Did you know that 7.74 million people in the world now shop online? In other words, one in every four people is an online shopper.
Are the days of brick-and-mortars coming to an end? Not quite, but there’s still never been a better time to start an eCommerce business. That’s the best way to ensure that your wares are attainable and affordable.
Of course, starting an eCommerce business isn’t a walk in the park. If you’re not sure which steps to take, here’s a quick lowdown.
- Find Your Niche
The growth of the eCommerce industry is a good thing, but it also created more competition. To succeed, you’ll need to find a niche where you can establish your brand. That will require a lot of research.
Start by looking at what your business wants to offer. If you’re selling products, will they be physical or digital? Will your startup costs cover all your business eCommerce ideas or will you need to focus on the best ones?
Asking questions like these is essential to writing a solid business plan. The more specific your goals are, the easier it is to reach them.
- Choose a Name and Structure
Once you have a niche, you’ll need a business name. Pick one that’s unique and indicates what your business does. Consult the Patent and Trademark Office to make sure no other company has claimed that name.
Next, choose a legal structure for your business. Your main four options are sole proprietorship, LLC, corporation, and general partnership.
According to llcratings.com – the most recommended structure for new businesses is an LLC.
The entity you choose will have big legal and financial implications for your company. Consider consulting a professional before making your decision.
- Get Licenses and Permits
The next thing you should do is apply for an employer identification number (EIN). Not all entity types need an EIN, but this is a useful way to separate your business and personal finances.
If you establish a sole proprietorship or general partnership, you may not need to register your company with the state. Otherwise, this is the only way to get a general operating license.
Depending on your area, you may need other business licenses and permits as well. These include sales tax permits, trade licenses, signage permits, and so on.
- Pick an Ecommerce Platform
In eCommerce, your website is the face of your company. That’s why choosing a small business eCommerce platform is of paramount importance.
Fortunately, you have many good options. These include Shopify, Square, Wix, Magento, and WooComerce. Other than launching your store, these platforms allow you to customize it the way you see fit.
Regardless of which store you choose, consider selling on Amazon as well. Even now, there are still a lot of people who only shop on Amazon. Of course, if you opt for this route, you’ll need the right FBA business plan.
Start an Ecommerce Business Today!
Running an eCommerce business gives you all kinds of advantages. You can begin small, operate 24 hours a day, and sell all over the world. Follow the above steps and you’ll put your company in a position to succeed.
Want to know more about how to start an eCommerce business? Keep checking out Business section!
