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Turning a Hobby into a Business: What to Consider When Setting Up an Online Store

So, you want to turn your hobby into a business? Taking your first steps into your chosen industry can feel quite daunting and when it comes to setting up an online store, it can certainly be a challenge. 

There are a few things to consider regarding the setup of your online store and today we will be discussing them. 

What Products Will You Sell?

One of the first things you’ll want to consider when opening your online store is what products you will sell. If you have a wide product range, then it is advised that you try to narrow it down. This is because some products may not sell well online as opposed to offline. You’ll want to pick wisely so you can make your business more profitable. 

You may decide on a product range and then make changes further down the line. It is crucial that the products you do put online are monitored carefully. This will help you to identify which products work well with your audience. Sometimes, it may surprise you what does and doesn’t take off but having that knowledge will be the bridge between yourself and increased revenue. 

Who Is Your Target Audience?

Knowing your target audience is hugely important for any business. Your business will need a loyal customer base to survive. So, it is crucial that you are targeting the right people and providing them with a solution to their problems. To gain a better understanding of this it is worth conducting some research on customer pain points to help you ensure that you are providing your audience with the products/content they need in order to consolidate their loyalty with your brand. 

How Will You Price Your Products?

Pricing your products for an online market can be difficult. However, there are many pricing strategies that you can try out to help you generate sales and increase your customer base. When it comes to online stores you have to factor in delivery costs. Some customers can be put off by a delivery fee but there are ways around this that you can try. For instance, you can always factor the delivery cost into the actual price of the product. Because you’ve accounted for the delivery cost in the price you can then declare that shipping is free. This is a clever tactic which can help drive more sales to your store. 

You can use a pricing calculator, like this one to help you decide on your final price list. There are plenty of helpful resources online which can offer you some useful advice. It is important to note that your pricing structure may change over time and in the beginning you may need to trial a few strategies to find out what works best for profitability. 

How Will Your Protect Your Business?

When starting your own business, you need to take the rights steps to protect it. With a quick online search, you can find ecommerce business insurance to help keep both your website and products protected. Unfortunately, mistakes can happen in business, so you need to ensure that you have taken all the precautionary steps to prevent any risks. When it comes to insurance it is highly recommended that you talk with a professional to get their expert opinion on the type of cover that you will need. 

How Will You Build Your Site?

Building your online store doesn’t have to be difficult. In fact, there are some incredible platforms out there which can help you to build a website within a matter of minutes. You certainly don’t need to be a top designer to build your online store yourself. Having a clear understanding of your finances is a positive when it comes to building your website. You can decide whether you have enough money in the budget to pay someone to build your site for you, or if your budget is lower then there are still plenty of other options out there for you. 

When it comes to building your site, you should make the design consistent across your brands social media platforms to help create brand awareness. For more information on how to build an online store you can find a lot of helpful resources online to help set you off in the right direction. 

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Written by Virily Editor

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