In many ways, it is just very easy to become an online business entrepreneur. For under dollar 1,000, you can get an e-commerce site up and running and either buy some inventory and follow a drop shipping strategy.
For that very reason, there are thousands of people every day who have decided to do just that and they are all out there trying to make their fortune on the Internet, just like all the hyped up courses and articles tell them they can.
You can also find hundreds of articles that tell you about the top ten mistakes that beginners make and the top fifteen things you must do to be successful and most of them have something valuable to say. But, we think that there are a few issues that are more important than others and we would like to emphasize those.
Figure out your competitive advantage (your edge)
It is not enough to find a product you want to sell, buy it at a low price and mark it up for resale. Why? Because that is exactly what everyone else is doing. You need to figure out why someone should buy from you rather than from someone else. Is your product better? Less expensive? Comes with all the right accessories? Sold on a site with wonderful how-to information? Sold on a site with an expert in residence?
What is your sales pitch?
Look for a smaller, not larger market
This is a critical and extremely common mistake. People get excited about selling online because of the millions and millions of people who are online looking to buy something. Yes, that is true, but there are also millions of people looking to sell things and it is very difficult to get your business and product seen in all of that Internet noise. Plus, the larger the market, the bigger the players. It is very difficult to compete in the huge markets.
You want to find the target or niche market that would really like to buy your particular product from your business. Chances are, there are more than enough people in that market to make your business worthwhile. You just need to find those people and convince them. But, it is a lot easier to find people who are searching for vintage nativity sets in wood than try to attract the attention of people searching for Christmas figurines.
Budget for marketing
It is way too easy to get caught up in the technology of your site and forget about the fact that it is all a huge waste of time unless someone can find it.
Finding your site has everything to do with marketing, and some parts of marketing cost money. Recognize that reality and plan for it if you would like to have a shot at being successful.
Giving away your credit card information on the Internet is scary. People need to have to trust a website to be willing to do that. That is why so many people use well-trusted sites like Amazon.com and eBay: there are protections in place.
Give people the tools to be able to trust you. Put your address and phone number in your contact information. Provide an email for communication. Write a bio for yourself and place it on the website. The more people know about you, the more they will trust your site.