Of all the side hustles to make money online, building an ecommerce store is arguably the most lucrative. It is also the most sensible to juggle with full-time employment.
To start your digital business, here are the most crucial first steps:
Source Your Products
Side hustle ideas typically start with the product, so you probably already know what you want your ecommerce store to carry. Ideally, you’ll keep your product line small and add more as your business grows.
But how do you procure the products in the first place?
Depending on the nature of the products and your vision for your business, you may need to produce them yourself, purchase them as white label products, or simply act as a broker.
No matter how you need to source them, remember that they are the primary value you offer to your customers. Make sure you find a reliable source that won’t just guarantee availability but also quality.
Develop Your Brand
A critical part of building a side hustle online is creating a brand.
This involves selecting a marketable name and possibly designing a logo to represent your business entity. Keep in mind that your brand is what will set you apart from your competitors and help you connect with your target audience.
Beyond your name and logo, your brand is your company’s persona. It should reflect not only the personality you want to present but also the values you hold dear.
Ultimately, this will be your most valuable marketing asset, so develop instagram database your brand carefully and purposefully.
Determine the Best Business Model
Your brand along with the products you carry comprise the value you offer to your target audience. But how do you intend to deliver that value to your customers?
In ecommerce, there are several business models to choose from and the best one depends on the nature of your products as well as your resources.
Dropshipping is possibly the most popular business model for online side hustles. This is because it doesn’t require a huge capital outlay, space for inventory, or any logistical capacity to deliver orders.
But depending on your products, you might want to consider other value delivery methods. For example, subscription models, wholesaling, and traditional retailing.