Just like most entrepreneurs, the pandemic may be forcing you to take your business online. Fortunately, e-commerce is a venture that can help you get your virgin hair extensions from Harlem Hair Company to more customers and increase your sales. As you start on this journey, there are a couple of things you need to consider for instance tax collection, among others. Additional factors you should take into account include;
Products and suppliers
For starters, you need to decide on the products you’ll be selling. Your hair business could include different hair extensions, weave hair, and hair products. It’s advisable to start small with few products when you launch your store. Once you have fully gained ground, you can add more products. Also, research your competition to see which hair products are selling more. Secondly, you need to decide on your supply chain. You can do this either by buying wholesale products from a manufacturer or liaise with the manufacturer to be supplying you with the products. Alternatively, you can sell the hair products online, but the manufacturer will be in charge of the shipping and delivery. But be sure to review each option and decide on the best option for your business.
Licensing, permits, and insurance
Realize that business requirements differ from state to state. In some, your online store may need the proper licensing and permits to run. Without these, you may face legal problems. Better yet, consult an attorney before setting up your online hair store. You also need business insurance for liability purposes and for protecting yourself and your business. There are different strategies you can take, such as LLC, sole proprietorship, and partnership. Additionally, if your supplier is the product manufacturer, consider getting a resale license. With it, you’ll get discounts for each supply you get; otherwise, you’ll be paying full price for the products.
Your store will also need payment options, especially for card processing. Luckily, there are different e-commerce payment methods you can do, such as PayPal, and Stripe. These methods also integrate seamlessly with an ‘add to cart’ button in your store. These will be necessary if you’ll be dealing with international customers. However, the methods charge a transaction fee for card processing. Also, there is the percentage charged for each product sold; this too may differ. Look into the different rates per method to decide on the one that fits your business.
Developing your Website
When it comes to developing your store, you should consider launching your business website. There are various ways to do this such as WordPress which is the popular one thus far. If you aren’t familiar with website development, consider working with a professional to help customize it for you. For eBay and Amazon, the chargers of website hosting are very high. However, platforms such as Shopify and Wix are also good options you can use for your site.
Your online store will need a good foundation. Therefore, ensure you get the proper licensing depending on the business requirements in your state. Also, start small with your hair products as you decide on your supply chain. And be sure to include several payment options as you develop your site on any of the different platforms available today.