Considering an e-commerce business? Here are a few things you still need to know
If you're considering starting an e-commerce business, do you know what's involved in the process? Unlike a brick-and-mortar location, an ecommerce business can have a number of differences that are very important to your overall success.
Here's a quick overview to get you going.
Research and register a memorable business name, along with a web domain. Securing these aspects of your business early allow you to start the marketing process early, letting you gain ground earlier on in your operation.
Consider your store needs. Can you operate using an out-of-the-box option such as Shopify, or will your business require a customized solution? This can impact your startup budget, so research this early.
Determine the best business structure and register it. Can you operate as a sole proprietor or partnership without risk? Do you need a limited liability company or corporation to protect your interests? Decide which option is best and register your business.
Get your marketing going. Operating online isn't the same as setting out a "Now Open" banner for a brick-and-mortar location. Start building social media and content buzz before your launch to see earlier success.
File for your Employee ID Number if needed. If you don't have employees, you don't need an EIN from the IRS, right? Not necessarily. Check the IRS' handy list here to determine whether you need to file for one or not.
Get required licenses and permits. Unfortunately, operating online doesn't always exempt you from business licenses, permits and other required paperwork. Take the time to determine what's needed at the local, county, state and federal level.
Digitize to stay efficient. You can quickly configure software-as-a-service to drastically cut down your time requirements. It allows automation, streamlining and a more seamless experience.
Stay in compliance. Create a checklist for periodic reports, whether weekly, monthly, quarterly or annually. Stay on top of industry requirement changes.
By knowing the differences between starting an e-commerce business and a regular business, you can make sure you start out in the right direction. If you need help getting the process started, AccountRely is here to help. Please contact one of our business professionals today and see what the AccountRely difference is like.