Starting an e-commerce store with far more easier than setting up a traditional business; however, an e-commerce store or business requires the same set of legal procedures as the conventional business set up. The first thing that needs to be done is the formulation of legal structure of the business; who is responsible for business dealings, hiring professionals, and how to conduct everyday operations, etc. Buy your domain, copyright your material, choose a payment gateway, and create a strong web presence that is resistant to online frauds.2. Start with a business plan
An e-commerce business requires far less documentation than the traditional business, but it doesn't mean that you don't need a plan. A solid business plan will help you create a strategic outline for your business that will align your resources with your goals. The following image shows the important components of an online business plan.
E-commerce businesses cannot survive without technology. From the site development and design of the website to the payment security and everything in between, e-commerce businesses require advanced technological applications that make online trade safe and easy. So before starting up, make sure that you understand the resources available to manage your e-commerce store.4. Prepare for product placement
Internet has made product placement extremely easy for those who understand the digital techniques to create product visibility. Before finalizing everything for your e-commerce store, make sure that you have a product placement strategy in place. It is important to remember here that digital product placement is a completely different ball game than the traditional product placement; you’ll need to utilize digital marketing techniques such as guerrilla marketing, email marketing and affiliate marketing to successfully place your product in front of your consumers.5. Have a digital marketing strategy in place
Digital marketing is a broad term that entails various internet marketing domains that include, but are not limited to, social media marketing, search engine marketing, content marketing and viral marketing. Peruse the digital marketing pyramid below.