Ecommerce offers an opportunity to earn from anywhere, and it’s a booming business. In the U.S., ecommerce sales are expected to reach the $1 trillion mark in 2022. If you want to grab your portion of the trillion-dollar ecommerce market, Shopify is the perfect platform to launch your ecommerce empire.
What is Shopify?
Shopify is a cloud-based ecommerce solution that allows you to set up an online store, manage products, and sell across multiple channels. The only thing you need to run your ecommerce business with Shopify is an internet connection; the platform handles software and server upgrades and maintenance on your behalf. With Shopify’s app store, you can layer on additional products, tools, and services to customize your ecommerce experience.
Before You Start Selling
There are a few decisions you’ll want to make — and steps to take — before you launch your Shopify ecommerce store.
Choose a Selling Model
There are so many ways to earn from ecommerce. Some people source products and store/ ship them to customers themselves with a wholesale model. Others decide to dropship products, which means a third party handles the storage and shipping of products.
Maybe you’re a creative type, and you want to explore print-on-demand selling. You could even create a store based around an affiliate marketing model, where you send customers to other websites to make purchases while you sit back and earn commissions from every order.
Decide what selling model will work best for you before you start your Shopify store setup.
Create Your Business Identity
What will you call your new ecommerce business? What will your store name and domain be? Make a list of possible business names and then use a domain registrar like GoDaddy to check on the availability and purchase your domain name. Once your business name and domain are settled, create a logo for your business using a free design tool like Canva, or hire a graphic designer from a freelancer platform like Fiverr or Upwork to help you create your visual identity (logo, brand colors, and other design elements).
Launch Your Business
Will you operate your business as a sole proprietorship, an LLC, or will you form a corporate entity? Choose a business structure and complete all necessary paperwork to launch that business.
You’ll also want to register your business with any applicable state and local governments (if required), get your state and federal tax ID numbers (also known as an EIN, or employer identification number), and open your business bank account.
Insure Your Business
When you run a business, you open yourself up to financial risks. Business insurance helps safeguard you against financial losses as you build and grow your ecommerce business. Depending on how you structured your business, ecommerce insurance could protect your business and your personal assets.
Some of the most common types of coverage to protect your ecommerce business include:
- General liability insurance
- Product liability insurance
- Professional liability insurance
- BOP (business owners policy)
- Workers’ compensation insurance — required by law if you hire employees
Get a quote for ecommerce insurance from Coverdash. We specialize in ecommerce insurance for Shopify sellers and can help you determine the best coverage amounts to protect your new business against lawsuits and losses from an unexpected event. Request your quote today.
Now that you’ve launched your business, it’s time to start selling on Shopify!
How to Start Selling on Shopify
Shopify offers sellers a free 14-day trial, so you can set up your shop and start selling for free.
Build Your Store
Use Shopify’s easy drag-and-drop store builder to easily create your online store without the need for a professional website developer. Choose one of Shopify’s free themes or upgrade to a premium one. Customize your themes easily by changing fonts and colors, downloading apps from the Shopify App Store, and uploading your images to your store. Browse Shopify themes.
Choose Your Channels
Shopify makes it easy to set up an online storefront to sell your products, but your selling options don’t stop there. The ecommerce platform also allows you to sell products across a variety of channels, including:
- Facebook and Instagram
- TikTok
- YouTube Shopping
- Ebay
- Walmart
Choose your sales channels and expand your business.
Add Your Products
It’s time to add your products to your store. For each product, you’ll need:
- Product name
- Product description
- Images and videos of the product
Tip: When you’re creating a product description, it’s helpful to understand how SEO (search engine optimization) works. SEO is the practice of helping search engines (like Google) understand what your product pages are all about and knowing what search terms people use when they are looking for a product like yours. If this concept is new to you, check out the Beginners Guide to SEO from MOZ.
Market Your Business
Now that you’ve built it, don’t sit around and wait for people to find your Shopify store and products. Take action and start marketing your business! Shopify offers marketing tips and tools for ecommerce sellers so you can attract the right customers to your store. Create a marketing plan and take action daily to get more awareness for your brand and products.
Create a Great Customer Experience
When orders come through to your Shopify store, be sure you’re creating a great experience for your customers. Fulfill orders promptly and use Shopify’s native tools to send customers order confirmation, shipping tracking, and other order updates. Communicate and set realistic expectations for shipping times — don’t let someone think their order will be delivered next-day if it will take two weeks to reach them.
Building a lasting and profitable ecommerce store means thinking of your customers first. When customers love your products and services, they come back to your store to buy again, tell their friends, and leave great reviews for future customers.
Are you thinking of starting an ecommerce business? Get an insurance quote from Coverdash in minutes. Our agents can help you understand the risks that come from selling online and advise you on the best ways to protect your brand and your business. Request an insurance quote from Coverdash today.