When blogshops in Singapore came to me on how I can help them drive more traffic to their blogshop or how to create an ecommerce website, the most common question I ask them before they even began is
- Do you have a business plan?
- Do you have a niche product?
- Who are your customers?
- How is your clothings different from others?
- Why would I buy from you and not from other blogshop?
- What your Unique Selling Proposition (USP) will be (why customers should buy from you
Having it in your head is not good enough. It is important to pen it down before you even begin. The barrier entry for any blogshop in Singapore is low so you better have a sounding business plan.
Business plan need not be lengthy and comprehensive as long as it covers the key area. It is good when you have time and patience to write a executive summary but if you have limited time and is the impatience sort. Just focus on the five area
- Define what you want and plan to do? – Knowing what you are going to sell, how, and to whom is a critical part of your business plan. Define that first.
- Competitor and Market Analysis – Understanding the market and its demand is critical. With there are already 1o blogshop in Singapore selling this. Sell other stuff unless you have reason to believe yours is better. Also understand how big the market is? If you have unique product, is there really a market for it?
- Website – costs and plans. Identify the technology and platform? Are you going to build yourself using Magento or WordPress? Are you prefer to outsource it to sites like Shopify, Volusion or BigCommerce?
- Marketing – costs and plans. Focus on both online and offline marketing strategy to promote your blogshop business.
- Products – costs and plans. Identify the product and where you plan to source it
You need all three of these to work together to make sure your business will be a success.
Like my dad always tell me, “Fail to plan and plan to fail”.