E-Commerce, Entrepreneurs and The Emerging Economy

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Nothing has captured the minds of the businesspersons of today like e-commerce has. As e-commerce allows one to operate on minimal costs that in turn help us maximise our returns, it is especially popular with start-ups, small businesses and home based businesses. Larger establishments too are cashing in on the e-commerce wave and are making their presence felt by making their products available both online and at physical stores.

In an economy that is scrutinized and debated about fiercely, it is not easy for a regular Joe to understand its nuances and make a decision about whether the recession is truly coming to an end and the economy is emerging, or whether the economic slump will carry on for a much longer period. So where does this leave that entrepreneur-at-heart who is slaving away at a mediocre job and is saddled with a boss who puts Miranda Priestly to shame? Should this person not give their entrepreneurial dreams a chance?

Whatever the state of the economy, there is never a better time than now to shake the cobwebs of your dreams of being your own boss. If you can even break even, or even survive the first year during a financially unfavourable period, you will most definitely succeed in better times. And even if your whole idea tanks, you will at least have tried to fulfil your dream and will have learnt some valuable lessons.

Here are some things to keep in mind before toasting to your entrepreneurial future:

Decide on a product or service that will still be in demand six months down the line. Don’t just choose something because everybody else is doing it. Find something you really enjoy and won’t mind doing 24x7. Yes, since it is your baby and you won’t see a pay check every month, you’ll have to put every waking moment to use.

Do be enthusiastic and set aside a sum of money to start your business, but don’t overdo it and invest or mortgage everything you have. Start off with the bare necessities only. If your service or product doesn’t require you to have clients come over, don’t use your start-up as an excuse to redecorate or remodel your home office or hire a fancy studio. Look for second hand products that can be spruced up with a little TLC.

If what you intend to base your business on it a tangible product and not a service, depending on the size and volume of your product, consider e-fulfilment. An online fulfilment service will not only allow you to not work yourself into a frenzy about product storage, packaging and delivery, but it will also be able to advise on how to work out the logistical side of your business depending on its growth.

Make sure you have all the necessary licenses before you proceed on this economic adventure. The last thing you need is to be burdened with a bucket load of fines or worse, even before you’ve done a proper product launch.