When I started my first business, I dedicated several months to work on my D2C website. I was very proud of having my own website with my own products for sale. It was only when I thought my website was good enough that I created my Amazon Seller account. I was surprised to see that it barely took me two weeks to create my Amazon listings and secure my very first sale. If only I had created my Amazon before working on my website, I could have made six months’ worth of sales before opening my D2C channel. I didn’t have a good idea of what sales channel to prioritize at the time, and this was a costly mistake.
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Even with a great idea in mind, starting a business is tough. It may require resources, knowledge, capital, and even a permit or license – and existing competitors won’t make your life any easier. Entrepreneurship is an exciting adventure, and we are all attracted by potential profit. But aspiring entrepreneurs must consider how tough the barriers to entry are to see if entering a market is technically possible.
Even when it is technically possible, entering a new market does not guarantee success. That is why I like to differentiate the two types of barriers to entry: those that prevent access to a market and those that prevent new entrants from having a fighting chance at making a profit.
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Earlier this year, I was talking to a student who told me she was considering starting a side online business to generate extra income, and she told me about some challenges she was facing. One of them was about graphic design, our conversation basically went like this:
- “The thing is, I’m not good enough at graphic design.”
- “You don’t have to do it yourself. Do you know anyone who can help you?”
- “I don’t think so.”
- “Well, why don’t you hire a graphic designer?”
- “I don’t think I can afford it. This must be expensive, right?”
And that is when I told her about marketplaces for freelance services.
Continue readingAbout This Blog
My name is François, I’m the author of this blog. I love writing and talking about business and ecommerce. I hope you enjoy my work, feel free to contact me for any suggestion!