WordPress can do almost anything and that means you can even build an ecommerce store with ease, but it’s a lot harder to turn it into a profitable business. Everyone dreams of running a store from their bedroom, but before you jump in feet first we’re going to look at some very important things you must take into consideration if you actually want to make money.
Dropship or wholesale?
When you’re starting out it might be easier to dropship your products because you won’t need to pay any upfront costs, but you’ll also end up competing with people on price and your margins will be much smaller. If you hold your own inventory you’ll make a lot more money, but you’ll end up out of pocket in the beginning before you sell the products. Both ways can work, but you need to think carefully about what way is right for you when you’re starting out.
Give yourself room to grow
It’s easier to succeed when you’re starting out if you target a very small market, but what are you going to do once you reach a six-figure business and you can’t grow any bigger? When choosing a market it’s obviously better to focus in on a select group of customers, but at the end of the day if you want to build a hugely successful business you will need room to grow. This means choosing a suitable niche and also choosing a domain name that doesn’t tie you into anything long term.
Increasing your conversion rate
This is one of the biggest things newbies completely ignore when they’re starting out. If you can double your conversion rate you will double the amount of money you make per month, so you must start testing things out straight away. There is special software that will let you run A/B split tests from your WordPress site and it’s easy to learn how to use it. You will also do a lot better if you’re good with a camera because photos you take yourself usually convert better than the ones you can pick up online.
How will you promote your store?
Anyone with half a brain can throw up a simple WordPress ecommerce site if they spend a few days messing around with everything. After another few days they might have everything set up and they will then sit there waiting for their first sale. You can’t just sit around waiting because nobody will find you, so try to figure out how you’re going to promote your site. This could also have a big baring on the type of product you sell in the first place since some things are easier to promote than others.
Amazon will destroy you
I guess I’m trying to say it’s very hard to compete with a company like Amazon if you don’t come up with a completely unique product. If your store is selling wine racks you would need to ask yourself why someone would buy from you instead of the most respected ecommerce store in the world? Your wine racks would need to bring something new to the table and that would be tough, so always try to sell unique products Amazon won’t be able to compete with.
Don’t be too scared
Nobody said running an online store was going to be easy, but it’s not as hard as you think. You will fair a lot better if you think very carefully about everything we’ve talked about today. Once you feel you’re ready to start you should start playing around and getting used to everything instead of putting it off for another couple of months.
Author Bio: Warren Brown is a freelance blogger and an ace creative write with many years of experience writing for top blogs. Warren has written on a myriad of topics and has written several posts for us.