Then practice it over and over and over again until you feel really confident in explaining it to someone.
Once you write this and are happy with it, use it on your ecommerce store as your company description.
So you’ve decided that you want to quit your day job and start your very own ecommerce empire. But before you become the next Jeff Bezos (and definitely before you quit your job!
), it’s worth spending some time to think about a business plan.
Depending on what you intend to sell, it’s important to think through which business model makes the most sense for your product. Here’s a fact you can bank on: there has never been a successful e-commerce entrepreneur that didn’t understand his/her target market, cold.
That’s why this section is one of the most important in the entire business plan.It’s amazing how these insights can translate into a meaningful business opportunity. After conducting the competitor analysis, Atlas Hiking Co.Here’s an example: If I was going into a Billy’s Outdoor Store to research the outdoor apparel market, I would probably ask Billy the following: What is the competition missing? might find that the competition’s hiking shirts offer very few features at a low price point, but no one offers a luxury hiking shirt with additional features at a higher price point.Here are some of the most efficient ways to research a particular market: Industry reports Google is your best friend.Look for any recent industry reports on your market of choice.Let’s say that through our research of the outdoor apparel industry, we discovered that there was a huge boom in youth hiking apparel.Perhaps parents were increasingly concerned of their kids’ exposure to UV rays while hiking so began to spend more money on their kids.Trade shows are also a great opportunity to talk to competitors, meet manufacturers, and better understand where things are heading in your industry.Once you finish researching the relevant industry, you should summarize your findings by answering the following questions: General Industry So, now you’ve concluded that you have a great business idea and it’s in a growing market.We could use this valuable information to guide our business strategy. Go to a nearby store that sells similar products to yours and interview the store representative.The store rep has interacted with hundreds of interested customers which can lead to thousands of valuable insights!