A Checklist for Setting Up your Own Online Retailing Outlet
If you have finally decided to quit your day job and launch your own online business, you certainly wouldn’t be alone in your desire to create a sustainable online retail outlet, and with so much to consider and organise, here is a checklist to ensure that nothing important is overlooked.
- Sourcing the Right Product Line – If, for example, you would like to create your very own skin care product line, an online search would help you to locate an established skin cream manufacturer (known as โรงงานผลิตครีม in Thai), who can package the products into your own branding. Whatever products you choose, you need to be sure there is an adequate demand, plus you need to offer something different, something that your competitors do not offer.
- Website Design – As your website will be your online portal to the global consumer, a great deal of thought needs to go into the design. You would probably require a shopping cart website, and there are a few platforms for this, including Magento, which is a leading application that offers many powerful features.
- Digital Marketing – This is a key factor in your business plan and you will need the help of a leading SEO company that can help you to reach your target groups, making good use of social media platforms. Don’t make the mistake of thinking that marketing is an optional extra, as it most certainly is a necessity if you are to carve out your share of a global market.
- Adequate Funding – Of course, you will need adequate working capital that should include the funds to support you during the early months when sales would not yet be significant. The majority of businesses that fold within the first year do so because of lack of funding, so do crunch the numbers and make you have more than enough money to make it happen.
- Legality – This would include the formation of the business, which might be as a sole trader, a partnership, or as a limited company, and if you are unsure about the best way to formulate your business, talk to an established accountant, who can advise you accordingly. You will also need public liability insurance, plus some form of insurance to cover your products, vehicles and business premises.
- Website Hosting – This is a critical element of a successful online business, and the web hosting provider would offer a range of packages to suit every type of business. It is important that your pages load fast, so make sure you have adequate bandwidth to ensure that your customers enjoy their purchasing experience, and with round the clock support, should there ever be any technical issues, your business will not suffer.
The best way to ensure that you cover everything is to compile a comprehensive business plan that includes startup costs, projected sales forecasts for at least 3 years and a good digital marketing plan, which will be the basis of your sales strategies. Once you have finished creating your business plan, let a business expert browse it, looking specifically for weaknesses that can be addressed, and once you are confident that everything is covered, you can set the wheels in motion.