Are you thinking of starting an online business?

by elle
published on 15 November 2021

The reality is starting a business takes capital and you need to have some backing. But don’t believe me – take a look at the Top 20 online retailers https://www.miragenews.com/australia-s-top-100-online-retailers-revealed/

This years winner Bunnings is no surprise with bricks and mortar business taking a hammering and having to reinvent themselves online. However in the past decade big traditional retailers like Harvey Norman have been quite vocal and worried about the rise of online sales!

The reality is that when it comes to web development, top online business spend more than $1,000,000 on their websites each year.

Online business is now big business and even smaller players can redefine the way they sell in Australia. In 2020 alone, we created more than 30 online stores for small to medium business and the good news is we are not talking about half million dollar re-designs. One such business took their small Canberra based fashion store online, turning a local store into a national presence with more than $900,000 in just 6 months. Now of course you don’t have to have a million dollars to begin with but most modest online stores need between $5,000-$20,000 to launch their eCommerce platform to the market.

Female online retailer scanning parcel barcode before shipping customer a purchase.

That said to compete with the big boys, you will need a reasonable amount of seed capital from a bank or investor! Without it, you can still do quite nicely, but have reasonable expectations and be prepared for a lot of hard work! Of the 36 stores we helped launch in 2020 83% have made more than $30,000 profit in their first year. But it takes money to make money and any seasoned online retailer knows that without serious marketing dollars successful stores take years not months to see the fruits of your labour.

elle
Author: elle