It’s a good day to start your online store. Are you fed up with your boss and want to be financially free? Then you should get going with your own business. But how to start with it? “I don’t have the experience to start my online store…!!” Well, you need not have it, it’s all here. Go through this easy guide to start your online business.
“But what should I call my store?” “Which name will be best?” We got an answer to that too.
How to choose the best name for your company?
It’s important to have a good name associated with your company. A good name is what gives your company virality and boon in the market. To choose a good name, know what sounds like a good name:
- Less is more.
A good name is short, handsome, and easy to spell and write. Your name shouldn’t be a tongue twister for your audience. It should sound what it spells like, and no complicated accents are advised to insert in the name. Do not jargonize your name, make it easy for everyone to understand.
- Take up an authentic name.
You should not copy your competitors by choosing a generic name. You should choose a new name that has no resemblance to any other name. Or you can coin a term that suits your nature of business. Coining a new term is not at all easy for aspiring entrepreneurs at entry-level, so you can always take help from the business name generator tools available online.
- Check for trademarks.
Make sure the name you choose is not registered with someone else. If it is registered with some other business then you need to check the United States’ Patent and Trademark Office’s website for available names.
- Find relevant domain names.
Once you have chosen a name for your online store, you need to find a domain name that is relevant to your company name. Make sure you get a custom domain name for your business and you choose the popular extensions like – .com, .in, .store, .ca, etc.
- Choose a versatile name.
While choosing the name for your company, you should choose a name that can be used on various social media handles, letterheads, business cards, delivery boxes. Your name should sound and read well.
How to start an online store?
- Choose what to sell.
Now that’s natural. But most people miss on this one. You need to decide on a niche for your online store. Get focused on what you want to sell.
- Will you dropship?
Another important decision to make is will you keep your own stock, or drop-ship directly from wholesalers? Having your own stock gives you immense freedom on setting up the price and provides you freedom that’s not there in dropshipping. On the other hand, drop shipping gives you liquidity. You don’t need to purchase products and then worry about sales. Once you get an order, you can directly ship from the wholesaler.
- Choose a business name.
Brainstorm for a list of names that possess to be credible volunteers for your store’s name. Choose the names which match the criteria mentioned above. After choosing a name, register a domain name for your business name.
- Go online….!!
Now that you have a domain name and a company name, aligned with your niche, and way of selling, you should immediately make a website and go online in no time. Start immediately with your website development process.
- Register your company and get a tax ID.
You shouldn’t forget the legal issues. Register your company with your country’s Government, and get yourself a sales tax ID to do honest business.
Ways to drive more sales.
- Market your business.
That’s obvious. But you need to choose one marketing strategy – SEO, Paid Marketing (print media, influencer marketing, etc.), platform marketing (leveraging for sales on the mammoths of the e-commerce stores, listing your products on most popular online store). Also, you can do a combination of all these three marketing wheels if you are planning to go full-fledged with your store’s reach.
- Automating the process.
Start giving offers that are not worthy of saying no. Offer your customers attractive discount coupons upon leaving their reviews on the online store from where they have brought your product. This way, your marketing will be on autopilot, and you could invest your time in improving your services and products.
So this was our take on how to start a business, but there’s one bonus tip for you too.
Whatever you plan for your business, those plans can wait. First and foremost, make sure to register your business with its name at the USPTO’s website and get yourself a sales tax ID from your country’s governing body. Registering your business in advance gives it insulation against any copyright and authenticity issues that may come your way.