Do You Want To Start an Online Business by Mel Feller


With more than 300 million predicted shoppers spending money online this year, there has never been a better time to start an online business. If you are thinking about starting an online business and selling products online, use this checklist to do it the right way.
mel feller
Mel Feller

Start With Your Business Name

The first thing to do (after you decide what you want to sell, of course) is choose a fabulous, memorable business name that no one else is using. You can conduct a corporate name search to make sure it is not already in use. Once you have chosen the name, register it.

Secure Your Domain Name and Website

Ideally, you will get your business name as your domain name, but if it is not available, choose a URL that is easy to say and spell, and relates to your business.
The design of your web site may be the biggest business expense you have. However, you want to ensure that it is not only visually appealing, but also functional. There are out-of-the-box web solutions like Shopify to begin with, but you may require something more custom-made if your needs are more than basic.

Select the Best Business Structure and Register Your Business

You have several options when it comes to your business structure:

Sole Proprietor
Partnership (if you have a business partner)
LLC
Corporation

If you do not choose a business structure like a corporation or LLC, you will automatically be considered a sole proprietor or partnership by the IRS. However, operating as a sole proprietor, your personal assets are at risk. If your company is sued, the court can seize your personal assets if your business does not have enough to cover its debts. Both the corporation and LLC separate you and your assets from the business, and provide other tax benefits.

You can register on your own by filling out the appropriate business structure paperwork from the IRS yourself, unless you are filing a corporation, or you can hire a business filing company to do it for you. A lawyer is another option, but that is often overkill for the average small business owner’s needs.

Get Your Employer Identification Number

You will need an Employer Identification Number (EIN) to open a business bank account and file your business taxes next April. Your EIN is a bit like your business’ social security number: it is a unique number that identifies your business and helps you file important paperwork. Every business needs one, whether you will have employees or not.

Apply for Local Business Licenses and Permits

Operating an online business does not exclude you from needing certain business licenses and permits. Check with your city, county, and state to see what sorts of sales tax licenses or home business licenses you need, and get those approved before you start operating.

Locate the Right Vendors

You will have many types of competition selling products online, so it’s in your best interest to find the best quality and best prices for the products you sell or materials you use to create your products. Shop around until you find a vendor you want to do business with long-term.

Start Marketing Early

Even if you are not up and running, it is a good idea to set up social media profiles and writing content for your blog now so that you are not starting from scratch Day 1. You can set up your website with a “coming soon” page where people who are interested can sign up to get updates.

Become More Productive with the Right Software

Technology can make so much of your work easier, so before you start your online business, play around with customer relationship management, accounting, project management, and email marketing software that you can integrate into what you are doing once you launch.

Stock Your Inventory If Not Using a Drop Shipper

Whether you have a warehouse full of products somewhere or your inventory lives in your garage, make sure you have enough to launch. It can be tricky, not knowing how much you will need, but in general, it is better to have too much inventory than not enough. Pay attention to how your sales increase so you can be smart with future orders.

Make Sure Your Business Stays Compliant

Once you launch your online business, things are going to move at the speed of light. Do not overlook filing your annual report, if you incorporated or filed an LLC, nor those annual fees for business permits. If you need to, put these deadlines on your calendar so you stay on top of them.

If you can check all of these items off your list? Great! It is time to launch. Having done all the preparation up front, your online business will be set for success.

Location: Wichita Falls, TX, USA

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