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˳
Methods
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:
Registration
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˳
Tax Registration
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˳
Bank Account
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˳
Payment Gateway
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˳
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