The growth of e-commerce businesses is on the rise. Credit for this goes to the growing use of the internet and the growing smartphone market. Hence, even small retailers are launching their online stores. If you want to start your business on the web, we suggest you follow the tips given below.
Businesses conducted online are known as e-commerce. These days, you can use either of two methods to launch your store on the web: you can start an e-commerce site or join an online marketplace.
Proprietary e-commerce site
Starting your own e-commerce website is a difficult option because you have to develop a website, a payment gateway, and then you have to launch a marketing campaign to publicize your products. Additionally, you might want to keep in mind that starting an e-commerce business requires a long-term commitment on your part. Other than that, you have to spend a lot of money if you really want to make your site successful.
Join an established market
Joining an already established marketplace is an easier way to go. All you need to do is get a bank account and a tax registration number. This will help you apply more easily. The eCommerce marketplace will take care of everything else like payment gateway, marketing, technology, web development, and web design, to name a few. For a new seller like you, the workload will be significantly reduced.
Below are the registration steps you may want to follow to get started:
First, you may want to register your business. Once your business is registered, you can open a bank account in the name of the business. This will make it easier for you to obtain the tax identification number.
To start selling online, you need to register for GST, whether you want to launch your website or sell on a marketplace. You need to get the tax registration done.
Once you have incorporated your business, your next step is to apply for a bank account in the name of the business. If you are going to set up a sole proprietorship, you will also need to obtain the tax certificate. You must obtain this certificate or you will not be able to obtain a bank account.
If you have an e-commerce site, you need to have a payment gateway in order to process payments through debit cards, credit cards, or internet banking, to name a few. With a payment gateway, you can accept digital payments. With a digital payment gateway, the payment made by your customers will be transferred to your bank account without any delay. Payment may take up to 24 hours to be transferred to your bank account.
Remember: if you plan to sell through the Marketplace, you don’t need a separate payment gateway. The marketplace gateway will be used to make payments.
So, if you want to start a business, you will need to meet the legal requirements listed above as well as any other requirements in your area.