4 Questions To Ask Yourself Before Starting An E-Commerce Business
There's always that moment in life where you look at your monotonous job and plan your million dollar exit strategy.
I mean, that's what girl boss Sophie Amoruso, founder and CEO of Nasty Gal, did before quitting her lobby job checking IDs at an art school. Nasty Gal now valued at $250 million.
So guys, it's clear, that it's not what or where you come from, but instead, it's where you're going.
Could it happen to us? Could we become retail moguls like Sophie? Yes it could. But only if you have the right ingredients. And first, you have to ask yourself these four vital questions:
1. Am I doing this just because I like clothes, not the business?
Oftentimes, we convince ourselves that because we can throw a great outfit together we're automatically meant for the fashion business.
Yes, you may love fashion, but to succeed, you must also love business. This means delivering solid client presentations, properly communicating your vision to manufacturers, cutting expenses, and driving sales. So if you are thinking about jump starting your eCommerce business, its important to have the right team.
You may be fashionably inclined, but you need the business side to be just as strong. Of course, it's important to enter into this profession if you have a true vision and a calling.
It's also equally important to make sure that there's a need for your product in the market, and you know how to capture it. If you aren't that business savvy, go find a partner who is, and go make eCommerce history!
2. Am I actually going to take this seriously or does it just sound good to my shopaholic friends?
Businesses are built to make money. Period. I don't care what anyone says, and the moment it stops doing just that, there is nothing particularly cool about it.
So doing it just because you might like what people think of you, is not a good enough reason to get into a retail business, or any business, or really anything in life, for that matter.
So the core reasons have to be genuine and make sense. Chances are that your friends, no matter how much they love you, aren't going to stay up with you till the wee hours of the morning to prepare for your promotional sale next day. Sorry.
3. Do you realize you'll be doing more than stylish shoots, but no so stylish shipping?
Most designers get into the business to design.
The fun part is designing clothes for your target audience. Clothes that will enhance their lives, and more generally help them to become a more confident person.
This is all great news for the consumer. It doesn't, however, mean the same for the business owner. There are far less exciting things than hiring and styling models and eating croissants on the job, but there's other, arguably more important parts of the business that you must factor in.
For example, how to effectively approach and capture investment capital, or the ever dreaded packing and shipping process.
Well, thankfully you have Shark Tank for the first hurdle, and now, all you NYC locals have wynd, a 21st century shipping company. It picks up your eCommerce orders and ships it for you.
One less headache for you, my friend.
4. Are you ready for your life to be filled with everything retail?
The overarching question when entering into any field is, are you ready for your life to be consumed with that said thing? If you quickly answered ‘yes,' then I'll see you at the top. You and Sophie.
If not, maybe stick to the day job.
Subscribe to Elite Daily's official newsletter, The Edge, for more stories you don't want to miss.