When it comes to expanding your eCommerce business, it can be very easy to get swept up in all of the excitement and anticipation. However, there is often an awful lot of work to be done to get your business organized for taking a big step like an expansion. Therefore, you need to think very carefully about whether both your business and yourself are ready for a big change like this.
Expanding your business can feel a little like jumping into the deep end when the only experience you have had is in paddling pools, and it can be easy to go under. However, later on, things will probably plateau out again. This is why you need to be thoroughly prepared for whatever is coming. Here are five things that all eCommerce business owners should take into account before expanding their business further.
Is your business’s website ready?
This can be one major let-down when it comes to a business expansion. If your website is not well maintained, it can very quickly put potential customers off. If your website looks like it was last updated in 2015, you will probably frighten off quite a few clients and will be branded as outdated, even if you only started entrepreneurial work during the global pandemic.
There can be a large issue if your website doesn’t cater for many visitors at one time. Your website might crash, take a long time to load, or even glitch, which is the last thing you want if a lot of people are wanting to buy something. Another thing you will probably want to take into account is how easy your check-out system is to use. If it’s a bit on the tricky side, your website might suffer from shopping cart abandonment. To avoid this nasty occurrence, follow these steps to help.
What are your cybersecurity levels like?
This can be something business owners try to avoid a little, mainly due to how pricy and fiddly it can be to sort out if something goes wrong. But it is a lot easier to register for cybersecurity earlier than a lot later or after you’ve had a breach. In addition, the larger your business becomes, the more your business becomes a target for cybercriminals.
This is why it is so important to get your business well protected in the early stages before you get too big. This is worth doing, even if you are a sole trader. Not only will it mean that your data is well protected, and you will be compensated if you do have a security breach, but you can also get many deals and packages which offer multiple forms of protection, such as Cloud Security, Network protection, and Physical security. These can be excellent plans to help you, and if you do enough research, you can find the plan that is perfect for you and your business.
What are your finances and your business credit score like?
This might sound like a strange question, but with an expanded business comes far more costs, and they can come very suddenly too. This can be a problem for any business owner who suddenly finds that they need to pay for breakage in their equipment or significantly compensate a customer.
This can be a nasty shock to you, so it is always a good idea to get a savings account going and make sure that you have enough for any sudden costs that might appear out of nowhere, or you have a dry couple of weeks to help tide you over. You can also make sure that your credit score is relatively good if you need to take out a loan or apply for better credit cards. This can be anything from making sure that you pay off your debt to using your credit card little but often and paying your bills and rent on time. This can be a challenge but is well worth doing, as it can help your business’s finances in the long term.
What’s your brand’s social media like?
Your brand’s social media is very important to bringing in new customers and advertising to loyal ones. It can be a great way to get your brand name known too. If your social media looks a bit drab and boring, you might want to switch it up a little by giving it a reboot, which can be a huge help.
By jumping on trends and challenges and even creating your own branded ones to help increase customer interaction and endorsement, you can help build a community around your social media. It will also make your brand more personable and, therefore, will encourage more customer trust in your brand.
This can be a very useful asset to have and can be a great way to prepare for the expansion of your brand. You can also use social media influencer marketing to help boost your product sales when you are a little closer to the expansion date, as then you can create hype among new and exciting target audiences.
Final thoughts
It can be easy to get swept up in the thrill of expanding a business. It can be a lot of fun, but it can very quickly become extremely stressful if you don’t have the organization and preparation to take it on.
However, if you invest in the right services, such as cybersecurity programs, think about your website and problems that may arise with that, take into account your current financial situations and your businesses credit score, and you consider your brand association and social media, you can be more prepared for the expansion.
Moving forward in your business is an excellent and exciting time, especially when it comes to an eCommerce business finally getting its time to shine. However, it can be stressful if you do not figure it out properly when you still have the time to do so.