An eCommerce business, like any other, is not an easy one to start. Many things must be taken into consideration before you start your business. You need to learn how to run an e-website, handle customers, people who would be selling their products on your website, and everything else related to that.
eCommerce is a business through which you can sell goods and services. It can vary in size, and it can really grow into something big. It always makes sense to start an e-commerce business as you need a physical store that saves the cost. You just need a website that can sell all kinds of products rather than sticking to just one type of product or service. So the question is, how exactly do you get into an e-commerce business.
Let’s break down the steps and give you detailed information about starting it.
How to start an eCommerce business
There are a few differences between running an e-commerce store and a brick-and-mortar store, but there are also some similarities. Let’s discuss all of that.
Research the eCommerce space and find your niche
The first rule of every business is to do thorough research of the business you are trying to get in. You should study the market and go through every tiny detail in depth. It is precisely how you would do for any other business and weigh the field.
For instance, you need to think about what your eCommerce website has to offer, whether you would be selling products or services, what products you would be selling, where would you source the products from, and If the products are going to be physical or digital. Along all these lines, you should plan your business.
Other than this, you should also think about the legal aspects of the business, like the licenses and permits that would be required. You must also think about how you are going to send your products to your customers, the charges, etc. All these things are an integral part of running a business and must not be avoided.
With all this research you would get a better understanding of the business and how you should start the process. Here is the list of best businesses in India that you can check to achieve your goals.
Select your business name and choose a legal structure
Once you have decided on your business structure and the plan, it is time to choose the name of your business. Of course, you should keep a name that is unique, easy to remember, and maybe indicates what your business does.
Make sure you think of a name or two and then see if they are available. One important thing is, not to spend too much on the name of the website and save money wherever you can.
Once the name is chosen, it is time to choose a legal structure for your business. You can choose to create a sole proprietorship, LLC or partnership, or corporation. There are lots of companies who can help you with this. Zen Business have some best reviews for the same. Note that there are benefits and drawbacks to each. Consult someone and make a well-informed decision that would benefit you and your business.
Apply for an EIN
Now it is time to apply for your Employer Identification Number for your eCommerce business. This number would be helpful to you in separating your personal and business finances.
Obtain business permits and licenses
After your EIN, you must now obtain all the licenses and permits that you would need to operate your business legally in your state. Remember that if you have registered your business as a sole proprietorship or general partnership, you do not have to register your business with the state. For all other business entities, you would need to register the business. You would also require an operating license, based on where you are located.
Some other types of business licenses and permits that you may need include:
- Professional and trade licenses for certain industries.
- Sales tax permits.
- GST ( Check GST registration checklist )
- Health, safety, and environmental permits.
- Signage permits.
- Building and construction permits.
Choose an eCommerce platform and create your website
Now that most of your work is done, the next step is to choose a nice eCommerce platform for you to start your website. Like a physical store, this website is going to be the face of your brand; therefore make sure you make the website eye-pleasing and easy to navigate.
Customers should get all the information that they would want to know and most importantly see the pictures of the products clearly. Keeping all these things in mind, you should build your website.
Source or develop (and list) products
You have now reached the almost final stage of your eCommerce business. Now it is time for you to actually source the material that you are planning to sell. Whether they are your own products or you are getting them from someplace else, start adding them to the website and maintaining a list of things in the form of an inventory.
When you are adding products or services to the website, make sure you have your SEO in place, which would make it easier for people to look at and find your products. It would also help in ranking your website on top of Google search results.
Market your e-commerce business
Last but not least, market your business. Have your presence on social media. Catch up on all the latest trends like reels, tweets, hashtags, etc. This way, you would be able to reach out to more and more people who would eventually land up on your page if it interests them.