An eCommerce venture can be an amazing way to boost your income in a way that can be scaled. If you are currently looking for an opportunity to make some extra money, you might be wondering if eCommerce is a good side hustle? Throughout this article, we at Talks Grow will share valuable information on building and running a successful eCommerce business. We will cover the key benefits of eCommerce, associated costs, challenges, and more.
The Benefits of eCommerce as a Side Hustle
Having an eCommerce side hustle such as an online store will allow you to become a part of the fast-growing industry of eCommerce. There are many benefits to starting this type of venture, but some of the most important ones are:
Easy to start
Starting an eCommerce venture is not a very difficult task as there are many platforms that can help you create a professional website quickly.
Low Start-Up Costs
Starting an eCommerce business is much more affordable than establishing a brick-and-mortar one. If you have some time on your hands and you happen to have some experience with website building, things will be extremely easy for you. If, however, you are not very tech-savy, there are plenty of affordable eCommerce platforms that will enable you to create an online store from scratch without knowing how to code. If you are willing to invest your own time and effort into your venture, you can reduce the costs considerably.
Passive income
Once you set up your eCommerce business and populate your store with products or services you are on the right track to obtaining a passive income. There will always be things to improve and you will still have to put in some work, but over time, it will become easier for you to grow your passive income.
Flexibility and Convenience
An eCommerce side hustle allows you to become your own boss, to have more flexibility, and to achieve a better work and life balance. Being an eCommerce business owner is also extremely convenient because you can work from home, you can work remotely, and you can adjust your schedule based on your needs and preferences.
Scalability and Growth Potential
Online shopping is an industry that changes and grows fast allowing business owners to scale their eCommerce ventures fast. Growing an online store is significantly easier than a brick-and-mortar one. As long as customers are pleased with your products and keep coming back, you won’t have any trouble growing your business.
Learning and Skill Development
Creating an eCommerce business from scratch is a great way to learn and develop new skills. If you feel stuck in your current professional setting, an eCommerce venture can be an exciting opportunity to evolve and work in a different industry. You can create an eCommerce business by focusing on your hobbies and passions or by choosing an entirely new idea that excites you. Moreover, with the help of an eCommerce audit you can find the holes and gaps within your current website.
Challenges of eCommerce as a Side Hustle
Although starting a side hustle comes with a plethora of benefits, there are a few notable challenges that you should take into consideration. The sooner you analyze all the possible hurdles, the better prepared you become and your chances of success are greater.
Time Management
A major challenge for people who decide to add a side hustle to their already busy schedule is time management. This applies to any type of side hustle and eCommerce is not an exception. Any new venture will require you to invest some time and effort, especially in the beginning. To avoid becoming overwhelmed by your busy schedule, take some time to formulate a good plan. For example, you could start working on your eCommerce side hustle during your sabbatical leave. You should also discuss this with your family and make sure that they are on board with your plan.
Competition and Market Saturation
Another thing to analyze before you start working on your eCommerce business is the competition. If you choose the type of eCommerce side hustle that you will create impulsively, you risk facing market saturation. Find your place on the market beforehand to avoid creating a business that becomes obsolete fast and to avoid competition that is too fierce.
Initial Learning Curve
The initial learning curve can be intimidating because you will learn a lot of things and deal with many different situations for the first time. This should not scare you as learning something new can be quite exciting especially when you know that the result will be rewarding and fulfilling. The steep learning curve will be well worth it because, at the end of the day, you invest all the time and effort into your own venture.
Key Steps to Start an eCommerce Side Hustle
- Choose the type of business that you want to start – you can opt for something that you are passionate about, or something you think has potential in the current market.
- Analyze your competition and the similar businesses present on the market – this will provide a better understanding of the market and if your idea can become a success story.
- Find your target market – this goes hand in hand with the previous step. Knowing your potential clients is essential when you plan a new business.
- Set up your online store – there are many different ways to set up an online store. You can build one yourself by using an eCommerce platform, or you can hire someone to build it for you. This depends on your expertise, resources, and preferences.
Success Stories
When it comes to the eCommerce industry, there are probably thousands of successful stories as this is a place where anyone can make it big. You probably know that the most successful eCommerce platform at the moment is Amazon, followed by the Chinese giants Pinduoduo and Alibaba.
But what about smaller businesses that made it and that can be an inspiration to any aspiring business owner? Here are a few examples: Eric Bandholz’s Beardbrand, a successful store that caters to bearded gentlemen, Michael Dubin’s Dollar Shave Club, also in the male grooming industry, Oddballs, an online store that sells underwear to raise testicular cancer awareness, and Partake Foods, a packaged goods company that sells allergen-free products.
