How To Start An Online Business With Simple Steps
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.
"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.
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.
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
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:
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 naïve or undoable in the beginning but when you keep at it, the unachievable comes into your grasp.
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!
“For you to achieve your goals, visitors must first achieve theirs” ~ 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.
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.
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.
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.
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.
Get 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.
PAN & 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.
Check 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.
Incorporate your brand - When you get an affirmation on the name, you can set up the company within 6 months.
GST 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.
Getting shops and establishment license - You will have to apply for shops and establishment license for your ecommerce brand.
Open your company's bank account - Your corporation is a separate entity and needs a separate bank account.
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.
