There comes a time in every company’s life when the question arises: should I export and internationalize? The process of opening up to new markets is long and complex, but it can become a method of growth that can even save some companies from suffering declines in their countries of origin. If this is your case, our article will tell you how to internationalize a company, the strategy, and the steps you should follow in this article. Read on!
What is internationalizing a company, and what does it consist of?
First of all, let’s see what the internationalization process consists of. Internationalizing a company is how the organization creates the necessary conditions to operate in the international market. More and more companies are moving towards offshoring and directing their strategy abroad.
Internationalization is more than expanding the business from home to foreign markets. Taking products abroad is not something to be taken lightly or underestimated. Internationalization is a process that requires conviction, commitment, and willpower.
The economic crisis has reinforced the commitment to international trade in recent years, which has pushed companies, especially SMEs, to look outside a collapsed domestic market.
The decision to internationalize is one strategy that significantly impacts any brand and all internal and external operations and their management.
Entrepreneurs have seen that this is a path of growth in the growing export trend, opening doors for them. In this aspect, it is interesting to analyze why exporting is a good option.
Advantages of internationalizing a company
The benefits of exporting, apart from the obvious ones, are varied. Still, most of them have to do with companies forcing themselves to make a significant change that allows them to improve in many areas by competing harder in a fiercer global market. Let’s look at the most critical advantages of internationalization:
Increase customers and revenues.
One of the most critical advantages of internationalizing a company is that the number of potential new customers can increase considerably. With each new market we enter, we can pave the way for business growth and increased revenue.
On the other hand, companies can also use international markets to introduce unique products and services, which can help maintain a positive revenue stream.
Improved risk management
Market diversification is one of the most important benefits of international trade. Being less dependent on a single market will help us avoid risks in our primary market.
Organizations may have the opportunity to increase brand awareness in a market that competitors have not yet entered.
Companies expanding into new markets are forced to innovate and improve their offerings to compete with local companies. In addition, entering new markets can provide access to top talent, advanced market trends, and industry innovations.
Cost savings and access to new technologies
When you start operating in a new market, your company is exposed to opportunities to benefit from foreign investments that may not exist in your home country. For example, many governments offer incentives to companies that want to invest in the region.
In this sense, foreign investment can be valuable for our business, as it could accelerate growth, tax relief, cheaper logistics, cheaper commodities, etc.
Moreover, on the other hand, it can also help companies gain access to new technologies and ecosystems in the industry and the international workforce. These connections and networks can significantly improve business operations. The company is accelerated in the innovation process, something seen in its management dynamics and its products, through the clearer and broader vision of what is being done in other markets.
It streamlines industrial capacity and speed.
It allows you to improve the management of resources since you are forced to do so.
It generates new opportunities
It increases sales
But for all this to happen, the company must enter into a process of awareness and prepare a good long-term business strategy.
What does a company need to internationalize?
We have told you about the benefits of a company expanding its business and venturing into other markets, but none of this is helpful if you do not know the requirements needed to do so. In this section, we name some of the most critical requirements to internationalize a company:
1. Ability to identify barriers
If a company does not know what is preventing it from growing, it will not be able to continue. It is vital to take note of this because the mistake that many companies make is to look ahead without taking into account the risks. To take this step, it is essential to perform an internal analysis, which it is analyzed if the company is prepared to meet the demands of the market it wants to cover.
2. Recognizing the product to be offered
To internationalize a company, it is also necessary to evaluate the opportunities offered by the product or service at an international level. In which countries will it be successful? Will it be attractive to my potential customers? If a company wants to expand its business to global markets, it will not be enough for its product to be popular in the country where it has already established itself; it will also have to be popular in the other target countries.
3. Be better than the competition
A company that wants to internationalize will have to offer a better product or service than its competitors if it has one. For this reason, expanding into other markets means being very aware of what other companies in the same sector are doing. Examining the consumption of what your competitors are offering can help you know the level of opportunity you have in that market.
4. Develop a roadmap
A company cannot internationalize without a plan that determines the steps to do so, where all the actions, failures, successes, and strategies are written down. None of this can work without a method and a guide.
5. Every activity is an investment
When embarking on the internationalization of a company, it is crucial to keep in mind that each activity is an investment to be made. It means keeping in mind that the benefits can be long-term and that it is always necessary to work with a margin to act in case of failures that may arise in each activity.
The capacity of the organization influences export performance. For this reason, examining the company’s situation in the market will help to know if it can internationalize without the help of external agents. Suppose the company’s capacity is not sufficient. In that case, it will be necessary to look at other options, such as partnering with other companies or hiring the services of foreign trade consultants or advisors.
Legal aspects of internationalizing a company
Legal aspects are essential from the moment a company decides to internationalize. These may vary according to the company’s activities abroad since not all of them have the same objectives. Along these lines, we leave you some of the most important legal requirements to internationalize a company:
Rules that regulate international trade. The WTO (World Trade Organization) is the global organization in charge of these rules. Investigate the legal aspects that could affect you according to your sector.
The means of collection in international transactions will be determined by the agreements made between the importer and exporter.
Be aware of the Tariff Law and the rules governing international trade operations in VAT, with exemptions in intra-Community deliveries of goods and exports.
To know the country’s taxation where you want to expand your business. It is essential to know the regulations governing both the country of departure and destination. Contacting professionals in the country where you wish to operate is vital to be aware of these rules.
Attend events and meetings with people in the sector to network and learn about opportunities in other countries. ICEX is an excellent opportunity to be aware of the meetings.
The challenges of exports for companies
The main thought that leads entrepreneurs to decide to export is the most basic and rational reasoning that anyone makes in times of crisis: if things don’t work out here, we will have to try other places where people’s purchasing power is higher, sales are not being affected, etc. The idea that it will be easier to maintain the business if it is sold in countries with better economic conditions is not unreasonable. However, the key to success in the export process lies in the company’s strategy and not so much in the country in which it wants to sell.
The will to sell or continue selling is a good principle, but this will must be accompanied by the choice to grow. An SME, in particular, has to think that leaving the incubator of its country, which until now has limited it to certain magnitudes, means having to grow irremediably, and it must accept this challenge with enthusiasm and without fear or limitations.
For a small company to grow and enter the international market implies a series of changes to be adopted and challenges to be overcome:
First, you will have to optimize your processes to be more competitive. The competition will be more significant and will have more years of experience. The fact that the competition is growing tells us that the market is also increasing and, consequently, the number of products and deliveries to be carried out will succeed. Is the company ready to invest in a competitive production and distribution model?
Compensating for seasonality
On the other hand, the company must also be able to compensate for product seasonality within the overall market. Suppose a farmer decides to export his fruits and vegetables to the world. What will he do when it is winter in his place of origin, and certain fruits do not grow but are in demand on the other side of the world, where it is summer? The farmer will have to find a way to compensate for the lack of produce or have the option of being able to sell to several countries and synchronize the demand for the product throughout the year.
Steps to internationalize a company
Now that we have all the information in hand let’s look at the different steps to internationalize a company. Take note!
1. Creation of an export department
It is the most intuitive and natural step. Without a department to manage the new phase of the company, it will be challenging to face the challenges that lie ahead.
2. Conduct an internal analysis
We must ask ourselves whether the company can initiate this change in this step. The first step is to assess how the company is ready to acquire the production capacity needed to meet the new demands.
The most important factor is money. We have already given you a (basic) average of what you need to invest in starting the process. Based on this, you have to consider whether you will have the financial capacity to assume the expenses. If this point is clear and you can go ahead, the next concern is the product or service: Is it suitable for all markets? Does it have enough potential to stand out? If the company offers more than one product, the ideal and advisable thing is to go for the one with the best chances of success.
A curious thing to consider is each country’s social, political, and economic characteristics. Perhaps the product or service that works in one does not work in another. Therefore, in this step of the strategy, it would be necessary to study the markets and tastes of the places we are interested in reaching.
3. Bet on innovation
Most internationalized companies are characterized by being innovative and carrying out projects committed to innovation. Exports to the world seem to be accompanied by a more open and futuristic vision, which is necessary to go abroad.
Innovation can manifest itself in various ways, whether in company policy, human resources, payment methods, or the final product, offering more eye-catching, practical, or original packaging.
4. Choosing markets
Earlier, we mentioned the importance of considering the social, cultural, political, economic, and legal factors of the countries you plan to export to. There are all kinds of particularities in each region that can become barriers to selling products. For example, customs laws, currency type, and exchange rate must be considered: Does it benefit the company?
On the other hand, product or service considerations also come into play. Depending on what you want to sell, you will draw complex lines to overcome in internationalization. For example, you cannot sell a computer program or an application and leave it in only one language or export products that require refrigeration, and there is a stretch of the journey where the cold chain would be cut off.
As a tip, the best thing to do is to draw up a statistical table in which the factors to be taken into account and the probabilities of success in each country are listed. In this way, a more detailed list of the best places to start will emerge.
Depending on the budget, one or more offices may be set up in one or more countries you plan to export to. However, it is most likely that small companies will not have this capacity, and their new market will be reduced to the areas closest to their country of origin.
5. Find a marketing channel
When internationalizing a business, the sales channel will vary depending on whether you sell a product or a service. You may or may not need a physical presence for sales. If needing it, the best way is to do it directly through a local partner.
On the one hand, being present has the clear advantage of gaining extra knowledge about new market demand and better identifying consumer trends and preferences. However, the logistics become more complicated with this option, and problems may arise related to collection, lack of communication, etc.
On the other hand, if you choose to use an external commercial distributor, you gain functionality and risk control despite losing control over the market since you can make more significant and orderly shipments.
6. Start with promotion.
The communication and marketing of a company have changed a lot. In this blog, we have told you about the thousands of new ways we have to sell a product more effectively, from inbound marketing or neuromarketing to growth hacking and SEO. The recent trends exploit the free channels and the subtlety to emphasize the brand more than the products themselves, giving rise to the company’s already famous branding or image.
We recommend you make a small ‘study’ of all the mentioned options for the promotion. To begin with, several things should not be missing: a website or eCommerce, where products are sold, and information about them is provided, profiles on social networks to promote, and investing time in finding the best international events and fairs where it is of interest to showcase the company and its services.
7. Strengthening the internationalization of the company
After a while, the small company that started dreaming big will have become a large international company. At this point, the same flow of events will have already led it to create the figure of an export manager, and it is likely to think of investing more and more to be able to take on the fronts that have been opening up.
The last phase of the process, which completely consolidates the change from a national to an international company, is the physical establishment in other countries, either with subsidiaries or franchises. One of the most outstanding examples, rather trite at this point but valuable nonetheless, that allows us to visualize better the evolution and change that a small company can undergo is Starbucks. Starbucks went from being a small coffee shop with its origins in Seattle, Washington, to becoming the most significant international coffee chain globally.
What did you think of this article on how to internationalize a company? Leave your comments and share!
Finally, one of the things we encourage companies to think about is that, in the context of digitalization in which we live, the barriers to internationalizing any business are getting lower and lower. You could say that it is an excellent time to take advantage of the opportunities offered by the new connections, as long as you keep in mind the other factors that influence the success or failure of the adventure.
Earlier people preferred going to shop and buying things. But in this scenario users prefer online shopping. This paradigm shift bought a next-level change in business too. Since every business today is offering shipping services. However, the rising competition at times makes it possible for them to thrive within the market. Here is where drop shipping came to the rescue. Not only is it a boon for business but also an opportunity for rising economies to relish profits.
Talking about the current scenario, anyone can start an online business with drop shipping. This shipping service has gained immense popularity helping businesses to stay ahead of the competitive edge. Therefore, starting with the same can give you valuable profits. Especially in countries like the USA and UK where people are more inclined towards online shopping.
However, if you are out to start a dropshipping business as a side hustle or a way to quit your full-time job to get started with the same, the below post is for you.
Let’s have valuable insight on how to start with the dropshipping business in the USA and UK!
Let’s Hear About Drop – Shipping
Dropshipping is a method of shipping where the sender and the customer’s address are masked, eliminating the need to manage inventory. In this, the order is picked up from the company address, changed, and delivered to the customer. Similarly for the company, the customer information is also changed. In this way, it keeps the information secret on both hands.
A middle man or a supplier name a drop shipper is responsible to deliver the products under the name of the company.
Current Market Scenario Depicting The Value of Dropshipping Business
Dropshipping business is attracting millions of newcomers due to its popularity. It is a startling opportunity for entrepreneurs to relish the profit margins. Have a closer look at the market to know what’s new within the dropshipping business.
Dropshipping is amongst the major business models for 33% of baby boomers and rising merchants globally.
It is expected that by the year 2025 the industry of drop shipping is likely to reach USD 557.9 billion. This immense rise shows the segment is a great opportunity for the newcomers to try and relish the profit margins.
Additionally, Google Trends data also shows a massive rise in interest in dropshipping.
A Valuable Insight On How Does Dropshipping Business Model Work
Now, if you are well aware of drop shipping, let’s take a moment to have a close look at the working of the dropshipping business model.
It’s crucial to understand how the dropshipping business model is different from the traditional retail and eCommerce shipping businesses. Generally in normal shipping, the customer knows about the supplier and company too. In addition, the supplier gets all the information about the shipper.
However, in dropshipping things are somehow different. The information of both supplier and shipper is hidden. With this, the dropshipper protects the online stores from predators. All their information is secured and maintained to the next level, but, it’s important to mention that there are tools that help you to manage it.
Due to this fact, Dropshipping is very popular, on different sites such as Amazon or Aliexpress. Furthermore, there is not too little upfront investment cost associated with it making it a wise option to get started.
Here is the Step By Step Guide to Start Your Dropshipping Business
Now, if you made up your mind to start a dropshipping business, here is a step-by-step guide to begin.
Step 1: Pick a Dropshipping Market
To begin a dropshipping business, the first step is to determine the niche. A market niche is a subset of a larger market. Your niche should be as specific as possible. Specify the products and services you will render via your dropshipping business.
It is believed that while doing dropshipping business you can make money in any niche, but this is not true. You’ll have an uphill battle with your new business if you choose a niche that significant brands influence.
Here is how you can pick a dropshipping niche that will pay off in 2022:
Choose a niche with unique knowledge of products.
Try to sell in a niche that helps people make their life easier.
Choose a niche with low to medium competition.
Choose a niche with at least a 40% profit margin.
Step 2: Locating a Dropshipper
The next step is to know and locate the dropshipper to start the business. Here are steps to move forward:
Make sure the supplier is a drop shipper before you contact them.
He should have hold years of experience in the drop shipping
If a supplier charges you more than the range of $2 to $5, stop right there as it will be too costly.
Analyze the supplier’s delivery times to the countries you serve. Dropshipping can take one to two weeks. Make sure they do not take longer time
Request product samples before committing to a supplier, always test quality..
Ensure they aren’t charging you any unnecessary charges for the services.
Step 3: Obtain a Sales Tax ID for Your Business
You’ll certainly need a sales tax ID if you’re starting a business in the United States or Canada.
Sales tax is a tax levied on all sales of physical goods to consumers, and it typically ranges between 6 and 9 percent of the purchase price.
It’s common for businesses to pass on this cost to customers by including it in the retail price.
You can do this in person at your county clerk’s office or online by searching for “[your state] + VAT number” on Google.
Step 4: Selecting a platform for selling
To earn profits from your online store, we always recommend having your own online store. But people choose to have well-known established marketplaces too. It is recorded that drop shippers connect with a well-known online marketplace such as Amazon or eBay when starting out. The reason behind this is already the consumer buildup they get through these platforms. However, when starting your own drop shipping services, don’t forget to align with a leading player in the e-commerce segment.
Step 6: Customer Acquisition Strategy
For making your business successful, you need to attract customers to your store. A customer acquisition strategy comes into play here.
You can choose the fast (paid) or slow (accessible) route to gain new customers.
Here we have mentioned some ways to acquire customers for your business
Dropshipping Facebook Ads for Quick Results
Google Adwords for Online Stores
Blog or forum marketing with slow results (for free)
Marketing with Content
Marketing on Social Media
Marketing via email
Step 6: Increasing the Size of Your Dropshipping Business
Once your dropshipping store is up and running and you’ve implemented some of the strategies, you should start seeing some sales. As your business grows, consider some of the future-proof processes you can implement to make your job as an owner easier and prepare for an increasing order load and more customers to satisfy.
Huzzah! We’ve made it to the end, and you should be well on your way to starting your eCommerce dropshipping business.
The greatest take-home business owners have from the past year is that a solid online presence is everything. According to SEO Tribunal, 97% of consumers use the internet to discover and learn about local companies before making contact.
That said, a social media campaign can cost north of $5,000 per month, so sometimes, it makes sense to take out a business loan. This article will explain why social media advertising is essential for improving your online presence.
Why start a social media advertising campaign?
Raising and reinforcing brand awareness: it aids in familiarizing customers with your products and services. If your small business becomes a go-to for buyers, it will lead to long-term benefits since consumers often gravitate towards brands they recognize.
Increased business traffic: you can reach a global audience with a single post. If the target audience resonates with your products, they’ll add to your loyal customers. With proper brand awareness, prospects are bound to follow, share, and engage with your social pages.
Higher conversion rates and sales: The higher the commercial traffic, the higher the conversion rate is reached in the company numbers. A successful social media campaign brings new customers who either didn’t know of your business or have an interest/need in your products and services.
In short, the social media advertising outcome is worth the funds, savings, and a small business loan invested.
Top 5 best advertising strategies for social media presence
An advertising strategy for social media is a master/buzz plan of your goals and how you plan to achieve them on social media. The top 5 strategies are:
1. Understand your brand
You mustn’t just post anything. It would help if you started with the end in mind. That’s why you must ask yourself the following questions before posting on your social.
What product or service do you want to sell
Or what product or content you intend to promote
When you understand why you want to generate interest, then you can continue the conversation to an advertising moment.
2. Ask decision-support questions
To build buzz about your products and services, ask your social media followers to help develop products and services. You can map out your questions below.
Which design should I go with, A or B?
How would you name the product?
When is the best time to launch?
By doing this, you build familiarity between your online community and the product you’re about to launch. This gets people excited and aware of what you are doing, and when you launch the product, more people are likely to buy.
3. Build authority with features and proof
Get featured anywhere, not just within your industry. Consider this as online networking. As the saying goes, your network is your net worth. You can get featured in people’s:
Remember, the more you get featured, the more authority you build. Show proof and testimonials and talk about your business industry experiences and past clients. This will help build authority, so people trust what you’re talking about.
4. Understand what end goal you have for your social media platform
Afterward, ask yourself how those goals impact the type of content you’re trying to create. For instance, if you are an interior designer and your goal is to:
Raise awareness: show behind-the-scenes content of you renovating a client’s space, before and after shots, and design inspirations that you draw from.
Educate: createposts like home decor techniques and different design tools. These will educate your audience on how they can implement the methods themselves.
Convert: share testimonials and clients’ experiences working with you as their interior designer. This technique works better than sharing before and after pictures of the project.
Get direct sales: You need to show people the product, how to use it, and how to purchase it.
5. Stop only focusing on the actual visuals
Do justice to your product shots and posts by following them up with an informative, enticing caption or description that will compel consumers to act upon your call to action. Also, don’t forget to do social audits from time to time.
Extra tips to improve your business’ online presence
Always respond to your audience’s tweets, comments, or inquiries. This helps them feel and feel that their opinions are treasured.
Be sure to keep your loyal audience engaged by availing of giveaways and live sessions more often.
Many social media platforms allow you to view the reach and insights of all your posts. This will help analyze the campaign’s impact on your business and tweak it for better effect if need be.
Over to you
Social media advertising can build your brand authority and raise awareness of your company, all vital for improving your business’s online presence. That gives you a great shot of capturing the attention of the 97% of internet users who learn more about a local company over the internet before making contact.
Visit the website in the introduction section above for more information about a small business loan to help fund your social media advertising campaign.
At one point in owning a website, we need to know its worth. Knowing your website’s worth will put you in a place where you know how much you may sell it if you decide to sell it. By a website, we refer to any online business platform you own out there. You may also need to know your website’s worth so that you invest in making it more profitable. Knowing the price of your website will motivate you to work even harder to reach a certain threshold.
In this article, let’s look at what will help you put a price on your website and improve its profits to attract a good deal when you need to sell it.
So, how do you find the net worth of your website?
You may use the Multiplier calculation.
In the multiplier calculation, you use your monthly revenue. This value will be 24 to 36 times your monthly revenue. So, by multiplying your monthly revenue 24 to 36 times, you will get an appropriate estimation of your website’s worth. This method gets referred to as the earnings multiplier. Let’s take, for instance, that you earn $5000. Your website will be worth between $120,000 and $180,000. This formula will help you estimate your website before you sell it or give you a target to reach before selling your account how you wish to.
Do your online research or among people dealing in the same business.
Another way you will get to know how your website would cost is to conduct your research. You may search online how much you would need to purchase a similar account. You will meet website sellers and buyers online who will propose different prices for a website like yours with similar stats. This way, you will estimate how to sell your account or website for that case. This method will give you a real-time price on the market, and you may get a worthwhile price.
Conducting interested buyers one on one
Another way you may sell your website at a significant profit will be to find ready buyers. You may use criteria one and two above to have your selling price already determined. With a ready buyer, you may even target a higher price, and with conviction, you stand a chance to make a good deal in the online market. This technique will give you enough knowledge for any future website sales.
Use of digital evaluation tools
You may as well decide to use various tools to evaluate your website and find your figure. Some tools you may find online to help you determine the price worth of your business include:
GoDaddy- this tool will ordinarily help you find a domain name for your website or run the website. When you need to know your website’s worth, however, this tool will prove very helpful. The GoValue feature in this tool will help you in getting your website’s worth. Consider installing it and use the GoValue feature to find your site’s worth.
Empire Flippers- you may as well use this tool, follow through with their simple steps, and get a rough estimate of your website’s worth. This site conducts website sales for most people. If you wish to find the estimated worth of your website, you may use their formula. They use the multiplier calculation as well. Your worth will be your net monthly profit X Multiple (18X-46X) + Discounted Assets if any + Wholesale Inventory if any. If you use this formula, you will get your estimated website’s worth.
Flippa– this platform deals with buying and selling an online business. Their 6-step valuation process will give you an estimate of your website’s worth.
All the above methods will help you come up with a figure about the worth of your website. Selling a website requires this knowledge to avoid selling your website at a loss.
Five best methods to boost the worth of your website
After learning how your website may sell, you may wish to own it a little longer and increase its market value if you need to make that call. What are the factors you need to consider to make the site increase in value?
Work on boosting your net website profits
Website’s net profits get used in calculating your worth by all tools and sites willing to sell your website for you. You will need to increase your profits for a better deal. Good research will help you understand what you need to do to increase these profits. If you offer affiliate marketing, then invest more in your most successful affiliate links. You may also include your call to action earlier to boost more sales. Whatever business you do, focus on increasing your net profits, and you will hack it.
Increase your visitor flow
The more you get visitors to your site, the higher your revenue creation rate. So, it would help if you increase your visitor flow. Consider using SEO tools and search for topics that your audience searches for most. Search engine optimization (SEO) tools for different SEO practices such as local SEO, and others, have saved many sites by creating relevant content which increases visitors flow. You may also create content relating to your top-performing pages.
Work more on your Domain Authority.
It would be best if you created a domain that relates to your content excellently. This trick also helps your site rank more in search engines and eventually boosts your visitors’ flow, boosting your net profits. As always, remember to separate your domain registrar and hosting.
Boost your website’s social media following
Social media platforms have proven essential in boosting a site’s visitors flow. You will need to market your site effectively on all social media platforms. You may then come up with a way to motivate sales from these platforms by even offering a discount coupon for those who purchase from the social media links. This way, you even get more referrals and sell more, increasing your net profits.
Invest in Email Subscriptions
All successful websites give a lot of weight and concern to their email subscribers. Do you have a list of your email subscribers? If not, consider doing it. Through your email conversations, you get to make better price offers and maybe make better profits. You also get a chance to connect with your customers and improve your trust, which ends up in an increase in sales.
Would you be happy to buy your site?
If you feel that your website gives you a good selling deal, then you may go ahead and sell it now that you have successfully determined your website’s worth. If not satisfied, consider investing in the above tips and better your website’s worth because you will find it possible.
Have you found your website’s worth? Using all the methods we have discussed above, you will decide if you need to sell your website. You may also implement the tips on bettering your website’s worth, and you will be happier. Let us know about your experience in the comment section.
Starting an eCommerce business is like offering a product or service to the masses. You are not limited to a city, state, or country. Your client or customers can be browsing your store from another part of the world. Additionally, running an eCommerce is affordable if compared to the brick and mortar shop where you pay the rent and bills, and hire employees and other cleaning staff.
Break the shackles of selling routine products to a community by starting an online business that aims to serve millions across the world. Statistica reports that about 80% of consumers across the world shopped online in the last year. Online buyers are increasing with every passing day. Why miss such a profitable opportunity? Start your eCommerce business today by following the steps described below.
1. Exploring eCommerce
Ecommerce is huge. For a layman, it may be simple website creation, but deep down it involves various technologies and platforms. To start an online business, you must have an eCommerce platform, where you can sell products with the ability to accept payments online and a complete mechanism of orders and customer management.
Initially, most eCommerce startups don’t have enough budget to develop a dedicated platform where they are the sole sellers. Therefore, they start selling on famous marketplaces like Amazon, eBay, Walmart, etc. as soon as they grow in sales, build a brand, and are ready to build a business website from scratch or with the help of eCommerce platforms. Magento, PrestaShop, and WooCommerce are a few worthy to mention in using eCommerce software as a service.
So, the first step is the selection of an eCommerce platform. You will have to decide – according to the budget – either to start on a personally owned eCommerce website on WooCommerce, Shopify, or any other platform (in any case – remember to avoid EIG hosting providers) or use a marketplace. Getting a website gives you complete authority, whereas, opening a store on a marketplace restricts you in many ways. The first option takes time to attract customers but marketplaces are flooded with their user base. Both have their advantages and disadvantages so choose according to your business requirements and the goals you set.
2. Selecting a viable product
The key to making eCommerce an overnight success lies in the selection of products that are high in demand, low in competition with higher profit margins. Finding such products is hard as everyone is coming to the eCommerce market with the same mindset. There are various business models for you to follow. If you already have a business and want to digitize it, you must put the same products or services in your online store. However, starting a new online business may require you to do research, testing, and evaluation. Things to consider in product selection:
Competition – is found in every form of business. Check if you can gain an edge by reducing the price, improving the product, or innovating a new service from it. Build a strong relationship with suppliers to grab discounts on bulk orders. Use interactive media channels that are not used normally in your industry.
Market share – Evaluate the sales volume and revenue to measure the market share of your competitors. It gives you a probability for your products or brands to penetrate the market. Providing good quality in an average price range will surely help you secure a fair market share. Consider price-cutting and spending on promotions.
Customer base – Assess your customers. You must know the people who would like to take interest in your products or services despite the fact they are buying from the competitors. If they find it well, they will surely be converted into loyal customers.
Niche products – A niche is a small section of a market where you can build authority and create a monopoly. Choose a specific range of products or services within a market and get recognized as an icon for it.
Product selection goes on to continuous research and development. It leads you to recognize marketing mediums, tools, and platforms effective for the specific type of your business. Setting a brand message, product description, and adding a story to it is also worth considering for creating an impact in the market.
3. Study the trends
In general, eCommerce is highly driven by trends and seasonal fluctuation. Despite the usual industries like food and grocery that are considered to be safe from seasonal fluctuation also have to face ups and downs. It is the fashion, beauty, and tech industry that is affected the most. Celebrities endorse new clothing brands, cell phones, and skincare products that set new standards for the general public to follow.
If you are a beginner in eCommerce, you must look into the ways you can cater to your audience with the trend they like to have. As soon as your business is recognized as a brand, you get the authority to break the stereotypes and set new style trends that will be unique all and followed the most.
4. Get your business registered
Choose a business name and decide the legal structure you would like to carry. You can open an online store as an individual (also known as a sole proprietor), go into a partnership, and incorporate it as a private company. It depends on the investment you bring to the business and the human personnel you will need to run the online shop.
Online stores do need registration with the government agencies that are governing taxation, legal, and import or export matters. Obtain permits and licenses to ensure the smooth and seamless operation of your business. Acquire compliance with health and safety regulations, sales registrations, etc. as well.
5. Producing or sourcing a product
The product you choose to sell must either be manufactured or sourced. Look into the ways you can produce it. It can be getting raw material or partly-complete products and finishing them at your manufacturing facility. To save finances on processing units, you can choose to source finished products straight from the manufacturers, wholesalers, or suppliers.
You can search for a list of products and their possible suppliers. Reach out to them to seek their terms and conditions, and get affiliated. They often have the condition of minimum and maximum order amount or quantity. Agree with them to remain at peace. However, you have another product supply and distribution model to choose which is dropshipping. It removes the need to order and manage stock. You get the order, retain a profit cut, and forward it to the supplier. They ship with your details and revenues are generated.
For starting a service-based eCommerce business, you may need to invest in building a portal. For example, booking appointments for your consultancy business that may be about visa, career, business, marketing, accounts, real estate, etc. The service industry is huge as it allows selling your skills, knowledge, skills, and expertise. You will not need to strive for products. However, the same time and energy are required to find the right service to sell online.
6. Go Live and Promote
Add products to your store and it’s ready to attract customers. Make sure the domain name is easy to remember and the same as your store name. you might have selected Magento or WooCommerce, or a marketplace, pay attention to optimizing the product pages. these should load faster in users’ browsers. The design may also need modifications with the time so keep your web developers and designers on board for quick and reliable changes.
Now that your store is up and running, it is time to start promoting it. targeting users from search engines may require you to research the key terms and add them to the title and body of the product pages. For quick marketing and better return on investment, store owners need to consider search engine advertising too as it quickly displays the products against relevant searches to the users. If you need any freelancer help, you should consider getting started on Fiverr to hire some. Use different social media networks to spread the word and amass users with post likes and other interactions.
Add traditional marketing mediums as well to your promotions like running ads on mainstream media including TV, radio, or publishing press releases in popular newspapers. Distributing flyers and brochures with your bundle offer are still working and useful for attracting the local community.
7. Maintain and Expand
An online store requires continuous maintenance. It requires security patches and functionality updates. Hire web development agencies on retainer ship to ensure minor issues are dealt with before a major breakdown. For example, if you are using the Magento eCommerce platform and a new version is released, you may need to update the online store to avail the enhanced security, performance, and functionality of the platform. Besides this, you must also keep an eye on expansion plans.
As soon as your online business grows, you may need to target more regions and people of different ethnicities. To reach them effectively, you may need to add the products in other languages to establish it as a multilingual store. There are plugins and extensions to enhance the functionality of your existing store. You will be able to manage multiple region-specific stores from a single dashboard. such an expansion means getting profits from multiple stores by managing one.
Starting an eCommerce business is not difficult. It is an open choice as anyone can start it. However, the one who is wise enough to choose the right product and tap a demanding market leads the way to success. I hope the steps I have discussed in starting an online store will help you set up one for yourself, however, there are countless eCommerce development agencies to seek help from.
Overlanding trips are usually long. You can be on the road for several weeks or even several months. Some people go to the next level and overland for years. But even while you are on your journey, you need to consider your finances. Despite camping and trying to live without the comfort you have at home, you still need money. After all, how else are you supposed to eat or get fuel for your vehicle?
If you are planning to start overlanding, you may be wondering how you can make an income during this adventure. Well, this post is for you. So, keep reading to find out how to make money while overlanding – this way, you can still earn an income while following your passion.
Getting Sponsored – One of the Easiest Ways to Make Money While Overlanding
Many overlanders get their funds from sponsorships they have with companies and brands. The only downside is that getting a sponsorship is not as easy as you might imagine. It is difficult to get even a partial sponsorship.
Also, if you do end up getting the sponsorship, it will not be enough to pay for everything. You need to look for other ways to make money alongside the sponsorship.
Sponsorships may help you get spare parts for your vehicle, saving some money in the process. If you want to find sponsors, you can try creating a blog and writing regularly, building a strong profile on social media, and then listing all the possible sponsors.
When you find good sponsors, you should look for their contact details and reach out to them. Negotiate a deal with them, and if you agree on the details, you will be able to form a relationship with the brand and become sponsored.
Relying on Savings Can Work for a While
What some people do during overlanding trips is rely on their savings. If you saved money for your trip, you can simply use it to maintain yourself and your vehicle while you’re far away from home.
However, this is only a good idea when you have managed to save quite a lot of money, as being on the road for a very long time will require plenty of funds. Still, most overlanders go with this method, and their savings are enough to allow them to see the world.
Selling or Renting Your Property Will Get You Some Money While Overlanding
You may not feel content with the idea of selling your house, but a lot of overlanders did exactly that. They sold their house, got rid of all their bills, and decided to go see what the world has to offer.
They did not have to worry about property ownership anymore. However, if you are tied to the house for some reason – for example, you have kids who need to go to school – this option will not be suitable for you.
Seasonal Jobs May Help You Out
Seasonal jobs represent a great opportunity to earn an income while you’re overlanding. You may not work in the same place for a long time, but you still have the chance to make some money. In Europe, you can work in beach resorts, whereas in winter you can look for a position in a ski resort. In the U.S., you can work in theme parks or summer camps.
The cool thing is that you can work for half of the year and spend the other half overlanding. You can travel, have money, and not be tied to an employer for a whole year.
Working Remotely Is Getting More Popular
Over the years, working remotely has become more and more popular thanks to the flexibility it offers. You can work regardless of your location as long as you have a laptop or phone and Internet access.
If your job allows remote work, you can work with the same employer. If not, you may want to look for another job, one that makes remote work possible. Bear in mind that you will still have to work a certain number of hours during working days.
Also, with remote work, you can choose between working online for an employer or setting up your own online business.
As a freelancer, you can work in online customer support, as a virtual assistant, as a translator, interpreter, copywriter, editor, writer, online project manager, personal or business coach, teacher, business consultant, and many others.
And if you want to set up a business, you can offer a services agency, affiliate marketing business, dropshipping business, Amazon FBA, branded e-commerce store, info products business, influencer or you can sell your own products on Etsy. You can also start a YouTube channel or monetize a website.
Are you into overlanding but looking for ways to make money while you’re away from home? Decide whether you would rather open your own business or work for an existing employer, and see what your options are. We’ve shared some ways you can make money, so look into them and see whether something interests you.