Start an Online Store: 5 Steps to Launch Your Dream Business
You can start an online store in just 5 easy steps with our simple setup guide. We’ll also share links and resources to register a Limited Liability Company or Corporation in any US state, so you can make your dream business official. Find out how to find your target market, learn from competitors, write a plan and launch your site fast.
If you need help forming a Limited Liability Company (LLC) or Corporation for your shop, MyCompanyWorks has formed companies for tens of thousands of entrepreneurs since 2001. Talk with experts and get your order processed in as little as one business day. Experience the MyCompanyWorks difference and order a business startup package to save time and money.
5 Steps to Start an Online Store
1. Research the Market and Write a Business Plan
if you don’t already have a product or service to offer, you can look for products and services that are lacking in your town or region, or online in general. A full 70 percent of consumers look for active websites when deciding where to shop. If you do have something to sell, look up similar items online to find competitors, research pricing, and determine your target market. Check out what other businesses are doing to get more customers, then apply what you learn to your e-commerce site and all your branding. You can even engage customers in various social media outlets to improve engagement and sales. Designing an online shop to appeal to a target audience can also attract qualified new business.
Determine how your can appeal to consumers by offering something unique, whether it be packaging, personalized goods, a subscription service, discounts, freebies, etc. Building an online store that’s smarter, cleaner, and easier to use than the competitor is the best way to improve search engine rankings and exposure to the public.
Grow your customer base with a business plan
Once you’ve decided on what to sell and determined your target market, you’ll want to start a business plan, or roadmap to build your business. Running an online shop is fairly simple, but you need numbers and visuals in one place to be able to chart your progress. A well-written and executed business plan will help you make adjustments to your process where you need to increase revenues. Also, if you ever decide to borrow business funding, investors will want to see data and documentation that proves your business is successful and can grow.
Marketing and Business Planning Resources
Learn How to Use Your Online Store for Affiliate Marketing | Learn Marketing from YouTubers | Plan Your Business Like a Pro
2. Create a Unique Business Name
In business, a unique name is critical for a couple of reasons.
- A unique business name sets you apart from competitors and allows you to build your brand and style around your mission.
- Using a creative business name separates you from other companies, which can prevent being named by mistake in lawsuits and IRS matters.
It may not seem like a big deal, but consumers will grow to know your products and services by your name and business identity (logo, marketing materials, etc.). It’s definitely worth your time to craft a name that is easy to recognize and remember for future growth. Follow these steps to create a winning name for your shop.
- Scan major search engines:
At least check Google, and should check Bing, Yahoo, and other major search engines. Type in different variations of your name to see if it’s already being used in any way. Keep tweaking your proposed name until you don’t find it on the Internet.
- Check local and state business authority websites:
Check your town or city, county, and Secretary of State of Division of Corporations by running a business entity search on each website.
- Check US Patent & Trademark Office site (USPTO) for a final sweep:
Once you have cleared your name through search engines and state business sites, search proposed business names under both Patents and Trademarks to get the best results. You can hire a professional trademark officer to search for you, but the fees are usually pretty high. In our experience, running these three types of searches is effective. You can save some time and money by following these search tips.
TIP: Try various spellings, and even misspellings of proposed business names to make sure you’re working with a unique name. This tip applies to the Internet, business sites, and USPTO searches.
US Patent & Trademark Office (USPTO) | Build Your Business Identity | Free Business Name Generator
3. Form a Limited Liability Company (L.L.C.) or Corporation (Corp, S-Corp)
Complete business registration
If you’re a do-it-yourself-er, you can usually download application packages for LLCs and Corporations from state business authority sites. Complete the paperwork, include the necessary ID, documents, and payment information, then mail or fax in the completed package. If you live in a state where online filings are available, you can utilize those options instead. Check your Secretary of State of Division of Corporations for filing options.
You can save hassle, time, and money when you order a business registration package with your website. Check out our latest competitor comparison and see real-time pricing and processing time for your state.
Request an Employer Identification Number (EIN) from the IRS
An Employer Identification Number or EIN is required for all LLCs and Corporations. You can apply online, by phone, fax, or mail with the IRS. Note that international business owners will need to apply by phone. The number is 267-941-1099.
We can apply for your EIN when you order any LLC or Corporation package.
Register Your Online Shop Fast
4. Open Bank, Merchant, and Credit Accounts
Your online store will need both a bank account and a merchant account to accept payments online. Opening a bank account just for business keeps company and personal funds separate. Once you have formed either a limited liability company or corporation, you can take the completed paperwork, identification, and supporting documents to any bank where business services are offered. You can start by checking with your personal bank, and there are many options online. We even offer banking solutions with our formation packages. Requirements vary by bank, so make sure to check for what you’ll need before you open the account.
If you go with our e-commerce solution, you can easily connect Stripe, PayPal, and credit card merchants to process payments fast. Once your merchant account is connected to your website and bank account, you’re ready to accept payments.
You may also want to apply for business credit cards, although it may be a challenge to get credit in the business’ name right away. In that event, you can either clear off a personal credit card and use it for business-only expenses or apply for a new personal card for the same purpose. If you pay your bills on time and use credit wisely, you’ll eventually build credit in the name of your business and be able to apply for business credit cards.
Credit and Funding Resources
How to Build Business Credit | Find Funding for Your Online Store
5. Build and Launch Your Online Store
Order an E-Commerce package and use the included templates to launch quickly. You can always update themes, fonts, and the overall style as you go. Stock your store with products and services. Shoppers are drawn to clear, high-resolution images, so make sure to either hire a professional photographer or use high-quality images from your smartphone. Think of what appeals to you when you’re shopping online. Consumers like to see product thumbnails with an ‘add to cart’ or ‘shop now’ button under the thumbnails. Check out this list of some of the best e-commerce sites to get design ideas.
Research competitor sites for the best site layouts, popular products, promotions, newsletters, etc.
Search the Internet for other stores that sell similar products or services. Visit their websites like you’re a consumer, and rate your experience to find the tactics that work – and don’t work, then apply them to your site. If you can still make money by selling less than the competitors, do it! You can make up for the lower price with a higher volume in sales, as long as the lower price still covers your costs for doing business (equipment, inventory, labor, marketing, etc.).
Learn some basic Search Engine Optimization (SEO)
Especially with a new website, it’s so important to build a clean site that’s easy to navigate and easy to purchase. It’s also critical to spend some time getting to know how websites rank on the Internet, and how to push your online store to the top of search results. Some of our favorite SEO hubs are NeilPatel.com and Hubspot. Both sites give away loads of free advice and templates, and they break down how SEO works so the average person can understand.
You don’t have to be a digital marketer to work good SEO tactics into your online shop. You can learn a lot for free from these hubs and plenty of others. If you’re able to embrace some simple concepts, you can push your website to the top of search results without paying for expensive advertising.
Tips for online store content
- Learn about keywords and post products with relevant descriptions that include the keyword you want each product to rank for in Internet search results. You’ll also want to add that keyword to your image alt text and throughout the product description for best ranking results.
- Write articles about your products, seasonal trends, how-to guides, etc. to draw traffic.
- Post articles on your blog and social media accounts consistently, at least 1-2 times each week. The more, the better, as long as you can keep pace with well-written content.
- Check out affiliate marketing to find ways to cross-promote and earn commissions from partner links.
- Set up social media accounts and share them with family, friends, co-workers, and anyone who supports your business. Ask them to like and share content to spread the word quickly and for free.
Online Marketing and Selling Guides
Learn How to Market Your E-Shop | Sell Hand-crafted Goods
Quick Summary
Opening a store online is fast and management is simple with an e-commerce web package by MyCompanyWorks. We’ve covered 5 steps to launch your shop. Here are the highlights:
- Good market research and business planning are key for any successful store. You can learn from your competitors and apply your knowledge to build a site that appeals to your target audience. Make sure to create a store that is unique and easy to navigate to encourage sales.
- Picking a unique business name both separates you from the competition, and other companies. It’s really important to spend some time researching your store’s name, so you don’t pick a name that’s already being used. A custom business identity will help to prevent being named in lawsuits and tax issues that actually belong to other companies. Searching the Internet, state business sites, and the USPTO site will increase your chances at finding an entirely unique name.
- Register an official company in your state – either an LLC or Corporation. You’ll need to gather personal ID and other documents, then complete application paperwork before filing with your state business authority. To save you time and money, we offer affordable business registrations and will do the paperwork and filing for you. You also gain access to a free account dashboard and can see your order’s progress anytime you log in.
You’ll also need to apply for an EIN with an LLC or Corporation, so you can apply online with the IRS once your business paperwork is filed and returned. International customers must apply with the IRS by phone. We can also apply for you. Just add the “EIN” option to your order, and we’ll take care of the rest. - Apply for business bank, merchant, and credit accounts. You’ll need a bank account to keep business funds separate from personal funds, a merchant account to accept credit card payments, and credit cards to purchase inventory, pay for expenses, etc. You can check with your local bank and search the Internet for business solutions. Your account dashboard also gives you access to banking solutions from our partners.
Once you have your accounts set up, connect the bank and merchant accounts to your e-commerce site to start selling online. PayPal, Stripe, and other major merchant providers connect to our custom website without any fuss. - After you’ve worked through the first 4 steps, it’s time to launch your store! Our web package is easy to customize with trending themes and simple tools. You can start adding products and images and make sure to use your new SEO skills to add content that attracts business. You can find great tips and ideas by visiting competitor websites. Spend some time “shopping” on their sites as if you were going to buy something. Pay attention to your experience, then perfect your website with what you learn from other sellers. If you can afford to, consider lowering your price to beat the competition and increase sales.
For more business ideas and help to start and manage your shop, visit our blog and helpful FAQs page.
Start an Online Store with MyCompanyWorks
If you’re ready to launch your dream business, you can order an LLC or Corporation and get completed paperwork fast. Access your free Account Dashboard to see activity and manage recurring business requirements, like annual report filings. Add MyCompanyWorks Premium™ to set your business on auto-pilot. Check out our website or reach out to our support team for more information.
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