Starting A Online Boutique Part 2
Hello again and welcome back...
This will be a continuation to part 1 and if you haven't seen it yet please check out Starting A online Boutique Part 1.
So in Part 1 we covered 6 of the basics needed to get your online boutique started.
Well I will elaborate more on those 6 steps and add a few more.
Coming Up with a name for your boutique
When coming up with a name for your online store make sure it is a name that will represent your store as a whole. What I mean is if you decide to start your online store with just selling scarfs, or hats or jewelry, don't include the name of the items in your store name. For example: Sophia's hat boutique, you wouldn't want to choose a name like then because then you're stuck with only selling hats. What if you decide that you'll like to start selling other items such as pants, dresses... etc. then this would confuse potential customers. So always choose a name that will accommodate whatever it is you're going to sell.
Get A Sales Tax Certificate
Unless you're making the items yourself that you'll be selling in your online store, you must get a sales tax certificate. When buying wholesale most if not all wholesale vendors need this document in order to sell to you. Depending on the state you're in you can check your states Department of Revenue website and register, this is a free service. I would suggest you first get and EIN number also for free from irs.gov because you will need this number when registering for the Sales Tax Certificate. This certificate will allow you to purchase goods at wholesale prices.
Finding Wholesale Vendors
Now this is where it get's a bit tricky and you'll really have to do your research.
Not every vendor has great item's and i mean in terms of quality. Researching to find the vendors and reading vendor reviews is a must. If you do not know of any vendors then some of the easier ways to find them is google search or looking in your closet. Look at the labels of some of the items in your closet, those are some of your vendors right there. You can go to trade shows or find out if there are any in person wholesale vendors where you live. Research, research, research. To get you started here is one very popular online vendor that will give you access to thousands of other online vendors and that vendor is www.fashiongo.net. You won't be able to view their items if you're not a member.
Setting Up A Website For Your Online Store
When choosing a eCommerce platform for your online store Shopify is the best choice.
Shopify is more user friendly, they have a more professional looking themes and It's what most customers are use to and more comfortable using. There are many other platforms to choose from like Big Cartel, Big Commerce and more but Shopify is the best one. Again do your research and see what you like and what will work best for you.
Getting A EIN Number
When starting any business you always must think about when it's time to file taxes, this is an example for a Sole Proprietorship. You should always keep your business expenses or finances separate from personal. It makes things a lot easier when filing your taxes, however you don't have to separate them if you don't want to. But we suggest getting an EIN (Employer Identification Number) when starting a small business. You can visit www.irs.gov to register for an EIN and it is free.
Setting Up A Separate Bank Account For Business
The best way to track your spending for your business is by setting up a separate account solely for business. This way when it is time to file taxes you have all your expenses already in one place.
It's less headache for you and the tax accountant.
Now I also wanted to quickly talk about the importance of a budget when starting any business.
You must first put a plan in place when you set out to start this new venture. You have to think about how you'll fund your business, how to manage your spending and making sure to stay within your budget. Do not go broke trying to invest in your dreams. Yes invest in your dreams but please be smart about it. Patience is key when starting any business because we tend to get so excited and rush things. That is a big no no... take your time, plan, do your research, get your funds together before you start anything.
I hope these in depth tips will help someone.
Feel free to comment any questions you may have or email me at gordonsophia35@gmail.com.
******Also stop by and check out our boutique at WWW.GORDONSOPHIA.COM.
www.gordonsophia.com
This will be a continuation to part 1 and if you haven't seen it yet please check out Starting A online Boutique Part 1.
So in Part 1 we covered 6 of the basics needed to get your online boutique started.
Well I will elaborate more on those 6 steps and add a few more.
Coming Up with a name for your boutique
When coming up with a name for your online store make sure it is a name that will represent your store as a whole. What I mean is if you decide to start your online store with just selling scarfs, or hats or jewelry, don't include the name of the items in your store name. For example: Sophia's hat boutique, you wouldn't want to choose a name like then because then you're stuck with only selling hats. What if you decide that you'll like to start selling other items such as pants, dresses... etc. then this would confuse potential customers. So always choose a name that will accommodate whatever it is you're going to sell.
Get A Sales Tax Certificate
Unless you're making the items yourself that you'll be selling in your online store, you must get a sales tax certificate. When buying wholesale most if not all wholesale vendors need this document in order to sell to you. Depending on the state you're in you can check your states Department of Revenue website and register, this is a free service. I would suggest you first get and EIN number also for free from irs.gov because you will need this number when registering for the Sales Tax Certificate. This certificate will allow you to purchase goods at wholesale prices.
Finding Wholesale Vendors
Now this is where it get's a bit tricky and you'll really have to do your research.
Not every vendor has great item's and i mean in terms of quality. Researching to find the vendors and reading vendor reviews is a must. If you do not know of any vendors then some of the easier ways to find them is google search or looking in your closet. Look at the labels of some of the items in your closet, those are some of your vendors right there. You can go to trade shows or find out if there are any in person wholesale vendors where you live. Research, research, research. To get you started here is one very popular online vendor that will give you access to thousands of other online vendors and that vendor is www.fashiongo.net. You won't be able to view their items if you're not a member.
Setting Up A Website For Your Online Store
When choosing a eCommerce platform for your online store Shopify is the best choice.
Shopify is more user friendly, they have a more professional looking themes and It's what most customers are use to and more comfortable using. There are many other platforms to choose from like Big Cartel, Big Commerce and more but Shopify is the best one. Again do your research and see what you like and what will work best for you.
Getting A EIN Number
When starting any business you always must think about when it's time to file taxes, this is an example for a Sole Proprietorship. You should always keep your business expenses or finances separate from personal. It makes things a lot easier when filing your taxes, however you don't have to separate them if you don't want to. But we suggest getting an EIN (Employer Identification Number) when starting a small business. You can visit www.irs.gov to register for an EIN and it is free.
Setting Up A Separate Bank Account For Business
The best way to track your spending for your business is by setting up a separate account solely for business. This way when it is time to file taxes you have all your expenses already in one place.
It's less headache for you and the tax accountant.
Now I also wanted to quickly talk about the importance of a budget when starting any business.
You must first put a plan in place when you set out to start this new venture. You have to think about how you'll fund your business, how to manage your spending and making sure to stay within your budget. Do not go broke trying to invest in your dreams. Yes invest in your dreams but please be smart about it. Patience is key when starting any business because we tend to get so excited and rush things. That is a big no no... take your time, plan, do your research, get your funds together before you start anything.
I hope these in depth tips will help someone.
Feel free to comment any questions you may have or email me at gordonsophia35@gmail.com.
******Also stop by and check out our boutique at WWW.GORDONSOPHIA.COM.
www.gordonsophia.com
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