In our increasingly digitised world, consumers are spending more time shopping for products online. This makes it important for businesses to accommodate the growing trend for digitalised shopping.
By following these steps, you’ll have a streamlined, accessible and efficient eCommerce platform in no time, giving you greater access to more markets and audiences.
Step 1: Business name
The first step of setting up an eCommerce store is creating a business name that is unique and memorable. Make sure that the name is not already registered to another company. You can check to see if your business name is already in use by conducting a corporate name search online. If it isn’t taken, the next step is to register it before someone else beats you to it!
Step 2: Domain name and website
Come up with a domain name that is also unique and memorable. Ideally, you’ll have your business name as your domain name, but if not, you can pick a URL that’s easy to spell.
Once you’ve secured your domain name, work on designing your website so that it’s appealing and functional. Software like Shopify can help in the beginning, but if your business needs a more than basic, it may be a good idea to get a professional to help you design and structure your website. While this is certainly a more expensive option, you will find that it is worth it in the long run to have a website that is tailored to your brand and target audience specifically.
Step 3: Business type and structure
There are multiple things to consider when choosing the type of business you own and its structure. Will you register as a Sole Proprietor or a Partnership (if you have a business partner)? Or will you register as a Corporation or LLC?
If you don’t choose a business structure like a corporation or LLC, you’ll automatically be considered a sole proprietor (or partnership) by the IRS in the US. This means, however, that if your company is ever sued, the court can seize your personal assets if your business doesn’t have enough to cover its debts.
Step 4: Employer Identification Number, Business Licenses and Permits
The next step is to take care of the legalities. This can include getting your Employer Identification Number, business licenses and any other permits. Check with your country, city and state to see what sorts of legal requirements need to be fulfilled before your start operating.
Step 5: Marketing
Now that you have taken care of the logistics, it is time to start marketing your brand, product and company. Use social media platforms like Facebook and Instagram to spread the word and build up a following. Once you have a solid customer base you are on your way to making sales and having a successful eCommerce business.
Looking to manage your eCommerce store’s inventory? Unleashed Software integrates with many eCommerce applications for seamless inventory management.
Article by Melanie Chan in collaboration with our team of Unleashed Software inventory and business specialists. Melanie has been writing about inventory management for the past three years. When not writing about inventory management, you can find her eating her way through Auckland.