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.’
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.
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.
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.
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.
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.
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.
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.
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