Starting an online business in New York means completing several items. This step-by-step guide will reveal the things you need to do before you open so that you can legally sell your products online.
Don’t Go in Without a Plan
It’s vital to have the drive and the desire to start an online business, but, without a plan to support them, your business simply won’t have the chance it deserves to succeed. That being said, you’ll want to consider several items, including:
- Choosing a business name
- Choosing a niche
- Figuring how viable your idea will be in the market
- Conducting market research
- Analyzing what your competitors are and aren’t doing
Once you’ve completed all of the above, it’s time to develop a well-defined business plan that covers as many aspects of your business as you can think of. Then, it can help to get some feedback on your plan from a person experienced in starting a business in New York State.
Choose Your Business Structure and Get This Certificate
You’ll also need to decide if you will be a sole proprietor or whether your business will be a partnership, LLC, or corporation. Once you’ve made this decision, you will need to obtain an NYS certificate of authority, which is required for every business in New York that sells tangible goods, but that also goes by other names, including a sales permit, wholesale license, and resale certificate.
EIN, Bank Account, and Insurance
Whether or not you have employees, you will need to register your business with the IRS for an EIN or employer identification number. This number identifies your business and is required in order to file business taxes. You will also need an EIN if you intend to open a business bank account to keep your personal expenses separate from those related to the business.
If you will be hiring employees, you will need to set up unemployment and workers’ compensation insurance in addition to getting an EIN and bank account.
Get a Domain Name and Build Your Website
Now that you’ve obtained your New York State certificate of authority and other necessary registrations, it’s time to secure your domain name. It can help to make a list of names, but you’ll want to ensure any name you choose is relatively short and will be easy for your customers to spell and remember.
You’ll also need a website that’s attractive to your potential customers, and one that makes it as easy as possible for them to purchase from you. It’s best to hire a professional web designer, as they will understand what makes business websites stand out and function well. You can also ask them to set up one or more social media accounts so that you can begin marketing your new site right away.
FastFilings can help with how to start an online business in New York with our fast Certificate of Authority paperwork preparation service. Find out how by visiting us online.