How To Start An Online Business With Simple Steps
Maximize Festive Season Sales With Fynd Platform
Learn from the masters and cracks the code to festive season sales success with Fynd Platform's Festive Readiness Guide
.webp)
Creating a successful business online is easier than people think, but only with the right strategy & tools in place. So how to start an online business in India? Now that you are already thinking about it, we will walk you through the rest.
β
"Think big but start small" ~ Falguni Nayar, CEO of Nykaa
Don't stress about making it big, take it one step at a time. Your journey has already begun and it is the perfect time to be doing this. The Indian E-commerce industry has been on a rapid growth trajectory and is headed to become the second largest e-commerce market on the planet by 2034.
β
According to IBEF, the e-retail market registered a CAGR of more than 35% in FY20 that equates to $25.75 billion. This boom goes hand in hand with the increase in smartphone users in the past decade.
As of 2020, smartphones reached about 54% of India's population, a huge jump in the past 10 years and there is still an enormous potential to increase the number of internet users and online shoppers. The Indian eCommerce REBOOT after the initial pandemic hiccup, it is now proving to be very lucrative for businesses and a lot more accessible for consumers.
β
R - Realizing new potential
E - Elevating from idea to action
B - Building an effective website with inventory
O - Omni-channel expansion for more reach
O - Out of the box marketing
T - Technology for analysis & improvements
β
There is a lot you can do but you don't have to do it all. A unique idea, an impressive digital presence, and the right tactic can make a big splash with the right audience. The 3 Steps to starting a business online:
β
Step 1: An idea that you can commit to
It all begins with a thought. When you are considering being a business owner, your idea is the first brick of the house. Doing something you like always adds more flavor to work. Most big ideas come across as naΓ―ve or undoable in the beginning but when you keep at it, the unachievable comes into your grasp.
β
Either do something new or do something better. There is no middle ground when it comes to running a successful business. You get what you put in, now that you are thinking of opening an online business be prepared to learn rapidly, try new approaches, and don't stop the push when things are going good or bad!
β
βFor you to achieve your goals, visitors must first achieve theirsβ ~ Bryan Eisenberg, Marketing Expert & Author
Even when you really believe in your idea, you can still miss the mark if you don't put your customers first. Look at things from you a customer's perspective. How they will feel about your products, what would they like best and how would they like to shop.
β
Step 2: Your very own brand website
Your brand needs an online identity, a place where customers can browse comfortably, find products, explore new offers and interact with your business. A website is your base, your primary place of business, your chance to make an impression and build long term relationships with customers. But it can be a bit tricky to bring your website to life, especially if you are looking to sell products, customize offers and provide a seamless customer experience.
β
To avoid the hassle of hiring developers, designers and marketers, you can make use of a web creation tool like Fynd platform that has many templates for you to choose from & also gives you access to customize web pages. Once the site is set, what's next? You will need more visibility in the market. Your target audience doesn't know you yet but they will.
β
How do you get more reach? Listing your products on Amazon, Myntra, Ajio, Flipkart, Nykaa, and all other major platforms will automatically give you great visibility and sales. If you have made a website with Fynd Platform, you don't have to run around finding suitable marketplaces & integrating with them one at a time, Fynd platform is omnichannel capable, it gives you an option to directly sync your catalogue throughout all top marketplaces. One single dashboard to track your inventory and orders throughout marketplaces.
β
Step 3: Registration & Documentation
When you are looking to start an online business, you have to go through some basics to become a legal, living & thriving corporation, by following the online registration & documentation process.
β
βGet a DIN number - You need to get a Director's Identification Number or DIN from the official website of Ministry of Corporate Affairs, all you have to do is download the DIN 3 form, attach the required documents and that's it.
β
βPAN & Digital Signature - Your Permanent Account Number or PAN is mandatory for setting up an ecommerce business. A digital signature always comes in handy when submitting official online forms.
β
βCheck if your brand name is available - You can do this on the website of the Ministry of Corporate Affairs, you can also apply to the ROC or Registrar of Companies to verify this. Take note that this process requires you to have a DIN.
β
βIncorporate your brand - When you get an affirmation on the name, you can set up the company within 6 months.
β
βGST registration - Goods & Service Tax or GST registration is mandatory for businesses that have a turnover of more than Rs 40 lakhs. This figure is Rs 10 Lakh for businesses that are physically present in hill stations and north-eastern states.
β
βGetting shops and establishment license - You will have to apply for shops and establishment license for your ecommerce brand.β
β
Open your company's bank account - Your corporation is a separate entity and needs a separate bank account.
β
Nothing BIG will start until you do
Yes, it might be new for you, challenging, even a bit risky but it can be very rewarding and it is easier than ever to establish an online brand that caters to an audience that already exists. Now you know how to start an online business at home with little effort and a world of potential.
Maximize Festive Season Sales With Fynd Platform
Learn from the masters and cracks the code to festive season sales success with Fynd Platform's Festive Readiness Guide
What type of online business should I start?
How do I create a website for my online business?The type of online business you should start depends on various factors such as your skills, interests, target audience, and resources. Here are some popular options to consider:
β
1. E-commerce store: An online store selling physical or digital products.
β
2. Service-based business: An online service business offering services such as consulting, coaching, or freelance work.
β
3. Content-based business: An online business that creates and sells commissions as a blog, podcast, or YouTube channel.
β
4. Affiliate marketing: An online business that earns a commission for promoting and selling other companies products.
β
5. Software-as-a-service (SaaS) business: An online business that offers a software solution to customers via the internet.
β
6. Dropshipping business: An e-commerce model where the retailer doesn't keep goods in stock but instead transfers customer orders and shipment details to either the manufacturer or a wholesaler.
β
Before starting, take the time to research and understand the opportunities and challenges of each type of online business. Consider your skills, interests, target audience, and resources to help determine the best fit for you.
How do I create a website for my online business?
Creating an online business website is an important step in launching your business. It is the first contact with potential customers and can be the difference between success and failure.
β
The best way to create a website for your online business is to use a no-code e-commerce website builder such as Fynd Platform. It allows you to create a website quickly and easily, without any technical knowledge or coding skills. It provides a range of features to help you create a professional-looking website, including a drag-and-drop editor, custom themes, and a wide selection of templates.
β
Fynd Platform also provides tools to help you manage your online stores, such as inventory management, order tracking, and customer support. It also provides marketing tools to help you promote your business and reach new customers.
β
Once your website is up and running, you can start promoting it to reach new customers and build an online presence. You can use social media, email marketing, search engine optimisation, and other online marketing strategies to help you reach your target audience.
β
Creating a website for your online business can be a daunting task, but with the right tools, it can be done quickly and easily. Fynd Platform is a great option for creating a professional-looking website for your online business.
How do I get traffic to my online business?
There are several ways to get traffic to your online business:
β
1. Search engine optimization (SEO): Optimize your website content and structure to rank higher on search engines like Google.
β
2. Paid advertising: Use paid advertising platforms like Google Ads, Facebook Ads, and Bing Ads to drive traffic to your site.
β
3. Social media marketing: Utilize social media platforms like Facebook, Twitter, and Instagram to promote your brand and attract followers.
β
4. Content marketing: Create valuable, informative and engaging content to attract visitors and establish your brand as an authority in your industry.
β
5. Email marketing: Build an email list and send regular newsletters to engage and retain customers.
β
6. Influencer marketing: Partner with influencers in your industry to promote your brand to their followers.
β
7. Referral marketing: Encourage satisfied customers to refer friends and family to your business.
β
8. Affiliate marketing: Partner with other websites to promote your product and earn sales commissions.
β
9. Networking: Attend industry events, join relevant online communities and connect with other businesses to generate referral traffic.
β
10. Optimize your website for mobile: Ensure your website is mobile-friendly to attract mobile users.
How do I set up an online payment system?
To set up an online payment system, you need to follow these steps:
β
1. Choose a payment processor: Select a reliable payment processor like PayPal, Stripe, or Square.
β
2. Set up an account: Create an account with your selected payment processor and provide the required information, including business details and bank information.
β
3. Add payment options: Choose the payment options you want to offer customers, such as credit cards, bank transfers, or mobile payments.
β
4. Integrate with your website: Integrate the payment processor into your website using API or a shopping cart plugin.
β
5. Test the system: Test the payment system to ensure it is working properly and customers can make payments seamlessly.
β
6. Secure the system: Implement security measures like SSL encryption and secure payment gateways to protect customers' financial information.
β
7. Comply with regulations: Make sure to comply with relevant laws and regulations, including PCI DSS (Payment Card Industry Data Security Standard).
β
8. Manage transactions: Keep track of transactions and monitor your account regularly to ensure all payments are processed correctly.
β
9. Offer customer support: Provide reliable customer support to assist customers with any payment issues.
β
10. Evaluate and optimize: Continuously evaluate and optimize your payment system to improve the customer experience and increase conversion rates.
How do I market my online business?
To market your online business, you can try these tactics:
β
1. Search Engine Optimization (SEO): Optimize your website content and structure to rank higher on search engines like Google.
β
2. Content marketing: Create valuable, informative and engaging content to attract visitors and establish your brand as an authority in your industry.
β
3. Social media marketing: Utilize social media platforms like Facebook, Twitter, and Instagram to promote your brand and attract followers.
β
4. Email marketing: Build an email list and send regular newsletters to engage and retain customers.
β
5. Influencer marketing: Partner with influencers in your industry to promote your brand to their followers.
β
6. Referral marketing: Encourage satisfied customers to refer friends and family to your business.
β
7. Paid advertising: Use paid advertising platforms like Google Ads, Facebook Ads, and Bing Ads to drive traffic to your site.
β
8. Affiliate marketing: Partner with other websites to promote your product and earn a commission on sales.
β
9. Networking: Attend industry events, join relevant online communities, and connect with other businesses to generate referral traffic.
β
10. Measure and analyze: Use analytics tools to track your marketing efforts and determine which strategies are most effective. Continuously evaluate and optimize your marketing strategies for maximum impact.
What legal considerations do I need to take into account when starting an online business?
When starting an online business, it's important to consider the following legal considerations:
β
1. Business structure: Choose the right business structure such as sole proprietorship, partnership, limited liability company (LLC), or corporation.
β
2. Trademark registration: Register your business name and logo as a trademark to protect your brand and avoid infringement.
β
3. Zoning and licensing: Obtain the necessary licenses and permits for your business to operate legally.
β
4. Website terms and conditions: Draft clear terms and conditions for your website to protect your business and customers.
β
5. Privacy policy: Create a privacy policy to comply with data protection laws and inform customers about how their personal information is collected, stored, and used.
β
6. Intellectual property: Protect your intellectual property such as patents, copyrights, and trade secrets to secure your business.
β
7. Consumer protection: Ensure your business complies with consumer protection laws and regulations, such as the FTC's guidelines for advertising and marketing.
β
8. Payment Processing: Make sure your payment processing system complies with relevant laws and regulations, such as PCI DSS (Payment Card Industry Data Security Standard).
β
9. Sales tax: Determine if you need to collect sales tax and register with the appropriate tax authority.
β
10. Legal contracts: Draft legally binding contracts for services and agreements with suppliers, partners, and customers to minimize risks and protect your business.
