Having an eCommerce business can be highly rewarding and we are not just talking about the financial rewards. It certainly has fewer barriers to entry compared to an offline business which needs premises and staff to name just two. An eCommerce business also enables you to run it from anywhere in the world as long as there is a reliable internet connection.
However, there is one aspect of starting an eCommerce store that lots of beginners seem to have missed or possibly have been misinformed about. As a result, they start their business on the wrong footing, and sadly it fails before it even got started.
The problem is the misconception that you do not need any money to start an eCommerce business. This is simply not true. What is true is you can start an eCommerce business for a fraction of what it would cost to start the same sort of business offline. Offline you have a multitude of start-up costs, which include renting premises, buying stock, shipping and warehouse costs, paying staff, utilities, legal and insurance fees, and all of this is before you even open the doors!
Whilst you don’t have the same costs in terms of what you need and the amount you must pay out, there are still things you must purchase prior to starting your eCommerce business.