Nowadays, everyone wishes to own a business and achieve the pinnacle of prosperity. You may say that starting your own online business is today quite simple. The advantage of online business is that it does not require a significant investment. If you want to establish your own online business, this article will undoubtedly answer all of your questions.
People frequently argue that starting a business is difficult; it requires a lot of hard work and patience. You can now prove them wrong since it's far too simple. Here's a checklist of what you'll need to get started with your e-commerce business:
Startups: Concept
Startups are fledgling businesses formed to create a one-of-a-kind product or service, bring it to market, and make it compelling and irreplaceable to clients.
Startups are founded on innovation, correcting flaws in existing products or developing new categories of goods and services, breaking entrenched methods of thinking and doing business for entire industries. As a result, many startups are dubbed "disruptors" in their respective industries.
Big Startups Example
Although you may be most familiar with startups in Big Tech—think Facebook, Amazon, Apple, Netflix, and Google, or FAANG stocks—companies like WeWork, Peloton, and Beyond Meat are all considered startups.
10 Steps Guideline for Starting a Startup
- Begin with your own brand name When you thought of starting your own business, you must have decided what type it will be. After determining this, you need to choose a unique and catchy name. The name shouldn't be of an existing company. After deciding, register the name in the list.
- Secure your Domain Name and Website It is necessary to get your Domain Name and Website so that no one can copy your idea. Generally, you get your business name as your Domain name, but in some cases, the domain name is not available. You will get plenty of solutions at online solution sites. These will help you in this process.
- Business Structure and Company Registration It is crucial to select the business structure of your company. The design of your company can be sole proprietorship, Limited Liability Company (LLC), or Partnership or else Corporation. If you don't choose your company's business structure, it'll automatically be considered as a sole proprietorship.
You can fill up the forms for the business structure framework or hire a company that will help you with all the paperwork.
Documents needed to start for sole proprietorship business
- A bank statement or a duplicate of a cancelled check
- A copy of the power bill/landline bill, as well as the water bill
- The Proprietor/NOC Owner's (No Objection Certificate)
- Rental contract (if premises are rented)
- Declaration of intent to comply with the provisions
- The proprietor's PAN card (Permanent Account Number) and a valid government-issued ID (passport, voter card, aadhar card, etc.)
- Get Employment Identification Number (EIN) and GST registered When you open your business bank account, you need an Employment Identification Number. It is more like your business security number, which is unique that identifies your business and files your important paperwork. It's important even when you don't have employees.
When you offer goods or services, you need to register for GST as it has been made mandatory by the government for every business person. - Apply for the licenses Even when you are starting an e-commerce business, you can't escape from taking licenses. Licenses are the most crucial part of your business. Getting your license means that your business is now authorized & granted by the Government of India.
- Brainstorming and Market Research As technology advances and trends shift, businesses are increasingly going online and promoting their brands digitally. Because everything is going digital these days, you need to conduct market research and discover the high demand for your product.
- Creative Branding A company's success is heavily reliant on its brand. Make sure to keep your name and logo basic so that people could readily comprehend and relate to them. It will be better if the name of your company would be inspired by some concept.
- Business Plan It is critical to plan out your goals and business model. Providing internships and live projects, as well as physically connecting with students, is an ideal Business Modal that distinguishes you from others.
- Build a Team After planning your business, you'll realize the need for more people to take leadership in your startup and work. You're now required to assemble a small group of dedicated individuals. They shall be in charge of a variety of other aspects of your startup
- Launch Now that you have completed all the brainstorming, logo, company name, and Business Plan, it is time to launch your website. You also need to launch your social media profiles to advertise your business.
Start Your Journey!
We rarely know how big brands came to be so huge; all we know is that they are now flourishing. Behind every great brand, there is a narrative and a battle that the company faced in its early days. PATIENCE is the best mantra for every startup, as it takes several years to establish a strong reputation in the market. When it comes to startups, it took a lot of effort, work and dedication to successfully launch a startup.
The ultimate result is the smallest part of the journey; it requires a lot of mind mapping and meticulous planning for every stage. Every startup has its own set of procedures that it follows when it launches.
