Build Your Own Online Store

1. Decide what to sell.

You have two choices here – commoditization or unique products.

By and large online, unique products sell best. So, find yourself a product niche you are passionate about or one that is trending.

Bonus points if you can manage to find both. Google Trends can help you spot trends. For passion, you’ll have to look deep within yourself.

Reference Chapter 1 for a breakdown with examples of how other entrepreneurs found niche success.

2. Make sure you can actually sell it.

Beyond other people potentially wanting to buy what you are selling (which is another exercise almost entirely), it is important that you consider the challenges in your product niche before you move forward with launching a store.

For instance, have you thought about your product’s weight and size? Sure, you might be able to sell your item for much less than the competition, but will shipping costs obliterate your margins? They will if your item is too big or heavy.

Reference chapter 2 for more information.

3. Get to know other people who are selling it (and already buying it).

Online competition is fierce, and your best offense is a good defense.

Or, rather, your best offense is knowing your competition thoroughly and differentiating yourself in the market.

At this stage of the game, you’ll want to do some keyword research. Then, you’ll want to get a good understanding of your product market and the overall trends driving that market.

Read chapter 3 for more information on how to do this effectively.

4. Analyze what your closest competitors are doing.

Now that you have a better feel for the lay of the land, use this competitive analysis template to get a top level view of your top 10 competitors in the space.

Remember, there are three types of competitors: primary, secondary and tertiary.

You want to have a good eye on each of them. Pinpoint strengths and weakness of each brand. Note where they are selling. All of this will help you to easily find the holes in the market. Those holes are yours to fill.

Reference chapter 4 for more detail.

5. Make sure you aren’t breaking any laws.

Of course, before you begin anything, double check that your business is operating within the confines of the law where you’re selling  — local, state, federal and even international, if applicable.

This applies both before you launch (i.e. can you legally sell that?) and even after you launch (i.e. have you paid the proper taxes?). This can get complicated, and different states have different rules.

Grab yourself some coffee and sit down for a legal lesson in online sales.

6. Identify your market (and your differentiators).

Now that you have your competitive analysis on lockdown, you can easily identify your target market.

This will be the market that is interested in the product, but is currently undeserved. You’ll use this targeting in determining your brand look and feel, tone and overall point of view. You want your brand to be the trustworthy confident of these undeserved customers in a trending category.

So, speak to them like you are.

7. Source your product.

And once you have all the background information figured out, it is time to source your product.

Will you dropship, make the item in house or use a 3PL? The answer to this is different for every single brand, even within the same selling category. There are benefits and pitfalls to all of your options.

Figure out which one works best for your margins, your sales channel and your customer’s expectations.

8. Choose the right ecommerce solution.

There are a few basic things you need to keep in mind while choosing an ecommerce platform for your business such as necessary functionality, cost and what types of third party integrations are needed.

Now if you have all the information then let’s start to build your future!