10 questions to ask before you start an online store
So, you wanna start an online store? Love that for you. Here are 10 questions to ask yourself, and a few things to think about, to make sure you’re ready!
1. Why do I want to do it? (purpose and vision)
Are you starting a store to generate revenue? Diversify your offerings so you don’t have all the proverbial eggs in one basket? Trying to increase brand awareness? Build a community? All of the above? Something else entirely?
Start with the all important ‘why’, because if you don’t believe in what you’re creating, then it’s going to be hard to get anyone else to — or at least enough to part with their hard-earned ca$h. Think big, dream bigger, and come back to your ‘why’ when you’ve lost your way or are dealing with a Karen.
2. Who are my customers and what aspirations am I trying to help them fulfil?
Leave the ‘pain point’ marketing and boys club behind and step into the feminist business of your dreams by tapping into the aspirations of your customers. Is it that you want to inspire them to chase their dreams? Help them take care of themselves? Embolden them to smash the patriarchy and burn it all to the ground while wearing your cute af sneakers?
Whatever mission you’re on - take the time to build a couple of customer personas (you know, details about the actual *people* who’re going to be shopping in your store). Then determine how your product is going to be valuable to them and how much they might be willing to pay for it.
3. Where and how will they find out about me and my store?
If an earring drops in a store and no one hears it, did it really happen? Nuh-uh! How are you going to make sure that all your fabulous customers know about you, where to find you, and how to buy from you? Do you need to set up an email list, an Instagram business page, or a dancing air puppet so big that Head of Corporate Morale Ilana Wexler would be proud? (It’s true, they are really great for morale).
4. What actual products do I want to sell? Time to get creative!
Chances are you started this journey because you knew what you wanted to sell. That’s ace! Now put a little rigour on it by jumping through these hoops:
Is there a market for this? And how do I know that?
What is my unique selling point or point of difference?
Does it align with my ‘why’?
Slam dunk? Awesome. Proceed.
5. What is it likely to require to get off the ground? (inputs)
What the hell do I have to do to get this bad grrl into the world? Make a list long enough so you know what you’re in for, but not so long that you can’t bear to look at the next question, or you know, get out of bed ever again…
Some inputs to consider:
Moolah - any upfront costs or investment that I will need to make?
Time / resources - how much time do I have to dedicate to this and what other resources might it require?
Registrations or trademarks - do I need to register an ABN or a trademark or any other such bits and pieces to make it legit?
Website or tech infrastructure - will I need a new website, a payment gateway, a special plug in? Can I build it myself or will I need HALP?
Sign off processes - is there anyone who needs to give the green light on this or who needs to give input?
6. What will I have to show for it immediately? (outputs)
Shiny new products? Smiling faces? An online store? An e-book? What are you going to have in your hot little hands to show for all the investment or ‘inputs’ you’ve made? Eeeeeek, exciting times.
7. What am I trying to achieve in the short-medium term? (outcomes)
The outcomes or goals that you are trying to achieve in the 6-12 months post-launch might be something like a new revenue stream, strong relationships with suppliers or manufacturers, that you’ve sold out (items not ethics!), or that you have a deeper understanding of where demand is and how viable and scalable your store is.
Having a strong idea of what you’re aiming to achieve, and then saying it out loud or writing it down *makes it real* and more likely to happen. #science
8. What is the big world change that I’m trying to create with this? (impact)
For me, starting an online store was all about building a different income stream while inspiring people to live their values on the outside, and spread the love to as many other women-owned businesses that I could. Because who doesn’t want that?
For you, ‘big world change’ might be turning an industry upside down, disrupting a system or structure that is oppressive and exclusive, or generating some money to contribute to a cause you care about. It might be reviving your cultural traditions and practices, or creating connections through wearable art. Use your answers from the previous couple of questions to help you capture what impact you are trying to create, and keep your eyes on that prize.
9. What business model and pricing strategy will best suit my goals?
This is a tricky one, and I’m no expert - but what I did consider before I launched my online store was: ‘what are all the different ways to do this, and which one is best for me right now?’ Was it sourcing and manufacturing everything myself? Was it finding makers I liked and creating a custom product with them for them to sell on their site? Was it buying a huge stack of inventory upfront or working on consignment? Limited edition, season or evergreen and all year round goodness? Sliding scale or instalment payment options? AfterPay, PayPal, Stripe, Square?
I got super caught up initially in trying to figure out what the ‘right’ way, or the ‘best’ way, or the ‘smartest’ way to do it was, to the point where I was so overwhelmed and mainlining cans of Dr Pepper.
My advice, if you’re not sure where to start, is to: limit yourself to a bit of research from trusted sources about their business model and how they price their products; ask a couple of your favourite makers; then just make a decision and throw your whole ass behind it. Then, check in quickly and regularly, and shift if you need to.
We can’t compare our brand new fledgling stores to the killer online powerhouses that have been around for a decade, nor to the start-ups and new businesses backed by zillions of men’s dollars.
In the end, because collaboration on custom products, supporting women’s businesses, not having too many upfront costs, and being inclusive were important to me - I decided to go with a model and pricing strategy that helped me do that. So far, so good and I have an ‘end date’ for re-assessing.
10. What are the three reasons this is going to fail and how am I going to design for that?
This isn’t so much save the best for last, as it is save the scariest for last. As a recovering perfectionist, burnout-aholic and people pleaser, it’s about overting all those fears in the back of your mind and bottom of your stomach about why this (and therefore you) is going to be a giant F-A-I-L-U-R-E.
Whether it’s ‘no one but my sister will buy anything’ (hi, Michelle!) or ‘someone does it better than me’ (spoiler alert: there will be, but that doesn’t matter) or fan favourite ‘I’m not creative enough’ - list the three most likely reasons you and your online store will fall flat on its little pug face leaving you to apply for witness protection out of sheer embarrassment.
How are you going to overcome those failures if they were to happen, and what are you going to try and put in place so that they never eventuate?
Although best laid plans can, and do, go to sh*t all the time (pandemic much), thinking through some ‘worst case scenarios’ can ease the anxiety and give you the confidence to jump in and light up the ‘Buy Now’ neon sign.
Now you’ve answered these questions, you’re basically in business… except for the teeny tiny part where you actually have to do all the things. Oops. So, now it’s time to figure out where the hell you actually want to start!
What are all.of.the.things that would need to happen in order for you to launch? And then it’s just one foot in front of the other, and you can walk the whole way to superstardom like that.
So...
What is the first action I’m going to take to get going?
Then, once I’ve done that, what is the second thing I’m going to do?
What do I want to have achieved after one week, one month, one quarter?
Who can keep me accountable, support me, ground me, and keep me hyped?
How am I going to take care of myself, and therefore my community, in bringing this to life?
And there you have it! That’s the roadmap I created for myself before starting the GET IT! Store. We sell fierce, fabulous and feminist accessories and stationery that help you live on the wild side, and support women makers in the process.
If you’re overwhelmed or just want to have a chat, we offer one-off or regular ‘Pep Talks’ to help you fill your energy and enthusiasm tank back up. Book here!
