How to start your own eCommerce business in India?
Many individuals who have an interest in starting their own venture like to start with an eCommerce business. It is one such business that offers you instant results. All you need is an effective eCommerce website through which you can people either buy or buy and sell things.
What you must keep in mind is that starting an eCommerce business in India is not as difficult as you believe it to be.
There is no denying that the eCommerce business is rapidly growing and will continue to do so.
Here is how you can start your own eCommerce business:
Find your business model
It is the first and foremost step in the process of starting your eCommerce business. Remember that you will not only make financial investments but will also put your efforts and time into the business, which is why it is important to pay attention to even the tiniest details.
So before you jump to any conclusion, find your business niche and research the various business models available. It will help you make the right decision and will give clarity about the platform you need for the business.
Perform extensive research of the market
Before you start an eCommerce business, you must perform rigorous and thorough research to understand the market and your target audience. Study your competitors, see what they are doing well and where they are lacking. This will help you bridge the gap between the business and the market and give you a step ahead of them.
Figure out your place in the market and also consider performing a SWOT analysis. It will help you understand the problem areas and make an informed decision.
Find the products or services and the target audience
This step will play a very crucial role in deciding the success of your eCommerce business. Now that you have done the research, you must know what products or services you will be offering on your social media platform. Finalize the products that you will launch through your eCommerce platform and select your target audience.
Build your website
Now that you are clear about the product/service you wish to sell and your target audience, it is time to select an e-commerce platform and build your website. But before you jump to this step, it is pivotal that you finalize the domain name as only then you will be able to host your website online.
There are many platforms that you can use to make your website live online. Some of the most preferred ones include:
Decide how you will get the products/services
If you planning to sell a product through your eCommerce store, it is important that you decide if you are going to manufacture it, buy it from a third party or get it manufactured from a third party. You can also deliver services online digitally. So think about the choices you have and make the decision.
Get the EIN, licenses, and permits
Although not all business types require an employee identification number (EIN), it can still prove useful to get one since it helps to separate business and personal finances. You can apply for one for free via the IRS, and the number is generally issued immediately.
Also, you will want to apply for any licenses or permits your business will require in your state. If your business is running entirely online, you will not need the same permits a brick and mortar store would need.
You might have to follow some other steps in the process too. But these are some vital steps that you must take to start your successful eCommerce business.