Need advice on first things I should do once I open my business

[pkaiken]

Hi, I have a new business that has been registered as an LLC a week ago, I have a provisional patent, trademark and manufacturer currently making my product. I have a business attorney helping me write the business plan. I have a good product I hope makes a lot of money and i have the determination to make it successful. However, when all these things are finalized and I set up my website, I don't know what to expect. I am new to owning and running a business (it is a small online store, but one that will eventually sell world wide). I have researched several sources and have a hard time finding information on what to expect when first starting a business for opening. I would like some advice thanks.

[Fulcrum]

Unfortunately, I don't think any of us can really say what you can truly expect. There will be ups and there will be downs. You will be on an extreme emotional roller coaster. When assuming expenses, take your anticipated cost and double - than add another 25% while assuming your income will only be 2/3 - 3/4 of what you expect.

Aside from that, it'll be a wild ride and I wish you the best.

[Harold Mansfield]

I agree with the above. No one can give you any assurances of what to expect, but I will give you some reality.
Don't expect your website to get any traffic or make any money until you work out the kinks, and correct the initial mistakes to insure you are professional, credible, and have a great user experience from start to finish and the check out (and delivery) process is as smooth as possible.

After that you're going to need a solid marketing/advertising plan to promote your product and bring traffic to your website. This can take anywhere from months to never. eCommerce is hard. Whatever numbers you've made up in your head based on the industry and other websites, you'd better have a website and marketing plan as good as those sites you're basing those numbers on.

I think Fulcrum was being generous with the income expectations. I would say don't expect to make anything until word gets out and your marketing and advertising starts working to bring in some sales. Prepare to make adjustments to both your targeting and maybe even the product when needed where things aren't working. Don't ignore feedback and complaints. Address them.

Learn as much as you can about online marketing and advertising. Consume it. It's the life of your business. You can't be successful online by just dipping in a toe and waiting to see what happens because nothing will happen.

Also, you say you will eventually sell worldwide. The truth is as soon as your website is live you're worldwide. Anyone from anyone in the world can access it if they know where to look. Whether or not your prepared to sell and deliver to them is another question.

Target your market well and stay at it. It won't be easy, but it can be done if the product is as great as you say it is, and competition is low.
It's a great feeling when it all starts to work...oh yeah and eventually you'll start to make some money.

That's pretty much my online marketing, eCommerce, locker room speech.

[MosheC]

I would highly recommend you check out smartpassiveincome.com. His podcast is a must listen for new businesses, and he interviews businesses from pretty much any niche you can imagine. Search the niche that best suits your business, and put in the time to listen it's worth it.

[Harold Mansfield]

I would highly recommend you check out smartpassiveincome.com. His podcast is a must listen for new businesses, and he interviews businesses from pretty much any niche you can imagine. Search the niche that best suits your business, and put in the time to listen it's worth it.

Just curious. Since you recommended this podcast I assume you've been listening to it for a while to swear by it. How much has the advice given increased your "passive" income?

[cwhite41]

After that you're going to need a solid marketing/advertising plan to promote your product and bring traffic to your website. This can take anywhere from months to never. eCommerce is hard. Whatever numbers you've made up in your head based on the industry and other websites, you'd better have a website and marketing plan as good as those sites you're basing those numbers on.



I agree with this completely. It's not easy to get people to your website, especially if you're in a very competitive industry. People won't visit it just because it's there. Get the website up and running so Google can start indexing it and you can start building domain authority.