Issue link: https://www.e-digitaleditions.com/i/264715
20 FEDA News & Views Growing Your Business Online Part 1 If You Want to Be a Contender or Just Test the Waters, Here's What You'll Need to Set Up Your Online Store By David Limon, eCommerce Solutions Specialist david@davidlimon.com W hile some restaurant equip- ment and supply groups have mastered the art of prospering online, others are struggling to under- stand the purpose. The following is the first article in a five-part series on plan- ning, building and running a full-scale ecommerce store. Before You Build Like it or not, the Foodservice indus- try has spilled over into the World Wide Web at a rapid pace and is showing no signs of slowing down. Now the ques- tion arises, should you join the "online pack" or stay in your "brick-and-mortar" comfort zone? While I can't answer that for you, I can tell you that there are millions of dollars to be made online—if you have the right tools, the right skill sets and can stomach the risk. I know because I have done it…. twice! The book 7 Habits of Highly Effective People by Stephen R. Covey tells us to "begin with the end in mind." This is a reminder that planning and setting clear goals are vital to your online success. Fortunately, a lot of the groundwork has been laid out for you by an abundance of online stores in multiple industries. And while the path to joining them is just as versatile, most online retailers tend to focus on achieving one of the follow- ing three goals: becoming the giant in their market, becoming a formidable contender, or taking the conservative route and using online sales as a supple- mental income. Which Path Is Right For You? What's great about running an online business is that you can grow your site from "the Conservative" to "the Giant." Each has its own processes and com- plexities, which requires us to know our limits. Here are a few points of contem- plation before selecting your path. The Giant – It will take a lot of hard work and money to become an online giant. You will need a large marketing budget, must run your online business with thin margins, and engage in price wars. So why go through the trouble? The rewards are huge! continued on page 24