Starting an eCommerce business is an excellent idea, especially now that clients are looking for more home deliveries and fewer physical interactions thanks to the coronavirus. However, just like any other business, you need to make critical decisions and weigh several factors before opening a shop. We’ve compiled a list of six critical issues you should know about starting an eCommerce website.
The first step is to identify the products you wish to sell on your eCommerce website. It’s critical to find products that you can sell directly to a consumer while solving a problem. For example, specializing in dog products from leashes to shampoos can help you establish an eCommerce business. You can also:
As you select each product, ensure that you evaluate it to confirm the demand.
A competitive analysis helps you identify your competitors, their products, and their sales and marketing strategies. You can also use the analysis to identify a gap in the market, find out new trends, and also market your business better.
Once you’re confident of your products, it’s time to open shop. Ensure you conduct an online corporate name search to check if any other business has the name you wish to choose. If you confirm it’s available, register it with the United States Patent and Trademark Office (USPTO). As you register your business, you also need to select your business structure. Are you an LLC, or corporation? What is your address and state of registration?
You also need to get a federal tax number (also known as the employer identification number (EIN), to help you file tax returns and report on business processes. It’s also wise to open a business bank account to separate business funds from personal funds.
Since you’re establishing an online business, you need a website and domain. A domain name is an address that users use to reach your site. Ideally, you should use your business name as the domain, but sometimes, it may be unavailable. You can try different variations of your business name when choosing a domain.
Invest in a proper e-commerce website because this is your shop. You can hire a designer to help you create a suitable and secure site.
Creating a business plan helps you define your business and create a vision. Your business plan should include:
If you plan to accept card payments in your e-commerce store, Payment Card Industry Data Security Standard (PSS DSS) compliance is necessary. With this framework, you can ensure the security of your customer’s card details. Compliance helps you prevent data breaches and ensuing lawsuits. Being complaint includes:
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