Ecommerce Business is expanding as days passes, According to estimated report in 2019 there will be around 2 billion people world wide buying and selling online. So for what you are waiting now it’s time to start an eCommerce business. If you are thinking about starting an eCommerce business or going to sell online then you should know 10 things before starting ecommerce business.
Things To Know Before Starting ECommerce Business
1. Choose Perfect Business Name
After deciding what to sell online you need to choose a perfect business name, As brand name play’s an important role in any business but in eCommerce business company is know by its main name. Name should be catchy and easy that can be understood by your consumers. After deciding name of you eCommerce business you have to register it. Registration is necessary for every eCommerce business.
2. Website and Domain Should Be Secure
As you are going to buy domain according to name which you selected but it can be happen that your domain name may not be available because thousands of domains are sold daily. You don’t have to worry just select the best domain name which justify you brand ( don’t think to change brand name, just start eCommerce business with related name). For example: You want to buy adarshart.com but this is not available so you can choose artadarsh.com which can be best alternative and justify you brand name.
Your website design play an important role, Your eCommerce website should be user friendly and if you want somethings different from other online product sellers then you must add some new to your site. Your must be developed manually for getting best outcome. You can check the design and data of big sites like Amazon, Filpkart to get an idea.
3. Business Structure and Registering Business
You must select the business structure before starting eCommerce business
- Sole Proprietor
- Partnership (If your eCommerce business is started by two owners or more)
You should select business structure because if you didn’t do so then your business will be selected as sole proprietor. Sole proprietor is risky because it’s owners have unlimited liabilities if business is sued then court will have authority to seize all assets of owner (including all personal assets like house, land etc).
After deciding business structure you should register your eCommerce business structure according to proper guidance. Lawyer can be best option for doing such stuff.
4. Getting Employer Identification Number (EIN)
Employer Identification Number (EIN) is unique number of your business which will help you to open business bank account and will help in paying taxes. This step is Important and can follow perfectly according to guide lines. As every business have to pay taxes but EIN is necessary for doing so.
5. Getting Business Licenses and Permits
Ecommerce business have to follow all the rules which other businesses do. It doesn’t mean that if any one is starting eCommerce business then he will be far from the all legal licenses and permits. A BIG NO! Starting eCommerce business also required all the licenses and permits for selling products. Its required all the information like City, Country, Full address, contact and many legal requirements. Your all licenses must be approve before starting business. You have to consider this step as important and should complete before start your ecommerce site.
6. Finding Perfect Vendor
Ecommerce business have a lot competition it become mandatory to provide better quality of products with best selling price but this will only be possible if you have right vendor to business with, Not for short period but for long.
7. Earlier Marketing
Earlier Marketing= more curiosity for your site among people, You should marketing of your ecommerce site earlier. Marketing should be that much powerful that force people to wait ecommerce site. Proper coming soon should be there with timer till launching date. This tip can help getting more consumer to site and will fulfill the purpose to start ecommerce website.
8. Proper Use Of Software
As technology is much ahead there are plenty of marketing tools available which can be used in ecommerce business. Software save our time by which we can give attention to other factors as well. Software should be use for Emails marketing, accounting, project management etc.
9. Proper Stock of Inventory
This might be little tricky for newly business to know how much stock will be needed. You have to pay attention in how your sale is increasing by considering that you have to stock the inventory in warehouse if available or in empty place where you have to put stock safe.
10. Business Stays Compliant
Once your eCommerce business have started then days will go faster and faster but never forget to pay all the taxes and renewal of all legal stuff and permits. You can make a deadline in your calendar for the same.
Start eCommerce business today but follow above tips.
The above 10 tips will help you to start eCommerce business.
Every person who is going to start eCommerce site should know about these tips then should go ahead to start an eCommerce business.