In this day and age, opening a physical storefront can be quite financially challenging. The monthly rent, utility bills and skeleton employee salaries alone can cost between $20,000-$30,000. And that is not even taking the recurring expenses into account.
As such, in keeping with the times, opening an online retail business seems the more prudent and cost-effective approach. The good news is that there are lots of different ways you could go about starting an online retail business.
Pairing Up With Amazon
Amazon, easily the world’s largest online retailer, may just be the answer to your dream of owning your own retail business. Amazon FBA (Fulfilled By Amazon) is essentially a program by Amazon that does most of the heavy lifting for you.
So, as long as you have the inventory sorted and prepared the list of items you want to sell, you simply hand it off to Amazon and it does the rest. In other words, those aspects of housing, packing, shipping and customer complaints are all areas Amazon would look after on your behalf. It is definitely a good starting point for any budget-conscious entrepreneurs out there.
Pairing Up With Etsy
If you are one of the more crafty types, then Etsy might be a good bet for you. It is free to set up shop and you are only charged a nominal fee once during listing an item on sale and once after the item is sold.
The great part with Etsy is that it many buyers from all over the world frequent it not just for one-of-a-kind creations but also for vintage crafts. So, if you have the eye for something that is unique then you could have a profitable business cycle going on Etsy in no time.
Online Boutique/ Store
Say you have few extra cash to spare, then you could partner with one of the many e-commerce platforms to sell your creations. Shopify is a good example especially since it offers a complete solution for online boutiques. The trick here is the same as above – have an inventory of sale items ready and open your online store to interested customers.
It is worth noting here that you will need to take a monthly membership with Shopify after which you shall receive all the help you need from the entity itself, be it in terms of customizing your storefront, marketing tools or processing payments. In fact, a lot of their in-house tips on selling online are a must read.