Handbag is a much popular item that sells online. Though the handbag market presently is crowded, however, there is still a wide market if you can wisely select a niche market for specific handbag buyers. If you are passionate about handbags, starting a handbag business online on a small scale does not require much investment to start. To be successful in this business one needs to create a proper business plan.
The sale of handbags online has increased in the present years. For example in the United States, it is predicted that the handbag market will witness a growth of 5.9% in the coming two years. You can start selling handbags selling as a retail store or online. If you are a beginner with low money to invest starting an online handbag business is recommended.
If you are the person interested in starting a handbag business online, this article will guide you stepwise on how to go about it in a methodical way. Find below the steps you need to follow to start selling handbags online.
Here are the 10 Steps to Start Online Handbag Business
1. Choosing the Product
The first step is to find the right niche for handbag products. You need to research popular online marketplaces like Amazon, and eBay and find out the items which are selling the most. Broadly you can choose either luxury-style handbags or casual handbags. Select the niche that you are more interested in.
2. Create a Business Plan
Starting an online business needs a detailed business plan to be successful. Write down the operational, financial, and marketing blueprint and document it in your business plan. You can take help from business plan generators to create your business plan.
3. Sourcing Products
If you are making your handbag products, you can skip this chapter. However, if you are going to sell items from other companies, sourcing handbags become a make or break for your handbag online business. You can either source products from local wholesalers or search marketplaces like Alibaba to source products in bulk at low prices. You can contact online suppliers who will supply products which are in plenty on the internet.
4. Fix Pricing
Pricing plays a very important role in any online business. You need to check with companies offering what kind of prices are offered with similar products. If you are products are unique in nature, you can go for value-based pricing. But if similar products are available in the market you have to go for competitive pricing for your items.
5. Make your Online Handbag Business Legal
You must register your business to make it legally compliant. You can register as a proprietorship firm or if you want to separate your personal assets into business assets, go for LLC. Check with competent local authorities and arrange the required licenses and permits to run the business.
6. Select a Memorable Business Name
A catchy and relevant business name goes a long way in building a brand for your handbag business. You can check this guide on how to develop a business name that customers can relate to.
7. Create a Website
If you have your own products and want to sell online, creating a site with WordPress is recommended. Otherwise, if you are planning to sell products from other companies, Shopify is a good choice. Shopify is recommended because not only all the technical requirements are taken care of but also it comes with the Oblerlo app wherein you can source products from online wholesalers who will drop ship those products. You can also check with other drag-and-drop website builders in creating your website.
8. Upload Your Products & Promote
Now is the time to upload your chosen handbag items to your website. Ensure the photographs uploaded are of good quality and write product descriptions in detail. You can offer additional payment options like cash on delivery to increase your sale. You can also list your products on marketplaces like Amazon, eBay, etc, and sell your items. Use social media sites like Facebook, and Twitter to build your brand. Pinterest is presently a very popular social media networking site, especially among women.
To be successful in selling handbags online it is extremely critical to understand the needs of buyers. You need to be always alert and passionate about exploring the newer trends and trends of customers. If you enjoy satisfying customers with what they want, the online handbag business is a venture which will surely fetch you good returns.
About the Author: 99businessideas.com led by Rupak Chakrabarty is committed to helping beginners, entrepreneurs, and small business owners in starting, managing, and growing their business. Our aim is to educate the entrepreneur on the various stages of entrepreneurship.