Getting into an eCommerce business is a great way to reach the projected 206 million shoppers that will be spending money on internet shopping this year. If you have an idea in mind, look through this checklist to make sure you get started on the right foot.
1. Create a Fabulous Name
There is a lot of competition on the internet, even in an area you might think is a consumer niche. The best way to see what has already been taken is a thorough search of your industry, whether it be online vapor e cig sellers or personalized gift mugs. Your name should give an indication of your product, grabbing consumer attention and piquing interest. Apply for your tax/filing status according to state and federal requirements. There are several business structures to consider, such as a sole proprietor, partnership, LLC, or corporation.
2. Get It in Writing
Technically speaking, your website and domain name won’t be in actual writing, but you need to claim your URL as soon as possible and register it. Create a URL that is memorable, but easy to both say and spell. If your desired name is already taken, come up with something similar that still identifies your brand. Developing an eCommerce website will be one of the biggest expenses in your startup, but this is critical to your success. It should be engaging, appealing, and functional.
3. Take Care of Technicalities
Once you have your business structure and name established, you will need an Employer Identification Number in order to file business taxes and open a business bank account or line of credit. The EIN acts like a social security number for your business, identifying who you are and generally required on all important paperwork. Your business needs one whether you will have other employees or just operate the company yourself. You also need to apply for any licenses or permits to operate in compliance with local or state legislation.
4. Keep Costs Down
Finding high quality but low costs vendors for your products can help give an edge over the online competition. Use social media accounts for marketing strategies, directing traffic to your website for more information or product introductions. You can also rely on technology and software to keep your items and operations organized, saving you time and money as your business grows.
Be sure to track your consumer’s interest and keep popular items in stock and affordable if you want customer loyalty. Treat your eCommerce business seriously, and it should treat you well in return.
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