So you’re ready to start your own online eCommerce business? Don’t make the mistake of thinking you can just set up a website, choose a fulfillment company and go.
In many important ways, an online business is just like a brick-and-mortar business. Here are some major considerations that should be on your start-up checklist.
1. Determine your overall business concept.
“Selling products” may be your ultimate goal, but it’s not a viable business concept. With all the competition you’ll be facing, you need to figure out where you can offer something different. Having a solid business concept will also provide focus for easier decision-making.
2. Create a business plan.
Once you have a concept, you can start planning how you will achieve it. Think of a business plan as a blueprint for the structure of your business. Include elements such as:
- Company description
- Mission and goals
- Marketing and financial plans
3. Choose a business structure.
Limited liability company (LLC), limited liability partnership (LLP), sole proprietorship or corporation? Each one has different specific implications for your personal assets, tax liabilities and company operations. If you’re not sure, seek professional advice.
4. Obtain the necessary licenses.
- Research your business name to make sure it’s not the same as another registered business in your county or state. Also, decide whether you’ll be using a DBA, or “doing business as.”
- Register your company with the appropriate business agency in your state. Once that’s done, you can apply to the IRS for an employer identification number (EIN).
A Fulfillment Company That Works for You
With all the business hats you have to wear, wouldn’t it be great to turn order fulfillment over to an experienced source? Family-owned Medallion Fulfillment & Logistics has been successfully providing fulfillment company services for decades. Contact us to learn more.