If you dream of becoming your own boss and love photography and/or art, you could turn your passion into a rewarding business venture. However, before you can start selling your creations or inventory to the public, there are various actions you will need to take to kickstart your new company.
Here are six steps to follow to launch a creative retail business online in 2019.
Step 1: Pick the Best Business Structure
The business structure you choose can determine your tax payments, level of business control, health and safety requirements, personal liability, and much more.
There are currently four business structure options to choose from in Australia:
- Sole trader (You will be responsible for all legal aspects of your business)
- Company (Separate existence to the shareholders)
- Partner (when more than one person runs a business – but it will not be a company structure)
- Trust (the trust will possess the business property, income and assets)
Step 2: Register for an ABN
To start a business in Australia, you must register for an 11-digit Australian Business Number (ABN). Once you have received your unique number, you can register your business name, claim goods and services tax, order products and services, and send invoices.
It is also worthwhile registering your business name prior to designing a business logo or website, as you might need to change your company’s name due to legalities.
Step 3: Write a Detailed Business Plan
A business plan will ensure you have a clear path to follow before you start your brand. For example, it can outline plans for your product development/sourcing, market research, financial management, funding requirements, marketing campaigns, and more.
Step 4: Choose the Correct Platform for Your Business
The online platform you choose can determine your e-commerce success. For example, you can build websites for your brand on the likes of Shopify, which will allow you to sell products to anyone in the world online, as customers can buy products via your e-commerce site, social media profiles and online marketplaces on one platform.
Step 5: Select the Right Products for Your Customers
As your brand will be competing with many companies, including large retail brands such as Amazon, you must sell products your target customers are unlikely to find elsewhere, instead of stocking mass-produced items.
For example, you could stock art supplies your customers might have difficulty buying elsewhere, or you could sell your own or rare photographs that could transform a person’s interior.
Step 6: Improve Consumer Trust
As a potential customer might be unfamiliar with your brand and products, you must take steps to improve their confidence and trust in your business. In addition to developing a professional logo and website, you must provide a clear and interesting back story while improving your social media presence.
If your target customers can easily find you online and believe in your brand identity, there is a greater likelihood they will add a product into their shopping cart.