If you look at the traditional offline trophy making business, the process was pretty long while the opportunities were limited. Apart from all the legal permissions that you need to get, the businessman would need to make a lot of preliminary expenses such as rent/buy a space, investments in sales personnel, investment in the inventory to make custom trophies and many others.
But, with the advent of the digital era, there has been a huge paradigm shift in the Trophy selling business and with an online Trophy Selling Business; businesses can now reach beyond geographical boundaries and that too at least possible investment! While all the legal procedures remain the same, with an online business you can avoid a lot of preliminary expenses.
To help you make an informed decision, let’s firstly have a look at the traditional process of setting up a Trophy selling store:
Offline Trophy selling business setup process:
- Sort your business licenses and registration
- Rent/buy a space
- Create a suitable interior of your store
- Hire creative trophy experts
- Hire experienced sales personnel
- Do a thorough competitor analysis
- Invest in trophy making inventory
- Make display trophies
- Inauguration and local marketing expenses
- Start selling locally
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After all these steps, you only get a limited exposure to the area or town that you belong to. For expansion, you would have to set up another store in another city or area. Now that you know the traditional way of setting up a Trophy Selling business, let’s understand the process of starting an online trophy business and the opportunities it provides:
How to start an online Trophy Selling Business?
1. Sort your business licenses and registration:
Whether you sell offline or online, the registration process of a business remains the same. You will have to get your business license and get a sales tax number for trading. While in offline store you would mostly sell locally, online trophy business is not bound to geographical boundaries and thus you might need to get information on export licenses if they are applicable.
2. Get a personalized e-commerce platform:
Once you have your licenses and identification process sorted, you would then need to get a personalized e-commerce platform. The reason why you must go forward with a personalized e-commerce and not a standard solution is that every business needs to align with its customer expectations and they tend to change over time. Thus, you must get a personalized e-commerce platform that aligns with your business goals as well as your customer expectations.
3. Get a best design software for offering personalizations:
One of the biggest advantages of starting an online trophy business is that you can integrate trophy design software with your e-commerce platform and gain a competitive edge by providing customized trophies to your customers! With award design software at your corner, you can empower your customers to design their trophies and once they get their desired trophy, they can place an order with you which you can execute on-demand!
With the help of trophy design tool, you can not only ensure customer satisfaction, but you can also save on the huge inventory cost! You will only need to make trophies once you get an order and thus, save your money from dead inventory investments. But the best part is, you can also earn by rendering your award design software as a service! Corporate and sports events often have very specific trophy requirements and all you have to do is render your trophy design software to their designers. You can either ask for a bulk order or you can charge a fee for using your platform.
4. Create your virtual inventory:
While you have to create a display inventory when you start a trophy business which might end up as a dead stock in the end, when you have an online trophy business, you do not have to create display trophies! Instead, you can create virtual custom designs using your trophy design software and list them on your e-commerce platform as a product.
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5. Establish social media presence:
Instead of hiring sales personnel, you can hire administrative staff and to boost your online sales, you can rely on Social Media Marketing. Hire digital marketing experts and ask them to sell your products on social media platforms and also leverage search engines for online sales with the use of SEO. Plan a budget for both paid and organic marketing and also create a marketing strategy while keeping market trends and customer expectations in mind.
6. Start Selling!
Thus, when you set up an online trophy selling business, you not only get an opportunity to sell globally, you also save a lot of money on preliminary expenses such as inventory and store setup. Also, with trophy design solution at your corner you can create provide customized trophies and also get an additional earning model. To put it in a nutshell, online trophy business is a scalable, sustainable and profitable business at least possible cost.