The growth of e-commerce businesses is on the rise. The credit goes to the increasing use of the Internet and the growing market of the smartphones. Therefore, even small retailers are launching their online stores. If you want to start your business on the web, we suggest that you follow the tips given below.
Businesses done online are known as e-commerce. Nowadays, you can use either of the two methods to launch your store on the web: you can start either an e-commerce site or join a marketplace online.
- Proprietary e-commerce website
Starting your own e-commerce website is a difficult option as you have to develop a website, a payment gateway and then you have to launch a marketing campaign to get the word out about your products. Also, you may want to keep in mind that starting an e-commerce business requires a long-term commitment on your part. Apart from this, you need to spend a lot of money if you really want to turn your site into a success.
- Joining an established marketplace
Joining an already established marketplace is an easier way to go. All you have to do is get a bank account as well as a tax registration number. This will help you apply more easily. The e-commerce marketplace will handle everything else, such as payment gateway, marketing, technology, web development and web design, just to name a few. For a new seller like you, the workload will be reduced considerably.
Given below are the registration steps that you may want to take when getting started:
First of all, you may want to get your business registered. Once your company is registered, you can open a bank account in the company name. This will make it easier for you to get the tax registration number.
To start selling online, you need GST registration no matter whether you are going to launch your website or sell through a marketplace. You have to get tax registration done.
As soon as you have incorporated your company, your next move is to apply for a bank account in the name of the company. If you are going to start a proprietorship firm, you will have to get the tax certificate as well. You have to get this certificate or you won't be able to get a bank account.
If you own an e-commerce site, you have to have a payment gateway in order to process the payments via debit cards, credit cards or internet banking, just 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. The payment may take up to 24 hours to get transferred to your bank account.
Remember: if you have plans to sell via the marketplace, you don't have to get a separate payment gateway. The marketplace gateway will be used to make payments.
So, if you want to start a business, you will have to meet the legal requirements given above as well as all of other requirements in your area.