Last Updated on 6th September 2021
You want to make some extra money on the side, right?
Well, one of the easiest ways to do this is by setting up your own eCommerce store. It might sound quite complex, but it’s actually very simple. Nowadays, you can set up an online store in seconds thanks to all the great technology at your disposal. Once the site is up and running, you need to fill it with products for people to buy.
From here, it’s a case of getting people to buy these products, then delivering them to them. In theory, it’s an easy way to make money. However, it isn’t always as simple as it seems. If you want to make money from your eCommerce store, be sure to follow these tips
Buy low, sell high
It’s the oldest business advice in the book: buy things for a low price, then sell them for a higher one. This is how you make profits, and it is easier than you think. There are a few tricks you can employ to make this happen, one of which is to buy items in bulk. You will find plenty of suppliers that sell huge amounts of items for people to purchase, allowing you to then sell them individually for a higher price.
If you wanted, you could even try to purchase things on bidding websites to snag a deal. The only problem is that a lot of these sites sell second-hand products. So, you’d be selling a second-hand product to other people, meaning it might not be that desirable. Either way, keep in mind that you need to make a profit, so don’t purchase the products you sell for too much money.
Create your own products
As a better solution to the previous problem, you could create your own products to sell. Honestly, this is a more effective way of making money from an eCommerce store. Here, you only have to pay for the resources needed to make your products. Then, you decide what to sell them for! As these are unique products that you have made yourself, you can set the price as whatever you want.
The fact that they are handmade automatically gives them a premium edge as well. People love handmade products, and they are willing to pay more for them because the quality tends to be higher than mass-manufactured goods. There’s also less of an ethical issue when someone knows how the product they’re buying was made.
Find an affordable courier service
Naturally, you need to find a way of getting your products to your customers. If you stock the products at home – be it ones you bought or made – you will need to find an affordable courier service to send them on their way. Here, you need to consider things like international shipping, weight restrictions, and so on.
Ideally, you will have a service that delivers things swiftly and for a great price. It is also advisable that you charge some shipping fees to your customers, at least initially. As your business gets more successful, you could maybe offer free delivery as paying for shipping doesn’t impact your bottom line too much. Still, offering fast and affordable deliveries for customers is essential for making money. A good delivery service can lure new customers in as they know they can get their products quickly and without excess delivery costs.
Have a reliable website
The previous tips are irrelevant if you don’t have a good base for your eCommerce store. While it is easy to set up a website, you have to ensure it is reliable. This means it needs to be on a server that can handle lots of traffic without slowing down or crashing. Don’t worry if this confuses you, it is something that’s taken care of by a lot of eCommerce website building providers. You can look into it yourself if you want, but platforms like Shopify tend to already be reliable.
Additionally, make sure you have a mobile version of your store to cater to the vast amount of people shopping on their phones. If your site isn’t optimised for mobile devices, you will miss out on loads of customers. As time goes on, consider developing an app as well, just to make your store more convenient and reliable.
Making money from an online store is very much possible, as evidenced by all the success stories you see around the world. It’s one of the most popular side hustle ideas around, and these tips can help you make as much cash as possible.