A 2022 article revealed that there were a staggering 580,000 eCommerce sites running from the UK alone, highlighting that there has never been a better time to jump on the bandwagon and make some cash.
After all, it can be done from the comfort of your home, with you at the forefront of the marketing strategy. However, without the right financing plan, things could start to get expensive.
Utilise social media platforms
One of the most important aspects of starting an online business is to get your ideas out into the world.
After all, there are thousands of online shops and influencers peppered across every social media platform, so it is paramount to stand out from the crowd.
As well as this, growing your network will allow you to snare potential customers and advertisers, as well as people who can offer advice on how to expand.
Posting about your new venture on LinkedIn, Facebook, Twitter, TikTok, and Instagram will mean that your thoughts will be shared as widely as possible, making them more likely to end up in front of somebody who can assist – or even somebody with a larger audience who could offer promotion.
Engage with influencers
Following on from our previous point, networking with influencers can be a great way to expand your outreach.
It can also be highly cost-effective, as it could simply involve sending a free version of your product to them.
For example, is your company focused on sustainability and being as eco-friendly as possible? Is body positivity important to your brand, or promoting a healthy, active lifestyle?
If so, try to target influencers and online connections that uphold the same values, as they are more likely to engage with people who will be interested in your business.
This is known as influencer marketing and is a well-known and effective way to encourage business growth.
Utilise reels, stories and video content in general
It is a truth universally acknowledged that anybody with a smartphone struggles to maintain concentration for long periods. Due to this, one of the best ways to engage with a potential audience is to start making videos on TikTok and Instagram – and it’s totally free!
Depending on what your niche is, you can utilise trending hashtags and ‘sounds’ on TikTok, allowing you to appear on the ‘for you’ page of people who may be interested in your brand.
Your videos do not have to be long or detailed, but regular posting of this kind of content is a surefire way to remain relevant and on people’s timelines – just try to ensure that each post promotes your business as early on in the video as possible, while also being entertaining.
Alternatively, you could see which songs are tending on TikTok and simply showcase what your product can do.
Are you selling something that makes an interesting sound? This could be an opportunity to tap into the extremely popular ASMR sector.
Capture potential email addresses
A great way to keep people coming back to your business’s home page is to offer a small discount for first-time buyers – but only if the consumer enters their email address.
This way, you can maintain regular contact with them in the form of newsletters, new products and the promise of future discount codes.
Dedicate some time to creating an email template that reflects the ideology of your brand and you as the head of it, while also making it as personal as possible.
You can download ready-made templates for free, customising them to include your brand’s colours and themes.
Remember: nobody wants to feel like they are being hounded by somebody who just wants their money, so try to remain as chatty and welcoming as possible.
Never stray from your financing plan
While it may be tempting to splash out on something extravagant to give your brand a big boost early on, this could lead to chaos and a lack of essential funds further down the line.
Your financing plan should be stuck to religiously, even if some months are slower than others – you made this plan for a reason, and that reason is probably that you cannot afford to spend more than it allows!
Finance plans can allow you to boost your engagement in a way that won’t leave you at a disadvantage, so carefully align your goals, check how realistic they are, and avoid negative cash flow – which refers to putting more into the brand than you are getting out.