You don’t have to look very far back in time to realize that the retail industry has undergone a rapid transformation. Millions of people now do most of their shopping online from their weekly groceries and clothes to furniture, holidays, and complex products like life insurance policies. This situation is only going to intensify with almost all businesses having some kind of online presence and many starting their own eCommerce site. While this has opened up previously impossible business opportunities, it also means that someone starting an eCommerce business is facing a lot of competition.

If you are one of these people, this guide outlines 7 key steps to help you get started.

1.   Choose a name for your business

When you have decided on the products you will be selling, you then need to choose a memorable and unique business name. You can find out if a name is already in use or not by carrying out a corporate name search.

2.   Decide on a business structure and register the business

You can then register the business under that name in your state as a sole proprietor, an LLC, a corporation or a partnership if you have a business partner. It’s worth bearing in mind that if you operate as a sole proprietor, you are putting your personal assets at risk should you ever be sued.

3.   Find your domain name and build your website

You will then need to find a domain name for your business, which, ideally, will match your business name. If the domain name you want is not available, you should opt for one which accurately represents your business and is easy for people to remember. You can then set about the design of your website which should be easy for people to use as well as be visually attractive. To ensure you get the best website, it is generally recommended that you hire professional WordPress designers rather than attempting to build it yourself.

4.   Apply for an Employer Identification Number

To be able to open your business account and file taxes, you need to get an Employer Identification Number (EIN) from the IRS. This is a unique number that identifies your business and is needed whether you employ staff or not.  

5.   Get your permits, licenses, and insurance

Even eCommerce businesses need to get licenses and permits to operate. Find out what is required in your city, county, and state in terms of tax and licenses before you begin trading.

6.   Find suppliers or vendors

There will be lots of other eCommerce businesses out there to compete with, so it’s important to find the best prices for your materials or products. It’s also a good idea to find a vendor or supplier who you can build a rapport with, as this should mean you can establish a long-lasting relationship.

7.   Start your digital marketing

Before you start trading, you might want to create your social media accounts and start building an online presence where your target customers are. You could offer people the chance to sign up for email alerts so they know when you will be open for business.