Building a successfull online business is definitely a hard task, although by no means impossible. The problem today is that many business ideas have already been snapped up, and entering a market which already has some well established brands can be tricky.
When you’re looking to start a new ecommerce business it’s important to think carefully about what you wish to do, if your skillset includes marketing and web design, then you can quickly put together a website and start marketing it, but would your website bring a unique selling point to the market, if not, how do you intend to draw people to purchase from you, over the already established competitors?
If you can produce a well built website with useful content which solves a users problem, or offers a product cheaper than your competitors, or of better quality, or more convenient, then there’s certainly a place for you.
Once your site is up and running, and earning, you then need to decide what you do next – can you increase the income of the website, whether that be through increasing the reach of the site through something like search engine optimisation or paid advertising, or could you add additional products which compliment those which your website already offers?
Whether you can realistically increase the monthly income or not, you should always have an end-game, an exit strategy – ecommerce websites are hot property these days, especially ones which make an income month on month, there are hundreds if not thousands of people waiting to snap up such websites, either to provide a passive income, or to continue to develop further in an attempt to increase the income.
Some people even purchase websites with the sole purpose of selling them on for more.
If your end game involves eventually selling the website on for a lump sum, then we’d recommend hiring a specialist ecommerce business broker, this will weed out those who wish to purchase the site for less than it’s worth, only to sell it on for its true value shortly thereafter, it will also take out a lot of the hard work for you. Someone who specialises in ecommerce websites will know exactly how to value your site, based on the monthly income, the website itself, and any other assets which come with the website.
So whether you decide to keep the website as a passive income, or expand on it and increase the monthly income, you know you can always sell the website on in future and receive somewhere in the region of 8 – 12 months income as a lump some (depending on what sector your website is in).
So the web can be profitable, you just have to put in the time and effort, be realistic, and don’t give up after a couple of months if things aren’t going too well.