1. Choose Your Business Name
After deciding what you want to sell, choose a
attractive business name that no one else is using. A corporate name search can
be done to make sure it is not already in use. Once you have chosen a name –
Register it.
2. Acquire Your Domain Name and Website
Mostly you will get your business name as your
domain name, if it’s not available, try to choose a website address that is
related to your business and also easy to say and spell. For example, if your
business is Cuban Art Works and CubanArtWorks.com is unavailable, try something
similar like ArtByCuban.com
The expense for designing your eCommerce site
might be your biggest business expense, so make sure that your website is
visual appealing and also functional.
There are simple eCommerce solutions like Shopify to begin with, but you can
also try more custom made like Magento but be careful while choosing the right Magento development agency if expect
more than basic like.
3. Selectingthe Business Structure and
Registering Your Business
There are several business structure such as
• Sole
Proprietor
• Partnership
(if you have a business partner)
• LLC
• Corporation
If you don’t choose corporation or LLCas your
business structure, you’ll automatically be considered as a sole proprietor (or
partnership) by the IRS. However, your personal assets are at riskif you choose
to operate as a sole proprietor. If your company is ever sued, the court can
seize your personal assets if your business doesn’t have enough to cover its
debts. But in corporation and LLC you and your assets from the business are
separated and provide other tax benefits.
You can register your business on your own by
filling out the appropriate business structure paperwork from the IRS yourself,
or you can hire a business filing company to do it for you. A lawyer is another
option, but that’s often overkill for the average small business owner’s needs.
4. Apply for Your Employer Identification Number
Employer Identification Number (EIN) is necessary
to open a business bank account and file your business taxes. EIN is a bit like
your business’ social security number: which is unique number that identifies
your business and helps you file important paperwork. EIN is compulsory whether
you have employees or not.
5. Get your Business Licenses and Permits
Business license and permits are also need for
operating eCommerce business.Check with your city, county, and state rules to
see what sorts of sales tax licenses or home business licenses you need, and
get those approved before you start operating.
6. Find the Right Vendors
Find the best quality and best price for the
products you sell or materials you use to create your product as there will be
lot of competition in online selling and also find a vendor who you want to do
long-term business with.
7. Start Early Marketing
Even before your site goes live it’s a good idea
to set up social media profiles and writing content for your blog now so that
you’re not starting from scratch when your site goes up running. Setting up
your website with a “coming soon” page where people who are interested can sign
up to get updates, using a tool like LaunchRock are some preferred market
strategy.
8. Be More Productive with the Right Software
Before you start your eCommerce business, play
around with customer relationship management, accounting, project management,
and email marketing software that you can integrate into what you’re doing once
you launch your site. Using the right software will organize your records and
will also save your working time.
9. Stock up Your Inventory
Whether you’ve got a warehouse full of products
somewhere or your inventory lives in your garage, make sure you’ve got enough
to launch. You cannot exactly predict how much you need but it is always better
to have too much inventory than not enough. Depending on your sales increase be
smart with your future orders
10. Make Sure Your Business Stays Compliant
Once you launch your eCommerce business, things
are going to move at the speed of light.Put these deadlines on your calendar so
you stay on top of them. Don’t overlook filing your annual report, if you
incorporated or filed an LLC, nor those annual fees for business permits.
Have you done all these steps? Awesome! Then it’s
time to go live. Having done all the preparation up front, your eCommerce
business will skyrocket.
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