Here are six steps than can turn your part time ecommerce
business to a full-time business that can be your only source of income
1. Expanding your potential market: Target new market or add new
products. Let’s say if currently you sell men’s shoes to customers in Nigeria,
you could expand to other geographic locations such as different countries, or
demography such as adding clothing for kids. Or you can expand your product
line for instance; by adding related accessories such has clothes, belts
sunglasses. Do your own research to determine which option has the largest
market, the greatest ease of entry and can earn you more profit.
2. Create a business plan: Regardless of the
fact that you've effectively run your business so far without one, writing a
business plan will help you thoroughly consider whether your startup is really
prepared to stretch to a full-time operation. You'll have to consider components,
for example:
whether you'll have to contract representatives
whether you'll have to move the business out of your home (in
case you're at present home-based) or rent a distribution center or other
storage room
where you'll acquire new items to add to your line (if this is
your methodology)
how you will showcase your
3. Reflect on Cost: Assessing the cost
of expansion is part of your business plan, but it’s so important I’m breaking
it out separately. In addition to the cost of steps such as hiring employees,
buying more inventory or marketing to a wider geographic or demographic market,
also remember that you will be giving up your employment and with it your
salary. Build in enough money to support yourself for six to 18 months, the
typical length of time until a new business breaks even. If you need more money
than you have access to, decide what your best option for obtaining it
is—whether that’s getting a loan, seeking angel investors, Crowdfunding or
borrowing money from family and friends.
4. Set a schedule: Create deadlines
for taking the steps you need to go full-time, such as a deadline for
completing your market research, finding new sources of products, finding
employees or independent contractors and developing your business and marketing
plan. This will help you stay on track without getting overwhelmed. Ideally,
you can get most of the legwork done before you quit your day job so you’ll
launch your full-time business with everything you need.
5. Appraise your willingness: Aside from
budgetary assets and statistical surveying, you must be rationally and
sincerely prepared for the venture of going from part-time to full-time
business. Are you ready to give up your job security? Are you prepared to work extending
periods of time developing your business? (Working work and a business has most
likely provided for you some involvement in extended periods, yet it’s going to
get considerably harder when your business is full-time.) Are you prepared to
conceivably surrender some control of your business to representatives or
accomplice/s on the off chance that you require extra labor?
6. Get help: There are numerous associations
that can help you with everything from statistical surveying to discovering
foreign or local suppliers. The Internet is an incredible starting point,
obviously, however in the event that you require in-individual direction, a
reference administrator can indicate you the most recent facts. What's more,
the experts at your Local Small Business Development Center can help you with
each venture of the planning for nothing and even help you discover financier
on the off chance that you require it.
