If you are planning to start an online retail business, you need a good business plan. Unfortunately, too many businesses are started without creating a business plan and many online ventures fail owing to the lack of foresight and planning. If you are planning to launch an e-store, for example, you have to think about the following:
- Capital — Online businesses require far less capital than regular commercial ventures. However, you will need to set aside some money for marketing, promotions, product purchase, shipping and so on. Many retailers keep costs low by joining a low-fee supplier directory such as eSources.
- Workspace — While some retailers may boast about working from their kitchen table, having a dedicated work area helps you focus better.
- Storage — On eSources, you will find many dropshippers, which eliminates the need to warehouse products. However, some suppliers may not be willing to dropship products, in which case you will need to have the product shipped across to you before sending it on to customers. If you cannot store them at home, you will have to look for cheap storage solutions. You will also need storage for office supplies, such as paper, laptop, and printer/fax etc.
- Suppliers — Finding suppliers online is one of the most challenging parts of running an e-business, but it can be handled successfully if you use the eSources directory to find them.
- Business laws — Some suppliers may require you to disclose your tax ID and other information. Check the local laws related to running business in your country.
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business plan should take into account possible eventualities and keep a roadmap ready.
Use eSources to find suppliers, and also learn more about running an online retail business.
