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If you have a passion for fashion and dream of owning a business, opening an online boutique may be your perfect job. It’s an exciting venture that can bring you satisfaction. What are the first steps, though, to owning an online boutique shop? Here are five things you need to do.
1. Choose a Business Name
Brainstorm several name ideas for your shop, then check to see if another business has already claimed them. It’s wise to stick with names that are easy to remember and spell.
2. Choose Your Business Structure
Consider the different business structures that exist and decide what’s best for you. An LLC protects your personal assets and makes tax filing easier than a corporation, but both structures protect you personally. Sole proprietorships and partnerships don’t offer protection for personal liability.
3. Obtain an EIN
After you’ve decided your business structure, tie it to a tax identification number, or EIN, for your federal taxes. You also need to file state and local tax permits for collecting and filing sales tax.
4. Order Products and Shipping Supplies
If you can attend a wholesale apparel market, you have the chance to check out your products in person before ordering. This step can help you ensure you sell quality products.
You also need to have shipping supplies on hand to send orders quickly to your customers. Shop around to find the best deals on boxes, wrap, envelopes and other packaging supplies Minneapolis.
5. Obtain Business Tools
You can make the business aspect a lot easier if you have the right tools. Tax and accounting software, point-of-sale software and email marketing software are some of the most critical tools for your business.
Opening an online boutique is a fun adventure, but it comes with the responsibilities of owning any business. Planning your first steps can ensure you get off to the right start.
