How to become a millionaire with eCommerce
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This document outlines 25 steps to become a millionaire through eCommerce. It recommends finding a product market using online tools, selecting a domain name, registering a company, choosing eCommerce software like Shopify or BigCommerce, setting up payments and shipping, launching marketing efforts, and optimizing over time. The goal is to have a profitable online store generating revenue within a few months that could grow substantially over years.
How to become a millionaire with eCommerce
- 1. How to become a millionaire in 25 steps with eCommerce! Colin Lewis
- 2. eCommerce • eCommerce is still in its infancy • eCommerce sales are just 6% of total US retail sales • With new tools and software in the market, you can set yourself as your own retail outlet. • This Slidershare tells you how to start from zero, and in 25 steps, be running your own eCommerce based website. • And, hopefully, make you a millionaire in the process. • How do I know you can become a millionaire if you follow the 25 steps? Because I have already taught people who followed the steps – and became a millionaire in the process!
- 3. Step 1: Find a market • Google search volume data - Google Keywords Tool • EBay/Amazon Sales Data • UK Market – Search google.co.uk • Find out about what know already • Google Insights/Trends • Trade shows
- 4. • Google • Competition / similar websites in different markets • Products that can be drop shipped – agree margins, shipping costs and returns policy with suppliers in writing • Trade shows • Alibaba • thewholesaler.co.uk Step 2: Identify products & pricing strategy
- 5. Step 3: Get a name • .ie if targeting Ireland • .co.uk for the UK • .com for global • Domain Name should be SEO driven • No hyphens • 1-3 words max e.g. energiseyourlife.com • Should be easy to say over the phone / easy to remember verbally and spell • Get ideas - Makewords.com • Purchase domain names - Buydomains.com / Sedo.com
- 6. Step 4: Register a company •Ireland • www.cro.ie • www.companyformations.ie •UK • www.companiesmadesimple.com • If geographic location try a tax haven
- 7. Step 5: Get Paid • Apply for a Company bank account • Set up a PayPal account
- 8. • Shopify • Big Commerce • Magento • WooCommerce Step 6: Find eCommerce software
- 9. Step 7: Select Magento Shopify Big Commerce Woo Commerce Number of stores 200,000 100,000 55,000 ! Scale Enterprise SME SME Micro Design Templates Yes, but changes required skilled coding Best design templates Limited template section Is a CMS - some code/html/CSS/PH P skills help Coding skills Highly skilled programmers No, but limited features without upgrading No, Plug-in to WordPress – skills required to extend Marketing options Promo codes / SEO Plugins Included Coupon codes / email features Hosting No Included Included No Costs Depends on implementor and scale $30 pm (check transation fees) No fees, except for hosting - $30 pm No transaction fee Software Open Source Proprietary Proprietary Open Source
- 10. Step 8: Stock, fulfilment, dropship Decide if you will keep stock, use a fulfilment company or dropship
- 11. Step 9: Pick Big Commerce Go and register
- 12. Step 10: Configure • Configure basic store settings and select a suitable design • Make design tweaks –web designer
- 13. Step 11: Get Your Products Loaded Add Products - Name, Category & Description
- 14. Step 12: Add Images and Video
- 15. Step 13: Comparison Feeds
- 16. Step 14: Add Variations
- 17. Step 15: Payment Method
- 18. Step 16: Set-up shipping costs
- 19. Step 17: Get taught • https://www.bigcommerce.com/content/lesson-16-shipping-zones? utm_source=Control%20Panel&utm_medium=Step4&utm_term=Shipping&utm_campaign=Tutorial • Shipping Tutorial
- 20. Step 18: Email address Set up email address in Big Commerce, and set up either Outlook or Gmail following Big Commerce instructions
- 21. Step 19 : Know your product Set Up Google Analytics
- 22. Step 20: Go Live! In your domain hosting, point your domain name to your Bigcommerce hosting Bigcommerce will give you full instructions
- 23. Step 21: For extra (cheap) credit Buy a Skype/voipfone Landline phone number
- 24. Step 22: Start Marketing Google Adwords, SEO, shopping comparison sites, Email Marketing, launch Facebook/twitter fan accounts
- 25. Step 22a. Bonus Marketing Tips • User reviews: An essential feature • Quality product images: High resolution product photos make an immediate impression and portray items in the best possible light. • Product videos. This can be the best way of demonstrating products, • Prominent delivery/returns information. Hidden shipping costs are a leading cause of basket abandonment. • Detailed product descriptions: Give people the information they need. • Calls to action: They should attract user's attention and draw them towards the next step in the purchase.
- 26. Step 23 - €€€€€ Start making €€€€ After 2-3 months trading online apply for a Merchant account - BOI – Evalon, AIB – AIBMS, UlsterBank –Streamline Integrate with Payments Service Provider – Realex, SagePay – for reduced credit card fees and to be able to accept laser payments. See webpayments.ie for a great guide
- 27. Step 24 – Optimise and Grow
- 28. Step 25 – Relax • Step 25 – RelaStep 25 – Relax x Step 25 – Relax