There are many ways to earn money in today’s era, and since the start of the Covid-19 pandemic, business ideas have adapted and changed their dynamics to keep up with the times and current trends. One great example is eCommerce – it has always been around and served as a convenient method of buying products and having them delivered to your doorstep. But, since the initiation of lockdowns and government restrictions, this industry has boomed in a way that is nothing short of astounding. People started using eCommerce as a staple instead of a luxury, ordering everything they need from online stores and websites. This has changed the game entirely in terms of customer behavior. Entrepreneurs and businesses worldwide have converted their businesses online to get in on the massive wave of sales.
But what is the one thing all of these online stores have in common? Packaging. That’s right, each and every product needs to be packed in a safe and secure parcel and shipped off to wherever it needs to go, so what better business to start in a time like this than a packaging one? That said, have a look down below at how you can start your very own packaging business and start profiting off the great eCommerce boom.
Step 1 – Business plan
The key to any successful business is a business plan. A business plan is basically a document where you will lay out all your company’s finer details and goals. The business plan will also describe how you will go about achieving these goals and the timeframes associated with them.
When setting out a business plan, make sure it is comprehensive in its calculations, such as the initial capital that needs to be invested – if you plan to approach an investor, you’ll need to show them the business plan in order to convince them it’s worth investing money in. Your business plan will also give a detailed explanation of the service you’ll be providing as well as the processes involved to have a smooth-running company.
Step 2 – Startup Capital
One of the trickiest aspects to tick off the long list of to-dos is the startup capital. The funds needed to get the business off the ground will need to go to things such as hiring offices, purchasing the equipment required to start production, marketing campaigns to boost business exposure, etc. If you don’t have the funds available immediately to invest in your packaging business, you can consider other alternative options.
These options include finding an investor to partner up with and acquiring a business loan from a financial institution. An investor can be very advantageous, seeing as you’ll have a partner who can brainstorm ideas with you and who can also be a mentor of sorts. A business loan might be a better idea if you would instead tackle the business by yourself and don’t want another person involved.
Step 3 – Website
Seeing as you’ll be focusing on eCommerce businesses, you’ll need an online presence as well to attract customers. A website holds many benefits that wouldn’t be applicable with a physical location – one of these benefits comprise the fact that a website is open 24/7 for customers. In contrast, a physical store has an opening and closing time. Also, a website can accommodate customers from across the globe, multiplying your market tenfold, whereas a store is only accessible to customers in the immediate area.
Regarding the building of the website, try to aim for a sleek yet straightforward design: customers won’t like to spend an hour trying to place an order but will instead exit the website and seek assistance somewhere else.
Building a website can sometimes be a tricky obstacle to overcome; luckily, many software developers will be able to assist and develop a platform that fits all your needs perfectly. But, if you consider yourself a bit more tech-savvy and want to build it yourself, there are also platforms like Shopify and Wix you can utilize to design and create a website and launch it afterward.
Step 4 – Purchase the production equipment
After you’ve received the startup capital, it is time to buy everything you’ll need for the production end of the business. These machines used for packaging can get quite costly but are an asset and don’t really decrease in value. The production equipment can range from labeling machines, warehouse tape, conveyors, sealers, and stretch wrapping machines. This is what will be the base of your business, so rather skip on saving money on the expenses and purchase quality equipment that will last much longer in the end.
The great thing about these machines is that they can always be fixed when they break or cause any trouble and won’t require you to buy new ones every now and again. Regarding the repairs, make sure you have professionals on standby to take care of your Vacuum Pump Repair & Rebuild so that when disaster strikes, you can have it sorted out as soon as possible and continue with production.
Step 5 – Marketing Campaign
Now that you have everything sorted out, all that’s left to do is let people know that you’re open for business. Your marketing campaign is what’s going to determine how many sales and clients you receive in the beginning, seeing as you won’t yet have a reputation to fall back on. Your marketing campaign is also one of the expenses the startup capital will cover and should be one of the top priorities in order to ensure you get your name out there and attract customers.
The marketing side can include paid social media marketing, search engine optimization to rank higher on google when looking for packaging services, and google ads. The goal is to gain as much exposure to your website and increase traffic while boosting sales.
These are some guidelines that may help you prioritize to be able to tackle one thing at a time. You need to see a window of opportunity at the end of the day and grab it with both hands – you never know where it may lead you!