An e-Commerce Business Can Earn you Money While You Sleep
When you’re looking for a lucrative side hustle, e-Commerce is one of the best markets you can choose. Currently booming, the e-Commerce industry is continuously growing at an astounding rate. Having a consumable product or a higher-end product or service is a great way to make money. the best part is that you can make money as you sleep or take your child to the park.
You don’t need a lot to get started and there are a lot of opportunities in the industry. Here, we’ll look at what e-Commerce involves, it’s pros and cons, and how to get started.
What is e-Commerce?
Otherwise known as electronic commerce, e-Commerce is the term used to describe online selling and buying. It typically refers to physical goods being bought and sold online. However, it can also refer to any type of online transaction, such as services offered through the internet. this includes FB Marketplace.
You can sell all kinds of products and services in this type of business. You can also either set up your own website to sell your goods or set up a shop on an already established platform like Shopify, Etsy, or eBay.
What are the pros and cons?
Like any type of career, it’s important to understand the pros and cons of e-Commerce before deciding whether or not it’s right for you.
So, let’s start with the pros. The main benefits of e-Commerce include:
- It’s easy to get into
- You could make a lot of money
- You can offer goods locally or internationally
- Affordable to set up
You’ll find e-Commerce is one of the easiest side hustles to set up. You can start by setting up a store on an already established platform. You’ll also find everything you need, such as suppliers, online.
The e-Commerce industry is booming right now, and it shows no signs of slowing down. Currently, online sales are at 14% and steadily climbing especially during this time of contactless shopping. By 2023, online sales are expected to rise above 23%. This can create an online revenue of over 700 billion by 2023.
Therefore, this is also a great career opportunity that enables you to earn a significant amount of money potentially.
You can also choose whether you want to sell locally or expand internationally. This gives you access to millions of potential customers. Plus, there is the added advantage that it’s affordable to set up. Starting an e-Commerce store is much more affordable than setting up a physical store.
So, what about the cons? The main disadvantages of e-Commerce include:
- High competition
- Risk of fraudulent transactions
- Downtime can be costly
You’ll find there is a lot of competition within the e-Commerce sector. This means you’re going to need to ensure you’re offering competitive pricing, as well as something different from your competitors.
Fraudulent transactions are also a worry. Fraudsters commonly try to steal from businesses through chargebacks. You also run the risk that even a few minutes of downtime for the business, could result in a loss of a lot of sales.
These are the main pros and cons you need to consider before deciding whether e-Commerce is right for you.
How to get started
If you do decide e-Commerce is the right-side hustle for you, it’s important to research as much as you can. This means researching the types of products that are currently in demand, comparing suppliers, and also researching the laws and regulations you’ll need to follow.
You will need to determine things like pricing, will you solely be USA based or go internationally? Make sure you also get your free EIN number and register your business with your state as well.
It’s best to start by opening up a shop on an established platform. That could be eBay, Shopify, Etsy, or even Amazon marketplace. The two most favored depending on your product are Esty and Amazon, I recommend them, but do your own research based on the type of product you want to sell.
With Amazon for example, you’ll have the option to ship products yourself, or choose Amazon fulfilment. The latter is a great option as you won’t need to store physical products and you also won’t need to worry about shipping.
What e-Commerce Business Will You Set Up?
E-Commerce can be a great way to make additional income. It can also help you to get into the world of self-employment with very little capital. Just remember to do as much research as you can before getting started. That way, you’ll stand a much better chance of success in this competitive industry.
Don’t forget, we can help you advertise and help you with marketing, you will not be alone, enlist the assistance of others.