HOW TO START AN E-COMMERCE BUSINESS IN 2024 (Beginners Guide)
Summary
TLDRIn this video, Sam shares his journey of leaving his full-time job to build a successful e-commerce business that reached over a million pounds in sales. He offers a beginner's guide to starting an e-commerce business, discussing the importance of understanding e-commerce, choosing the right platform between eBay, Amazon, and Shopify, and focusing on one platform initially. Sam emphasizes the value of emulating successful sellers and using tools like Jungle Scout and Zeek Analytics for research. He also stresses the need to decide on products and find reliable suppliers, encouraging viewers to take the first step towards their e-commerce dreams.
Takeaways
- 😀 E-commerce is a lucrative online business model, allowing for significant income generation, as the speaker transitioned from a full-time job to a seven-figure e-commerce business.
- 💡 The initial steps in starting an e-commerce business include understanding the concept of e-commerce, which is trading goods for money online.
- 🛒 The choice of platform is crucial, with eBay, Amazon, and Shopify being the primary options. Each has its advantages and challenges, such as traffic availability and competition.
- 🏆 The speaker emphasizes focusing on one platform initially to build momentum and avoid spreading efforts too thin.
- 🚀 Starting with a platform you're familiar with can be beneficial, as understanding the buyer's perspective can streamline the selling process.
- 🔍 Researching successful sellers on your chosen platform can provide insights into profitable products and strategies to emulate.
- 📈 Utilizing tools like Jungle Scout for Amazon or Zeek Analytics for eBay can help in analyzing the performance of products and sellers.
- 💼 The importance of choosing evergreen products that have consistent demand over time is highlighted to ensure business longevity.
- 🔗 Finding a reliable supplier is a critical step, and Alibaba.com is suggested as a platform to find suppliers for your e-commerce products.
- 💪 Taking the first step is essential for success in e-commerce; watching videos and learning are helpful, but action is required to achieve results.
Q & A
What is the main focus of the video?
-The main focus of the video is to serve as a guide for starting an e-commerce business, covering initial steps, mindset, and practical aspects to help beginners in their e-commerce journey.
Why does the speaker believe e-commerce is a good way to make money online?
-The speaker believes e-commerce is a good way to make money online because it allowed him to leave his full-time job and grow his business to over seven figures in sales.
What are the three main platforms mentioned for starting an e-commerce business?
-The three main platforms mentioned for starting an e-commerce business are eBay, Shopify, and Amazon.
What is the advantage of using eBay and Amazon as e-commerce platforms?
-The advantage of using eBay and Amazon is that they are marketplaces with existing customer bases, which means you don't have to worry about attracting traffic to your store.
What is the main difference between selling on a marketplace like eBay or Amazon and using Shopify?
-The main difference is that with Shopify, you have your own independent website and need to focus on attracting customers to your site, whereas eBay and Amazon provide the traffic as they are marketplaces.
Why is it recommended to focus on one platform initially when starting an e-commerce business?
-Focusing on one platform initially is recommended to concentrate all your energy and effort into one area, increasing the chances of success before branching out to other platforms.
What is the significance of choosing a platform that you are familiar with when starting an e-commerce business?
-Choosing a platform you are familiar with can make the process of setting up and running your e-commerce business easier, as you already understand the platform's mechanics and customer behavior.
What does the speaker suggest doing to emulate success in e-commerce?
-The speaker suggests finding a successful seller or company on your chosen platform, studying their branding, product listings, and inventory, and using them as a blueprint for your own success.
How can one determine if a seller on Amazon or eBay is making money?
-One can determine if a seller is making money by using tools like Jungle Scout for Amazon or Zeek Analytics for eBay, which provide insights into the seller's sales and profitability.
What is the importance of choosing the right products and finding a good supplier for an e-commerce business?
-Choosing the right products and finding a good supplier is crucial as it directly impacts the success of your business. It ensures you have items that are in demand and are being supplied at a cost that allows for profit.
What is the final step the speaker discusses in the video for starting an e-commerce business?
-The final step discussed is deciding on the exact products to sell and finding a supplier to source those items, which should be done after registering with the chosen e-commerce platform.
Outlines
📈 Introduction to E-commerce Business
The speaker, Sam, introduces the video as a guide for starting an e-commerce business, highlighting his own success in growing a seven-figure sales business. He emphasizes the importance of understanding the initial steps, mindset, and practical aspects of e-commerce. Sam shares his experience of leaving his full-time job due to his e-commerce success and outlines the video's agenda, which includes discussing the definition of e-commerce, choosing a platform, and the benefits and drawbacks of eBay, Amazon, and Shopify. He advises starting with one platform and building a business around products that are in demand.
🛒 Choosing the Right E-commerce Platform
Sam discusses the three main e-commerce platforms: eBay, Amazon, and Shopify. He explains that eBay and Amazon are marketplaces with existing customer bases, whereas Shopify requires creating an independent website. He suggests considering which platform one is most familiar with, using his own experience as a buyer on eBay before becoming a seller. Sam also recommends emulating successful sellers on the chosen platform to understand their strategies and product offerings. He demonstrates how to use tools like Jungle Scout and Zeek Analytics to research successful sellers on Amazon and eBay, respectively, and emphasizes the importance of selecting products that are in demand and have a proven market.
🔍 Researching and Selecting Products
In this section, Sam focuses on the process of deciding which products to sell and how to find a supplier. He advises using tools like Zeek Analytics to identify top-performing items in a seller's store and then sourcing these items from platforms like Alibaba. Sam emphasizes the importance of researching and selecting products that are selling well and have a potential for long-term demand. He also mentions that he has a step-by-step video and a free webinar on how to find a supplier on Alibaba, which he encourages viewers to check out. Lastly, he motivates viewers to take the first step towards their e-commerce journey after watching the video.
Mindmap
Keywords
💡E-commerce
💡Platform
💡Mindset
💡Seven-Figure Sales
💡Marketplace
💡Supplier
💡Product Research
💡Branding
💡Inventory
💡Paid Ads
Highlights
E-commerce is one of the best ways to make money online.
The speaker was able to leave their full-time job due to a successful e-commerce business.
The video aims to help beginners start their e-commerce journey with practical advice.
E-commerce is defined as trading goods for money on the internet.
Choosing products that people need is crucial for building a long-term business.
Three main platforms for e-commerce are eBay, Shopify, and Amazon.
eBay and Amazon are marketplaces with existing customer bases.
Shopify requires thinking about customer acquisition for an independent website.
Focusing on one platform initially is recommended for beginners.
The choice of platform should be based on familiarity and comfort.
Emulating successful sellers on chosen platforms can lead to success.
Using tools like Jungle Scout and Zeek Analytics can help analyze successful sellers.
It's important to find suppliers on platforms like Alibaba for product sourcing.
The video provides a step-by-step guide on how to find a profitable supplier.
Taking the first step after learning is essential for success in e-commerce.
Transcripts
i want this video to serve as a basic
guide for anyone out there that's
looking to start an e-commerce business
now i truly believe that e-commerce
business is one of the best ways to make
money online i was able to leave my
full-time job around four or five years
ago mainly due to the fact that i
started an e-commerce business that was
able to grow to over seven figures in
sales which is over a million pounds so
this video is going to be able to help
any beginner out there that's thinking
about starting an e-commerce business
because i want to go for the initial
steps that you need to be aware of some
mindset things as well as some practical
things that's going to help you out on
your e-commerce journey let's go
what is going on people welcome back to
my channel if you're new my name is sam
and what i do here is break down various
different tips and tricks when it comes
to making money online in today's video
what i'm going to be doing is going
through four maybe five different things
that you need to know before you start
your e-commerce business these are the
things that i wish i knew before i
started many years ago because it would
have just sped up the process it would
have allowed me to realize certain
things that would have helped me out in
the early days and ultimately helped me
make a lot more money over my entire
ecommerce journey so far so make sure
you stick around to the end so that you
don't miss anything as always i don't
waste any more time i want to get right
into it if you find any value in the
video at any point don't forget to press
the like button really helps out the
channel i really appreciate that thank
you so much don't forget to subscribe as
well hit the bell notification so that
youtube can let you know when a new
video has been released let's not waste
any more time let's get right into it
alright so first things first what
exactly does e-commerce mean what's the
true definition of it so i'm going to
give you my definition for anyone that's
new to the world of e-commerce and wants
to get a better understanding of what it
means so to me it basically means you're
going to be doing commerce online so
commerce is essentially trading goods
for money so e-commerce is trading goods
for money on the internet so that's
basically what it means very simple
you're essentially going to build a
business that's going to sell physical
products to people that want to buy
those physical products and it's very
important for you to be aware of this
because once you understand exactly what
e-commerce is you're going to be able to
now approach it with the right mindset
as soon as i realized what it truly
meant that's when i now started building
the foundations of my e-commerce stores
around products that people actually
needed because i knew that that's where
i was going to be able to build a
long-term business so that's one of the
first most important things i want you
guys to be aware of try to make sure
that whatever business you're going to
build it's items that people need and
they're going to need today and they're
most likely going to need five years
time maybe 10 years time
so one of the first things that you're
going to need to think about is which
platform that you're going to choose to
build your business on now there's
various different ones that you can
choose from but the three main ones is
either ebay shopify or amazon so these
are the three that i personally use with
all of my businesses and ebay and amazon
and marketplaces however shopify is
gonna be your own independent website
and this is important to know because
this is going to influence which
direction that you're gonna take when it
comes to choosing an initial platform
now when i say that ebay and amazon are
both marketplaces what that means is
you're not going to have to think about
getting people over to your store
because ebay and amazon have already
built up a customer base that visit
those websites on a consistent daily
weekly and monthly basis however if you
decide to go down the direction of
building your own shopify website you're
going to have to think about how you're
going to get customers onto your website
so these are a few things that you need
to think about before you decide on
building up your e-commerce business now
one thing that i will tell you before
you even do anything is that you need to
make sure that you focus on just one
platform this is something that you
should do initially and this is
something that i did i started off my
e-commerce journey by selling on ebay i
built that up to around fifty thousand
dollars per month maybe sixty thousand
dollars per month and then i realized
that it wasn't really safe for me to
rely on just one platform that's when i
now branched out to amazon and shopify
but if you're completely new to the
world of building up online businesses
you need to make sure that you put all
your focus all your energy and all your
effort into one platform initially
because if you try and focus on various
different things at the same time that's
where you're not going to be able to see
any success at all now you're probably
asking yourself but sam which one do i
choose ebay amazon or shopify now i
can't give you a direct answer for that
all i can really do is give you some
advantages and some disadvantages of all
three so that you guys could go away
think about it and decide on which one
that you're going to put your energy
into initially so the main benefit with
ebay and amazon is the same thing you're
going to be able to benefit from the
free traffic that passes through on a
daily basis so you don't have to worry
about using any paid ads to get your
store up and running however the
disadvantage is that you're gonna have
to deal with competition now the
differences between ebay and amazon is
that in my opinion i believe that ebay
is a little bit easier to get started
which means that within a couple weeks
you're going to be able to get your
store up and running however amazon is
somewhat a little bit tricky when it
comes to getting things up and going but
at the same time you're going to be able
to maybe get your store up and go in
within a month maybe four weeks
depending on how fast amazon approved
your application ebay don't necessarily
have to approve any applications you're
going to be able to get started get
things selling maybe within the first
week or so the main benefit to shopify i
would say is that it's your own website
it's your own asset which means that you
own it there's not much competition
because it's only your website that
customers are going to be on when it
comes to them deciding on whether they
want to buy from you or not however the
main disadvantage is that once you get
your store set up you now have to think
about how you're going to get customers
onto your website whether through paid
ads which is not really a bad thing but
it's just something that you need to
consider and it's just one of the main
differences between shopify and ebay and
amazon but one of the most important
factors that you should consider before
deciding on any one of these platforms
is that you should ask yourself which
one are you more familiar with for me
many years ago i was a buyer on ebay
which meant that when it came time for
me to be a seller it was a lot more
easier for me to get things started
because i understood how things worked
from a buyer's perspective so if you
shop on amazon regularly but you've
never ever shopped on ebay then it might
make more sense for you to go with
amazon because you're going to
understand exactly how to structure
things or if you shop on ebay more often
than amazon it may be better for you to
start with ebay because one of the most
common things that i've noticed amongst
a lot of the e-commerce millionaires is
that they were actually buyers before
they started to build their business
which meant that they understood how to
market their business in the best way
how to do things in a way to convince
any potential buyer to buy from them
rather than a different seller so this
might be something else that you might
want to consider when it comes to
choosing whatever platform that you're
going to build your e-commerce business
on
so moving on to under the next things
that you need to do when it comes to
building your e-commerce business which
is that you need to go into whatever
platform you've decided to use and find
a seller or find a company that is
selling similar products to what you see
yourself selling in the future and then
what you're going to do from that point
is emulate their success now i'm not
saying that you should copy them
outright and copy their store but you
can copy their products and you can copy
the success that they've had and the
reason why i know that this works is
because before i even sold any item on
ebay i found a seller that was doing
over a million dollars per month selling
a particular item within a specific
category and even though i wasn't
selling at this point i could see myself
in the future selling those exact same
items and because i knew that they were
successful by selling these items i knew
that i could also be successful too so
what i started doing is studying the way
that they branded their store studied
the way that they listed their items
studied the type of items that they were
selling and i slowly built up my
inventory base trying to emulate the
type of inventory that they were selling
and even though at the beginning i
wasn't selling anything eventually i was
able to build my ebay store up to over
seven figures and sales so this is why i
always advise anyone that's looking to
build an ecom store to find a company
that's bigger than you a company that
you can see yourself running in the
future and use them as a blueprint to
your own success so i'm going to quickly
jump into the laptop now and show you
two examples of two different companies
one on ebay one on amazon and i'm going
to show you exactly what you need to do
when it comes to understanding how you
can see exactly how much money they're
making what type of items they're
selling and then from there you can go
away and start building your own
e-commerce business so first things
first we're going to start off on amazon
and i've come across this store right
here and they're called igloo meal prep
so these are the type of items that
they're selling right here so let's say
for example i was interested in selling
these food storage containers and i
wanted to build a similar business to
this and i was inspired by this and i
looked at this and i was like wow this
is amazing i want to run this type of
business in the next two years one of
the first things that i'll do is double
check to see if they're actually making
money so what i'll do is just click on
any one of their items ideally one that
has the most reviews so i might click on
this one right here and then the next
thing that i'll do is come up here to my
extensions and click on my jungle scout
extension tool and by the way jungle
scout is an amazon product research tool
that helps you do various different bits
of research when it comes to finding the
best product to sell and right there as
you can see they're able to show me that
with this one item this seller is able
to make 60 free 000 pounds so imagine if
i now double check all the other items
that they're selling they're potentially
making over 100 grand on amazon by
selling these food storage containers so
if i was a beginner that was looking to
build a brand new store this right here
would inspire me to go away try and find
a supplier and try and build my store
with similar branding not the exact same
one but build my own company but use
this one as inspiration to get me to the
point that they're at right now and you
can also do the same thing with ebay too
so i'm on this ebay seller store and as
we can see they've sold over 2.1 million
individual items and their store is
called direct lighting and they
basically sell light bulbs and all of
these different things so let's say for
example i wanted to build an ebay store
that sold light bulbs because i know
that this is a long-term product people
are going to need it over the next five
years 10 years because light bulbs
haven't really changed over the past 10
20 30 years from what i know anyway so
what i'll do is i'll copy their username
just like that and then i'll head over
to zeek analytics which is a product
research tool specifically for ebay and
then from there i'm going to be able to
see how much money this ebay seller is
making all right so i'm on z analytics
right now i've typed in direct lighting
and as you can see in the last 30 days
they've been able to sell over 130
000 pounds worth of goods which is
around 150 000 so straight away this is
a strong indication right here that i
should also build a store that sells
light bulbs because they're making money
which means that i may be able to make a
fraction of what they're making maybe
even twenty thousand pounds per month
maybe thirty thousand pounds a month who
knows
and just to clarify the main point i'm
trying to make with this stage right
here is that you wanna make sure that
you're actually finding the sellers that
are making money as well as finding the
sellers that are selling the right items
you don't want to build your store
selling items where people are not even
buying them so make sure that you do the
right research before doing anything
else and if you want to sign up to
either zika analytics or jungle scout
i've got trial links as well as
discounted links in my description down
below
and moving on to one of the final steps
that you need to be aware of when it
comes to starting your e-commerce
business that i'm going to speak about
in this video is that you now need to
decide on which exact products you're
going to sell and exactly how you're
going to find the supplier that's going
to source you with those items now
obviously the step that i'm going to
speak about now needs to be done after
you've signed up and you've registered
to whatever platform you decided to go
with but once you've done all of that
you now need to figure out exactly which
product you're going to sell so let's
say for example you decided to go with
ebay sticking on zeke analytics what
they're going to be able to show you is
the top performing items in any seller
store so as we can see these are the top
50 items in this ebay seller store right
here and what i'll personally do from
this point is look at the top five best
performing items so as we can see right
here there's a ceiling spotlight there
is a led light bulb over here there is
another led frosted candle light etc etc
and we can see that with all of these
individual items they've been able to
sell over 549 in the last month 349 282
of each different one so these would be
the exact same items that i would look
to add to my own store to get things
going because i know that they're
obviously performing well but the way
that i will find the supplier is by
going over to alibaba.com and there's a
certain step-by-step process that you
need to follow when it comes to knowing
exactly which supplier is the best one
and which one you should go with now i'm
not going to go too much into detail in
today's video otherwise this video is
going to end up being 20 or 30 minutes
long i've already made a step-by-step
video showing you exactly how you can
find a supplier on alibaba.com that i'm
going to link right there so you can
check that one out straight after this
one or if you rather watch a free
webinar where i explain my story as to
how i got started on ebay and how i
scaled my first ever ebay store from
zero to over three thousand dollars per
day in sales and i'm going to leave that
free webinar link down below it should
be the first one in the description and
if you enjoyed this video don't forget
to press the like button don't forget to
subscribe as well hit the bell
notification and don't forget that for
you to see any sort of results or any
sort of success with your e-commerce
business you need to take the first step
a lot of people will go on youtube watch
videos just like this and not take any
action you need to make sure that you
take the first step straight after
watching this video even if it's a small
step and before you know it you're going
to be living the life of your dreams
alright guys i'll see you on the next
one make sure you stay safe out there
peace
[Music]
you
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