Tips for Web Store Success
Once your Web store is up and running, the key to your success is to know your online business inside and out. Make sure you're familiar with these important aspects of managing a Web store:
Know your products: Your customers are coming to you for advice and guidance in finding a solution to their problems. It helps if you are familiar with the products you are selling, so you can suggest and promote the correct products in each situation.
Know your customers: In this age of technology, it is much easier to track your customers' orders and get an idea of what they want, so you can serve their needs better. Not only will watching customer orders give you a better idea of what to stock in your store, but being able to suggest or cross-sell new products to your existing customers will definitely keep you in business or grow your Web store.
Know your competitors: Unfortunately, every niche that exists on the Internet typically has more than one Web store serving that niche. You need to always be on the lookout for potential and actual competitors, and see how they're reaching their customers. You don't have to steal, but learn from their techniques, and be ready to adopt new methods or change direction if necessary.
Know your financial numbers: It's one thing to create a Web store and get orders coming in. It's another thing to run a profitable Web store that is making money. Hire a CPA or accountant to help you keep track of your financials, or use an accounting software program like Quickbooks so you can figure out your cash flow situation, profit and loss statement, and be able to come up with a basic balance sheet. The days of burning money every year in hopes of a big buyout or IPO are over.