Technological advances and the progression of the Internet optimizes the way people connect and communicate, search for and retrieve information, and complete everyday tasks. Internet users utilize the web to seek jobs, download and stream music, play games, perform banking transactions, and complete online coursework, among other things.
The Internet enables online buying and selling of goods, increasing businesses’ productivity. Electronic commerce, commonly called e-commerce, refers to business transactions performed via the Internet. Having an online business is a good idea because Internet use is widespread; the Pew Research Center concluded that 90 percent of American adults use the Internet. E-commerce retail sales are likely to grow as more people access the Internet on electronic devices such as computers, tablets, and mobile phones to shop online.
A 2014 survey by Bentley University concluded that 66 percent of 1,031 respondents aged 18-34, liked the concept of starting a business. Modern technology gives people who want to start a business the option of operating a fully online company. Entrepreneurs-to-be can prepare themselves for the responsibility of owning a brick-and-mortar or online company by creating a business plan and getting any credentials necessary for running a company.
Working professionals and future business owners can benefit from getting an education in business. The online hr management degree offered by Faulkner University, for example, is an excellent program to enroll in for people who aspire to run startups. Students in this program will gain knowledge of management and business disciplines, receive skills that allow them to handle personnel and HR management issues, and learn strategic and operational planning and time management that will help increase productivity.
Small business owners should plan how they will operate and finance their eCommerce business. Self-funding such a venture can be expensive and might require entrepreneurs to tap into their savings or 401k. Getting financial assistance from others is an option, but requires some reciprocity. When someone borrows money from a relative or friend, they’re responsible for paying it back or fulfilling agreements they made. Receiving venture capital from investors could require business owners to give investors ownership shares and active positions in the company. Using a small-business loan can be time-consuming, as small business owners must wait for the approval. Additionally, people must repay small-business loans.
Entrepreneurs can start eCommerce businesses without breaking the bank. A cost-effective way for business owners to start an online store is to acquire physical products to sell by dropshipping.
This order fulfillment method is convenient for entrepreneurs on a budget who want to keep startup costs low, as they don’t have to purchase inventory upfront. Entrepreneurs sell products and pass the sales orders to third-party suppliers who ship products to customers. Business owners can purchase products such as clothing, bags, jewelry, and electronic devices at wholesale prices from dropshippers. Using an eCommerce dropshipping company such as Modalyst optimizes the order fulfillment process. Modalyst partners with big sites such as BigCommerce, Shopify, and Wix to supply business owners with various affordable and trendy products from known brands. Wix dropshipping through Modalyst provides businesses with fast, direct shipping to customers and the control to add the cost of shipping into product prices. This dropshipping company allows unlimited orders per month, giving business owners the ability to expand their business.
Entrepreneurs can choose inexpensive ways to promote their eCommerce business online. Having strong online visibility can ensure businesses succeed. Purchasing a web domain name and launching a website or paying for advertising on other websites is a good idea if business owners can afford to do so.
All businesses can benefit from free advertisement via social media. Social networking sites are effective platforms for promoting products and services and building an online brand. Small business owners can use Facebook, Twitter, and Instagram to showcase the goods their companies offer. Relatives and friends with social media accounts can share business posts, increasing publicity. Entrepreneurs can use LinkedIn to connect with other professionals and business owners and spread information about their company that could lead to new partnerships and business opportunities. People who run startups should make decisions that benefit their business and can save them some money.