Starting An Online Store As a Side Hustle
Did you know that starting an online store is a great side hustle to earn extra money? It can be a big success for those who have some experience in the web design and development industry. Not only does it give you the opportunity to work from home, but it allows you to create your own products and list them for sale in your very own online store.
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Follow the guide below:
Before you figure out the best way to sell your product online, you must first define what kind of product you’re selling, and more importantly, what problem you’re solving.
Design thinking is a process that relies on a solution-based approach to complex issues, it’s instrumental in designing and tackling problems creatively. It also promotes an active approach to brainstorming ideas and coming up with prototypes that can be tested.
When it comes to Design Thinking, we look at the 5 pillars it stands on, and they are as follows:
- Users’ needs (research and know what the people want)
- Identify your users’ problems and needs
- Ideation – Brainstorming ideas to possibly address or solve a problem
- Begin to design solutions
- Experiment with your solution to find out if it will work. Then you can operate with limited risk on a small side project, or as an MVP. Your customers will tell you what they need and if the idea is worth pursuing further.
To separate your side hustle from your full-time job, or set your project apart, look for products that appeal to smaller niches—that way there won’t be as much competition from big companies in the space who otherwise might steal market share away from newer players like yourself.
Adam Hillier who runs a specialist store selling urethral sounds says that you should consider products which aren’t currently or aren’t likely to be sold on marketplaces like Amazon to increase your chance at generating organic sales.
To make your business idea a reality, you’ll need to create a plan that describes how the product or service you want to offer will be produced and distributed.
A side-hustle business does not require you to design or manufacture your own product. The idea of a side hustle is to automate the process as much as possible and find others who can help in that regard.
One way to do this is by outsourcing your product’s manufacturing, either directly through B2B websites like Alibaba or by Dropshipping, which involves selling products that you have not physically acquired.
These e-commerce platforms come with built-in point of sales (POS) systems and payment processors, so you can start charging for your creations right away.
Although you may register as one or the other (LLC or proprietor), it is a good idea to do both. Even though this will be part-time work for you now, the benefits of being organized and keeping your finances straight are worth it in the long run.
Moreover, when importing a product, you must take into account the regulations, taxes and duties specific to your product and country of importation.
If you have a business idea and are looking for ways to generate extra income, you absolutely should start an online store.
If you have the skills and startup capital, the potential is quite high. You could make a lot of money from this venture if you go about it in the right way.
Can you really make enough money for it to be a decent side hustle? It’s hard to say for sure; we have made an attempt to give you the guide in this article, and we believe you will utilize them to your advantage.