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Sunday, June 13, 2021

My New Business Plan - Bun's Bargains E-Commerce

I have 
created many side businesses during the journey of my career path. I enjoy the process of creating new business ventures since it’s my passion. I decided I want to do something about my grandfathered Shopify account (free membership) to be used as a new business. My older brother was the one that created the Shopify account. I have been thinking for a long time about what I can do about it. Because I have background experience in selling electronics and gadgets on the internet, I believe starting an online store that sells these goods is a good idea. When I was still living in the United States for my education, I bought and sold electronic goods. I was buying them wholesale from China and selling them at a markup price.
 
Anyways, let me explain my business plan for this e-commerce website. Bun’s Bargains will be a new online store that sells electronics and gadgets on the internet. I am going to use my grandfathered Shopify account for making this online business store. However, before I start this new business venture, I still have to ask my older brother for permission to use the Shopify account. I am willing to give him a 50% cut if he lets me use the Shopify account. In this article, I will discuss why I want to create this business and what my plans are. Moreover, I will explain how this new business will generate cash flow for me and how I can monetize this business. 
 
Experience in the Retail Business.
I had experienced in the retail business when I was studying in San Francisco. Since I wasn’t able to work in the United States (Not U.S. Citizen), I was still figuring ways how I can make some money. I found out how to sell electronic gadgets on the internet, which made me buy goods from China wholesale. I was getting products wholesale which allows me to resell the goods at a markup. In the beginning, I was only selling my products on craigslist.org but later decided I want to open an online e-commerce shop. I didn’t make an online store until I moved back to Jakarta, Indonesia. This is because I didn’t know how to create an online store until I moved back to Jakarta, Indonesia. Since I had much free time working in my dad’s company, I decided to try making an online store with Shopify.
 
I had little to no knowledge when it comes to building an online store. I was just playing around with the Shopify platform and actually able to create a running site. It was pretty amazing since I always wanted to figure out how I can build an online store. However, I didn’t focus on working on the site, after which the business did not run. I wasn’t worried about the overhead cost of running this online store since I don’t have any. Recently, I decided I want to put in work on rerunning my online store. If I can do something about my online store, I can make some extra cash on the side. This led me to open up my new side business, ‘Bun’s Bargains.’

 
Dropshipping with Aliexpress!
My plan for this e-commerce website is to do the dropshipping method. I’m thinking of using AliExpress as my drop shipper. AliExpress is owned by the China-based e-commerce company Alibaba; most AliExpress suppliers are overseas manufacturers and wholesalers selling their goods at lower prices. AliExpress also allows me to drop ship items to any location in the world. I can import the product content from AliExpress.com directly to your store, choosing from millions of different things right at your fingertips. You’ll also have the freedom to set your prices and markups.
 
AliExpress dropshipping via Oberlo is one of the easiest methods I can use to start my online business. With Oberlo, I can access a wide variety of different products available on the AliExpress marketplace. Whether it’s fashion, electronics, toys, beauty, or the following trending product – Oberlo makes it easy for me to find products from suppliers all over the world and instantly add them to my own online store.



Why Dropshipping?
Dropshipping is a low-risk business model that allows me to sell products to my customers without incurring substantial running costs as a wholesaler would have. Because of these lower costs, it is easier to become profitable with dropshipping faster than other business models.
 
Starting a dropshipping business is a significant first step into entrepreneurship. After that, I’ll be able to sell products to customers, set my own product prices, and market my very own brand. I don’t even need to pay for inventory until it’s sold to an actual customer. Then, if I’m willing to put in the work, you can build a successful brand.
 
And if I’m still on the fence about starting my online business, maybe it will help to know that e-commerce sales amounted to nearly 3.5 trillion dollars worldwide in 2019. So, if global stats on e-commerce are any indication, starting an online business is an increasingly lucrative option right now.

 
Why do I like this Business Venture?
There are many reasons why I like this business venture a lot. First of all, I built the online store all by myself, which resulted in me investing no money at all in the business. I can work on it at my own pace since the online store has no overhead cost. I believe creating the online store allowed me to expand my business portfolio. I have developed many side businesses as a hobby. Most of them are still in the process and generating almost no income at all. I’m not worried about the companies I own not generating any revenue since I don’t have any burden for running them. I treat the businesses I create as a fun passion I do on the side, and I can show it off on my resume.
 
Truthfully, I don’t have a clue whether this business model will be profitable or not. All I know I only have to invest very little money to start this business. Since the Shopify account for the website is grandfathered, I don’t have to pay a single dime for the monthly overhead expense. I only paid for the domain cost that cost probably $10-12 annually. Moreover, a dropshipping business is a low-risk business model. When it comes to startup costs, I only pay for products that I sell to paying customers. Therefore, I don’t become overburdened with the cost of creating products, carrying inventory, costs of maintaining unsold inventory, and the cost of employees for packaging and shipping products. It’s a grand entry into entrepreneurship as I can start my own dropshipping business by myself during your evenings and weekends. It will require daily work when it comes to processing orders. However, most of the order processing steps are automated and require a click of a button. The dropshipping business opportunities are endless; I just need to take the first step. Hopefully, my older brother will let me use the account he created.

 
Marketing My Dropshipping Business.
Since I am just starting, I have a super tight budget. However, I already have some plans I’m going to use for marketing my e-commerce website. Therefore, I am going to list down the methods I’m going to apply below.
 
Facebook Advertising: Facebook is the perfect platform for showcasing my salable products to 1.23 billion monthly active users who are already on Facebook. Without any extra effort, they view, like, and eventually click on your site’s link while stalking their ex’s best friend, even without their knowledge!
Ranking in SEO is something that takes time. Facebook Ads can help me get up and run with my sales while your SEO game builds up.
 
When marketing my AliExpress dropshipping business, my goal is pretty obvious- to create more and more traffic to your page and maximize the number of products sold. However, once the purpose of my advertisement is clear, once again, Facebook wins the race. Unlike other social media sites, Facebook allows me to post your sponsored and promotional posts along with additional normal newsfeeds and separated sponsored advertisements.
 
Even when I generate a paid advertisement for my site, as the ad is shown with the regular newsfeed column, the users don’t scrawl the mouse with a presumption of some promotional product listings, but it interests them as the other regular posts with regular like, comment and share options. And Facebook cleverly shows the number of total comments on the post rather than just the number of comments on the latest shared version that the users are viewing.
 
Retargeting Ads: I like retargeting ads because they keep the cost low. This ad works great if I have a store with tons of traffic. Maybe I’m marketing for free on Pinterest and getting a lot of traffic from there. Maybe I wrote a blog post on my website, featured influencers, and now influencers share your blog for free. With a retargeting ad, you take that free traffic, and it’s a lot more likely to convert into a paying customer. Even better than a standard Facebook ad. Plus, it’s a lot cheaper. 
 
Influencer Marketing: Starting a dropshipping business will require me to be a bit scrappy in the beginning. Since I can’t afford to pay influencers yet, I can offer them an affiliate commission instead. Why is this a good thing? I learned the hard way that sometimes, even a niche specific influencer doesn’t convert. It’s almost like a shot in the dark. If I pay an affiliate fee for every sale, I will lower the risk for your dropshipping business, and it’s up to the influencer to convert the sale. Plus, I’ll get some pictures that will help increase my social proof for my brand. If the influencer has real followers, they could make a lot more money as an affiliate than they would’ve if they were paid a flat rate. Thus, giving them a chance to make even more money.

 
So, What Now?
I hope this article explains my business plan for my e-commerce store. I still have to ask my older brother for his permission to use the Shopify account he made. I am willing to give him a 50% share of this new business venture I plan to create. I already made the online store; all I have to do now is post products I will sell on the website. I think is a waste if I don’t utilize the grandfathered Shopify account. Let’s see if I can make this business venture into a profitable cash cow for me. If I can successfully do that, I can invest more money into my stock portfolio, which will allow me to reach the financial goal I’m after. I will update readers on the progress of the business venture I am planning to initiate.

6 comments:

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