Success Tips for Millennial Entrepreneurs
Build a profitable and scalable business with the right guidance and knowledge.
The next process involves setting up the online e-commerce portal. Developing an e-commerce website from scratch involves the following steps: obtaining a domain name, roping in a web hosting provider, integrating a payment gateway, a platform to build the online store with product listing, initial capital to fund the manufacture of products and packaging the final product for delivery and shipping.
Web Hosting service and registration of domain name:
What’s in a name? A lot actually, especially if it’s a domain name. It’s important to choose a suitable, available domain name for one’s business or brand. Some tips in selecting a name are:
Registration of the domain name: Having zeroed in on the domain name, one needs to register the same via a domain registrar by paying the requisite fees.
Selection of the e-commerce solutions: This is the crux of the entire e-commerce business. The e-commerce solutions depend on the following parameters i.e. type of platform, size of the business, desired features and budget.
Type of platforms: The following are the two available platforms:
Evaluation of options: Its best to research the pros and cons of both the options before taking a decision.
Evaluate the features on offer: It is advised to consider the additional capabilities being offered like SEO optimization, brand building via social media etc.
Integration with add-ons: Often one may plan to integrate the portal with a payments gateway, accounting software or logistics and shipment facility. The platforms must support such external add-ons and continue to function smoothly.
Establishing the e-commerce website is a highly technologically intensive stage and most important stage of an online business which could impact the success of the online business model. In case you want to have an operational site in a quick turnaround time, it is best to opt for hosting platform. However, if one wants to customize a site and adopt a gradual site building approach, the open source solution might work better. In continuation with this series, we shall discuss the next step i.e. the crucial money matters. In other words, the selection of the appropriate payments partner to ensure timely and smooth customer payments.
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