It’s never too late to start an online store. At least not today where more than 206 million online shopaholics are spending money online this year. The success totally relies on the brands you are selling online. And of course the offers you have for your users. But to get there is the later part. First, you need to fulfil this checklist if you’re thinking of starting an online store:
Decide what to sell:
First things first. You need to be organized initially if you’re looking for an online Business solution. After doing your research in the market, you need to come up with what to sell online. It can be anything. From fashion apparels to crockery or anything or everything else. If you choose something different but yet common, high chances are that it will be a huge success.
Name of your online store:
Choose and think of a name that’s fabulous, short and easy to pronounce. Make it unique and ensure nobody is using that name. After choosing one, get it registered so that no one uses it.
Grab a domain name:
Once you’ve chosen the name, make sure you get a domain name for the website that is easy to spell and relates to your business. Domain names are likely to be available if they’re uncommon. If your online store name is common and its domain name is available, you might get it at a higher price. You may hunt down for domain names on sites like Godaddy .
Build a Website:
Get a website built from a top development company, give them your requirements and you’re done. This is the most important part since it’s going to be an online store. Hence, you need to get it developed from a top developer. If your website design isn’t visually appealing, nobody will visit it despite of having products from top brands. You might need to spend a lot but it’s going to be worth it.
Decide a business structure:
While deciding a business structure, you are free to choose from Sole Proprietorship, Partnership, LLC or Corporation. The former two are a bit risky since your personal assets will be at stake. The latter two will keep your personal assets and you separate and even provide you with tax benefits.
Get an Employer Identification Number:
This is a unique number, similar to a Social Security Number. You need to have it to open up a bank account and file business taxes the next fiscal year beginning.
Stock you inventory:
Launching an online store and falling short of inventory is a big no. You’ll lose all potential customers. Whether you have a garage or any other storage place, make sure you have enough stock to sell at least in the beginning. Later you can analyze the flow of your business and get more stock accordingly.
Apart from these, there are a lot more legal formalities to fulfil. But once you’re done with this checklist, you’re good to go for your successful online store. Good luck!