When I launched my nail polish brand almost eight years ago, I was so excited about the prospect of creating something but I was also very new to the e-commerce space and business in general so I quickly caught with the reality of business that was not really adapted to the market realities. I am sharing some of the lessons and mistakes that I have made so that you will make informed decisions as you build your ecommerce business or brand from scratch.

The nature of my products, my distribution channels, and the high costs of marketing are some of the things that I have not properly planned for, I assumed that a great product would sell itself once people became aware of it.  With literally every product, service one-click away, it is easy to assume that tapping into the e-commerce space is simple. However, for many startups including mine, that assumption is quickly replaced by reality and adjustments have to be made to stay in the game.

So ease of setup does not equal ease of business, the success of any e-commerce business depends greatly on understanding the international market trends, choosing the right channels, models, and systems, and most importantly the right products for the right niche. Targeting the right audience and choosing adequate channels of communication are some of the keys to success for e-commerce business, the continual shifts and changes in the global market also call for businesses to become more and more flexible and adaptable. So here are the 8 things that you must know before you get started:

1. UNDERSTANDING YOUR UNIQUE VOICE AND CONTRIBUTION

Begin with asserting your worthiness, your creative freedom, your ability to live life on our own terms with clarity of purpose. This will help you with understanding yourself and avoid dysfunctional behaviours that may affect your decision-making as a new business owner. I saw my insecurities show up in the most unexpected ways, like every little set up felt like rejection and brought out a lot of my childhood trauma, so do the inside work and build the self-awareness that need to move ahead and show up as you are and avoid the trap of wanting to have it all together, take it easy. You are equipped for the journey, I will go more into details in my last point. The beauty of understanding our voice is so crucial for the journey since we are all naturally drawn to expressing ourselves, and through this expression, we find a sense of connection with each other.

2.THE GOING MIGHT GET TOUGH SO PREPARE ACCORDINGLY

Be clear about what you want this business to do for you so that you can fully prepare for it. Starting a business can be hard, the idea of being your own boss sounds very exciting but entrepreneurship is in nature emotionally, physically, and financially taxing and it can feel very lonely at times; it is also important that you clearly define your concept and the need that it will address and assign time and resources accordingly.

“Starting your own business is like riding a roller coaster. There are highs and lows and every turn you take is another twist. The lows are really low, but the highs can be really high. You have to be strong, keep your stomach tight, and ride along with the roller coaster that you started.”-Lindsay Manseau

3. BRINGING YOUR SOLUTION TO THE RIGHT AUDIENCE

Your offer has to be a clear solution to an existing problem; some of the things that I had missed while defining my ideal persona are their behaviors and lifestyles, women didn’t buy their own nail polishes, they went to salons and had their nails done there, and most importantly the people that I assumed had disposable income were very price sensitive. There was not enough market share for me to tap into and make a sizable profit margin. Listen to what people are not necessarily saying, look at the trends and your industry stats.

4. DO A THOROUGH MARKET RESEARCH

You have to have a clear understanding of your product life cycle and its challenges before you begin; for example, my product was in the dangerous goods category and was heavy so it costs me so much more in shipping. This is more applicable to you if you plan on selling a physical product. The customs also considered it luxury goods which meant that I paid about 55% in taxes. Now I know that are different tariffs and taxes for every country but these are some of the things that you should research before embarking on your entrepreneurial journey. Know your product’s dimension and weight, variations, shelf life, durability, and any time of restrictions attached to it.

Check the World Bank website for cross-border logistics performance and simplyduty.com to calculate import and duty taxes so you will know how much tax you will have to pay if you are importing your products. Other tools that you can check include Google trends, Google market finder, and Buzzsumo to find out more about the most ideal markets to enter and how to build a strategy around your market intelligence.