How Running an E-commerce Business Isn’t a Get Rich Quick Scheme

How Running an E-commerce Business Isn’t a Get Rich Quick Scheme

on Aug 28, 2024 in Small business

If you scroll long enough for Instagram ads and viral TikToks, it might seem like everyone and their grandma is getting rich off their online store. At least it’s getting so heavily pushed; chances are, you’re seeing ads for items from webshops you’ve never heard of people or getting follows from small e-commerce businesses who are trying to actively grow their following. 

Basically, left and right, there are more e-commerce businesses, but why? Well, oftentimes (but not always), there’s this idea of getting rich. After all, you just set up a website, list some products, and watch the money roll in, right? If only it were that easy. The truth is that running an e-commerce business is far from a get-rich-quick scheme. It’s more like a marathon—one that requires serious hustle, a bit of luck, and a whole lot of patience. 

Sure, those annoying hustle bros will tell you that dropshipping or selling e-products only takes a couple of minutes a day, and you’ll make six figures a month, but that’s not the reality. Honestly, for any successful business owner, that’s not the reality (most of these people are selling generic, unhelpful courses anyway). So, with that said, what’s actually the reality of an e-commerce business?

It’s Hard Work

No, it’s not easy money. Sure, setting up an online store today is easier than ever. With platforms like Shopify and Wix, you can have a decent-looking website up and running in no time. But just because you build it doesn’t mean they’ll come. The real challenge begins after your store goes live.

First, you’ve got to find customers, and that’s where things get tricky. In a sea of online shops, how do you stand out? This is where marketing comes in, and trust me, it’s not free. Whether you’re investing in Facebook ads, influencer partnerships, or good old-fashioned SEO, getting traffic to your site takes both money and strategy. And once the customers are on your site, you need to convince them to buy—another hurdle that’s easier said than done.

Costs Add Up Quickly

One thing that often gets overlooked by new (and clueless) e-commerce entrepreneurs is just how much it costs to run a successful online store. It’s going to take more than just $100 to get started, maybe even more than $1,000. No, you can’t start one with no money, good luck, but it’s next to impossible.

So, it’s not just about paying for a domain name and a website. You’ve got to factor in the costs of ecommerce fulfillment services, outsourcing tasks like customer service, inventory management, and even the software tools that keep your business running smoothly. Also, you can’t juggle this all, and you can’t choose to pay how much you want. Regardless fo what platform you use, you’ll be spending a lot of money on it.

Success Takes Time

Even if you’ve got a great product and an incredible marketing plan, success won’t happen overnight. You need to understand that building a brand, gaining customer trust, and generating consistent sales takes time. Lots of time. It’s a process of trial and error, learning what works and what doesn’t, and constantly tweaking your approach. It can take months, or even years, to see a steady stream of income from your online store.

The Long Game

So, just like what was said above, it could possibly take years before you have a steady stream of income, but there might always be a chance that a competitor could beat you out of the market, too (and it’s becoming more common). So that’s also something to think about.

Image source: Pexels.com

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