for direct information or click HERE to select your state & find the details for your state. Please note that the details available on your Secretary of State website may differ from another States Secretary of State website because not all business entity types are available in every state. For the best guidance on selecting your legal structure, please visit your states direct website or read the Business Structures page on the IRS website by clicking HERE. This information along with additional research has been summarized below for your convenience.
Sole Proprietorship:
Pros
- Straightforward option
- Quick & easy set up
- Low Cost
- Minimal paperwork
- No corporate business taxes
- No annual reports/filings
- Not restricted by a formal business structure
- You receive all business profits
Cons
- Personal taxes & expenses are attached to your business (No protection from legal issues)
- Not able to legally employ anyone
- Inability to take on business debt
- Can be seen as unprofessional
Limited Liability Company:
(There are several types of LLC’s. Single-Member LLC, Multi-Member LLC, Non-Profit LLC, Professional LLC (PLLC) & Series LLC. LLC’s are sometimes called LLC Corporations but there is no such thing as an LLC Corporation under the law.)
Pros
- Flexibility of being taxed as a sole proprietor, partnership, S Corp or C Corp
- Less paperwork & lower filing cost from other business structures
- Protected from personal liability
- You can form an LLC with one person or have an unlimited number of members
- Flow-through income taxation
- Members can receive revenues and write off forfeitures that are larger than their individual ownership percentage
Cons
- As a member, you can’t pay yourself wages
- Renewal fees can be expensive depending on your state
- Some states have franchise or capital values tax on LLC’s
- Investors may prefer investing into a corporation instead of an LLC
Partnership:
(There are four types of business partnerships. You can enter a general partnership (GP), limited liability company (LLC) partnership, Limited liability partnership (LLP), and a limited partnership (LP).
Pros
- Involves at least two people who share ownership
- Access to capital (You are not carrying the financial responsibilities alone.)
- Taxation (Most partnerships are taxed as pass-through entities. With this you pay taxes on your share of the business ownership. This reduces the burden of paying taxes on the entire business alone.)
- Both individuals are liable for all business debts
- Owners only answer to each other
- Division of labor
- Knowledge & expertise (Every business owner brings their own experiences & skills to the table.)
Cons
- Informal arrangement (Challenges can arise with verbal agreements, ownership percentages, liability, responsibilities & etc.)
- Lower profit percentages
- Partner liability (May be liable for mistakes made by your partner.)
- Conflict
Corporation:
(There are several types of corporations. S Corporations, B Corporations, C Corporations and Non-profit Corporations.)
Pros
- Limited personal liability
- Easy ownership transfer
- Business continuity
- Better capital access
- Occasional tax benefits (Depending on the corporation structure.)
Cons
- Owners answer to the shareholders
- Lengthy application process
- Must follow rigid formalities and protocols
- Expensive
- May be double taxed (Depending on your corporation structure.)
Cooperative:
(This is a private business that is owned & operated by the same people that use its services and/or products. Cooperatives are usually created as a way to provide employment & an investment return to its members.)
Pros
- Easy to form
- Not much legal formalities involved
- Open Membership
- The liability of members is limited to the extent of capital they contributed
- Stability
- Government assistance through things such as low interest loan rates
Cons
- Minimum of 10 members
- Hard to receive funding
- Absence of motivation
- Lack of secrecy
- Lack of competition
- Rigid rules & regulations (Required to get its accounts audited & to submit its accounts regularly to the registrar.)
NEED HELP? CLICK BELOW.
STEP 4: WRITE YOUR BUSINESS PLAN.
After you have completed steps 1-3, you will be ready to bring them together for your business plan. Writing a business plan can help you convince investors and lenders to fund your business, it can help you determine if your business can make good profit, it can help you anticipate potential problems & etc.
How do you plan to start & be successful in your business?
At what rate do you expect to grow with your business plan model?
Have you seen other business succeed with some of the ideas in your business plan?
Executive Summary:
What is your company?
Why will it be successful?
What is your mission statement?
What is your product or service?
Who make up your companies leadership team and/or employees?
Where is your company located?
How are your company finances?
What are your high-level growth plans?
Company Description:
What problem does your business solve?
Who are your consumers?
Are there experts on your team?
Market Analysis:
What are your competitors doing & what are their strengths?
What are trends and themes in your niche?
What do successful competitors do & why does it work?
Can you do it better & add a unique “signature” to it?
Organization and Management:
What is your business legal structure?
Who’s in charge of what in your company?
How will each persons unique experience contribute to the success of your business?
Service/Product Line:
What do you sell? What service do you offer?
How does it benefit your customers?
What does your product lifecycle look like?
What are your plans for intellectual property (Ex: copyright or patent findings)?
Marketing & Sales:
How do you plan to attract & retain customers?
Funding Request (Important if your asking for funding(:
How much funding will you need over the next five years?
How do you plan to use the funding?
Do you want debt or equity?
Financial Projections:
(This section will be adjusted as you start your business.)
What is your prospective financial outlook for the next five years?
What is your forecasted income statement?
Include your balance sheets, cash flow statements, and capital expenditure budgets. (Available after you start.)
Appendix:
(Some of this information will be available after you start but it is nice to include them in your business plan once you’re able to.)
Credit histories
Resumes
Product Pictures
Letters of Reference
Licenses
Permits
Patents
Legal Documents
+ Other Contracts
NEED HELP? CLICK BELOW.
STEP 5: CALCULATE YOUR EXPENSES & SAVE.
Below are a list of expenses you can plan for and save. Please note that your type of expenses will depend on your business.
How much is the application fee to start in your state?
How much do you need to have for business insurance?
How much is your licensing costs?
Will you have a website? How much will your website be?
Will you be able to cover 6-12 months of business expenses up front while your business is growing?
What is your business start up cost?
Do you have enough saved?
Itemized List
Business equipment (register, machinery, vehicles, printer, tablets, computer & etc)
Incorporation fees, permits & licenscing cost
Office down payment
Business cards
Inventory
Office supplies
Shipment supplies
Business furniture
Business taxes
Rent/Mortgage payment
Accounting services
Legal services
Business insurance
Payroll & Employee benefits
Your salary & benefit
Operating expenses
Web hosing & maintenance
Travel expenses (If Any)
Utility costs (electric, gas, water, phone & internet)
Marketing materials
Loan or credit payments
NEED HELP? CLICK BELOW.
STEP 6: REGISTER YOUR BUSINESS.
Please note that your business registration process depends on your state & type of business.
Is your business name available for use?
Do you know the state rules regarding naming your business?
What is the Legal name & Brand name of your business?
Will you need to get a DBA for your business?
Will you register your business as a sole proprietorship, partnership, LLC or corporation or cooperative?
If you’re creating an LLC, will it be member managed or manager managed?
Do you need to file the Articles of Organization with your Secretary of State?
Do you need to apply for a Trademark?
Do you need to get a tax ID?
Do you need an EIN#?
What is your EIN Tax Classification?
Do you need to get a Sellers Permit?
Does your state levies sales tax on a destination-of-sale or origin-of-sale basis?
What are the sales tax rates for your state?
Does your state require additional permits & licenses?
Will you need business insurance?
Itemized List
Verify the availability of your business name
Register your legal structure
File a DBA (if needed)
Apply for an EIN #
Register for your sellers permit (if needed)
Obtain licenses (if needed)
Get business insurance & etc.
NEED HELP? CLICK BELOW.
STEP 7: CREATE A BUSINESS BANK ACCOUNT.
Some Available Banks
Wells Fargo - Has good branch accessibility.
Chase - Good for credit cards.
Capital One - Good for high volume deposits & monthly transactions.
NBKC - Low fee checking & savings accounts.
Axos - Best for interest yielding checking & savings accounts.
BlueVine - Best for digital, free business checking.
Digital Federal Credit Union - Best credit union for small businesses.
& etc
Things To Look For
Features and services
Interest rates
Service fees
ATM access
Branch banking
Daily, weekly & monthly transaction limits
Bonus offers
Integration ease
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STEP 8: SET UP BOOKKEEPING & ACCOUNTING.
Set up bookkeeping & accounting to keep track of the financial part of your business. Bookkeeping is the day-to-day process of recording your business transactions (money coming in & going out), put them into categories & reconcile your business bank statements. On the other hand, Accounting uses the information from your bookkeeping to determine your businesses financial health, plan the growth of your business, summarize financial transactions & report these transactions to oversight agencies, regulators, & tax collection agencies.
Some expenses you should track:
- Receipts
- Bank & credit card payments
- Canceled checks
- Bills
- Invoices
- Proof of payments
- Financial statements
- Previous tax returns
- Different forms (Ex: W2 & 1099 forms)
- + Any additional document that supports an item of income, deduction, or credit reflected on your tax return. If you’re not sure if you should keep a document, it’s better to be safe than sorry. Just organize & keep all of your documents & receipts.
Some deductions you should record carefully:
- Meals & Entertainment (Keep track of your receipt & record who attended & its purpose on the back.)
- Business Travel
- Vehicle Expenses (Keep track of when, where & how you use your vehicle for work.)
- Business Gifts
- Home Office Expenses (You will need to track what percentage of your house is used for work.)
Some tools to track your expenses:
- Shoeboxed (scan, store, and categorize your receipts & records)
- Expensify (capture receipts & track your mileage)
- Google Drive (store your business records)
- Evernote (store your business records)
- OneDrive (store your business records)
Accounting Tools:
- QuickBooks
- FreshBooks
- Zoho Books
- OneUp
- Kashoo
- ZipBooks
- Xero
- Wave Accounting
- Intuit
- Excel spreadsheet
- Hire in-house support (once your business grows)
NEED HELP? CLICK BELOW.
STEP 9: SOURCE/MAKE YOUR PRODUCTS OR CREATE DIGITAL PRODUCTS.
Source your items wholesale, make your products or create digital products.
Source your products
Pros
- Affordable cost of goods (Especially when purchasing products internationally.)
- Time flexibility
- Ability to work from home
- Scalable business model
- Unlimited amount of money (Based on how many available products you have.)
Cons
- Quality control risks
- Storage required
- Product shipment required
- Product returns
Make your products
Pros
- Quality control
- Ability to work from home
Cons
- Storage required
- Product shipment required
- Product returns
- Limited time flexibility
- Limited growth (You will need to hire others or get help to really maximize the amount you can make with this business model.)
Digital products
Pros
- Higher profitability (A digital product can be sold repeatedly while every single physical product has an associated cost.)
- Lower overhead costs (No physical storage, manufacturing, packing, shipping/handling costs & etc.)
- Quicker & easier to make
- Lasts forever
- Never out of stock
- Easier to manage, sell, & deliver
- Personal freedom & lifestyle (You can work anywhere.)
Cons
- Maintenance (Based on what digital service you are offering, you may need to update your digital products.)
- Ideas can be copied
- Larger competition
CLICK HERE FOR A FREE VENDOR LIST AVAILABLE ON THE SITE.
NEED HELP? CLICK BELOW.
STEP 10: CHOOSE YOUR SELLING PLATFORM.
Create your website or set up a platform to accept payments. Various selling platforms available for your online store.
Wix - Website Builder
Squarespace - Website Builder
GoDaddy - Website Builder
Weebly - Website Builder
Jimdo - Website Builder
WordPress - Website Builder / Digital Products
Shopify - Website Builder / Digital Products
Big Cartel - Website Builder
Gumroad - Digital Products
WooCommerce - Digital Products
E-junkie - Digital Products
BigCommerce - Digital Products
Creative Market - Digital Products
FastSpring - Digital Products
EBay - Selling Platform
Poshmark - Selling Platform
Mercari - Selling Platform
Etsy - Selling Platform
Tradesy - Selling Platform
& etc.
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WEBSITE COLOR PSYCHOLOGY
Color is one of the first things people notice when they visit your website. According to research, 90% of snap judgements are influenced by your color selection. The color schemes used on your website can create certain psychological effects to your customers. Below are some feelings associated with certain colors.
“In a study called “Impact of Color on Marketing”, researchers found that up to 90% of snap judgments made on products can be based on color alone, depending on the product. That means that, on a subconscious level, we use our own personal perceptions of color to help us make decisions every single day.”
RED
- Emotion: Excitement, Strength, Love, Energy, Passion, Courage, Attention
- Used To: Stimulate, Create Urgency, Draw Attention, Encourage, Caution
ORANGE
- Emotion: Confidence, Success, Bravery, Sociability, Optimistic, Independent, Adventurous, Creativity, Fun
- Used To: Stimulate, Express Fun, Draw Attention, Express Freedom, Fascinate
YELLOW
- Emotion: Creativity, Happiness, Warmth, Cheer, Enthusiasm, Opportunity, Spontaneity, Positivity
- Used To: Stimulate, Encourage Relaxation, Awake Awareness, Energize
LIGHT GREEN
- Emotion: Nature, Healing, Freshness, Quality, Growth, Harmony, Fertility, Kindness, Dependability
- Used To: Restore Energy, Promote Growth, Nurture, Rejuvenate
DARK GREEN
- Emotion: Safety, Harmony, Stability, Reliability, Balance
- Used To: Relax, Balance, Revitalize, Encourage, Possess
SKY BLUE
- Emotion: Freedom, Self Expression, Trustworthy, Wisdom, Joy, Peace
- Used To: Draw Attention, Inspire Trust, Suggest Precision, Communicate Consciousness, Stimulate Productivity
ROYAL BLUE
- Emotion: Trust, Loyalty, Competence, Responsibility, Honesty, Inner Security
- Used To: Reduce Stress, Create Calmness, Relax, Secure, Create Order
PINK
- Emotion: Compassion, Sincerity, Sophistication, Sweet, Love, Immature, Playful, Admiration
- Used To: Communicate Energy, Increase Pulse. Motivate Action, Fascinate, Encourage Creativity
PURPLE / VIOLET
- Emotion: Royalty, Luxury, Ambition, Imagination, Compassion, Sensitivity, Mystery
- Used To: Encourage Creativity, Inspire, Combine Wisdom & Power, Create an impression of Luxury, Intuition
BROWN
- Emotion: Dependable, Rugged, Trustworthy, Simple, Reliability, Stability, Honesty, Comfort, Natural
- Used To: Stabilize, Imply Common Sense, Suppress Emotions, Create Warmth
GRAY
- Emotion: Neutral, Practical, Conservative, Formal, Quiet
- Used To: Create Composure, Depress Energy, Associate Timeless, Communicate Maturity
BLACK
- Emotion: Formality, Dramatic, Sophistication, Security, Power, Control, Authority, Discipline, Elegance
- Used To: Hide Feelings, Intimidate, Radiate Authority, Create Fear, Associate With Mystery
WHITE
- Emotion: Clean, Simplicity, Innocence, Honest, Peace,
- Used To: Represent New Beginnings, Provide a Blank Slate, Gives Refreshment Of New Ideas
NEED HELP? CLICK BELOW.
STEP 11: MARKET YOUR BUSINESS.
Select the best place to market your business based on your target audience. Advertise your business and start making sales.
Tiktok
YouTube
Newspaper
NEED HELP? CLICK BELOW.
STEP 12: ORDERS.
Ship or send your items/ digital products straight to your customers.
Shipment Supplies:
Shipping Boxes (Customized ones preferred)
Poly Mailer
Shipping Scale
Filling & Cushioning
Label Printer
Packaging Tape
Tape Measure
& etc.
Shipment Companies:
USPS
THE UPS Store
FedEx
NEED HELP? CLICK BELOW.