How to start an eCommerce business?
The estimated number of online shoppers globally is 206 million, and it’s growing. Seeing the trend of online shoppers and the numbers that are estimated to become, there is never a better time to start your very own ecommerce business. Here is a checklist that you should follow if you are in line to become yet another successful ecommerce entrepreneur:
Kick start with a brand name
Your ecommerce business is going to be your brand that is going to be as unique as you are. So, the first thing (after you decide what to sell) is to come up with a brand name. You could ask your friends to suggest you a name, that is also relevant to your operating industry and be as unique to quickly engulf in the memories of your target customers. Once you are done with choosing a unique and interesting brand name, check for its availability and if it’s available to, register it. There are easy and pocket friendly options available for the purpose.
Register your business
There are several options available when it comes to registering your business structure:
• Sole proprietorship
If you do not choose a corporation or a LLC you will automatically be considered as a sole proprietorship, however in this case your personal assets would be at risk. In an event of your company getting sued, the court will seize your assets. Both the corporation and LLC separates your business from personal assets and also provides other tax benefits.
Apply for business license
Once you register your business structure and receives an employee identification number that will help you to open a bank account that will further provide you an employer identification number (EIN). You now need to apply for a business license and permit. Ecommerce business, although being online, doesn’t exclude you from the legal formalities. Check with your city, county, and state to see what sorts of sales tax licenses or home business licenses you need, and get those approved before you start operating.
Time now to find vendors
Until you are your own supplier, your ecommerce business will greatly depend on product suppliers and vendors. Finding the best vendors for your supply will allow you to gauge customers in lesser time and for longer. Good product quality always creates customer loyalty and eases in up selling. Not to forget free word of mouth publicity. Social media marketing also possess a great opportunity for new ecommerce businesses to acquire new vendors and market their product offerings.
Your first tool of online marketing would be your ecommerce web development. a design that features all your products and is backed by informative content not only rank higher on search engines but also allow customers to take quick buying decisions. If you are opting to hire an agency for that, make sure to hire a professional one. Along with there is social media, and other paid forms of online advertising that will help you in winning the marketing game for your ecommerce business.
Make sure to remain compliant
Once your business starts running, things are going to skyrocket. In the hustle don’t forget to file annual reports or the renewal of your permits. For your ease put the deadlines somewhere that goes from your sight multiple times a day.
The above mentioned itineraries are surely going to be your kickstarter for your ecommerce business. For a briefer outlook, do consult a professional law firm in your area that could guide you with your possibilities.