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10 steps to Starting an Ecommerce business

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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