Ecwid for Small Business
How to Start a Small Business in Indiana (IN)
There are so many great reasons to open up your own business these days. Whether the idea of being your own boss appeals to you, or you want to create a product you are proud of and reach out to
Opening that business in Indiana comes with some specific benefits. Indiana is 3rd in the nation as far as the lowest cost of living goes, and 5th in ease of doing business. They are also 7th in lowest business startup costs, on average.
Indiana’s Most Popular Businesses
To open a business, you’ll first need an idea of what you want to sell or offer your customers.
In Indiana, there are many ways to go about this. Businesses like dog breeding,
As you start to figure out what kind of business you want to open, the next steps will be opening the store and making sure you are doing it by the rules of Indiana.
1. Pick a name
If you have your business idea, you may have already thought of some catchy names for your store. Catchy and unique names can be a great way to stand out from the crowd and help your store become memorable. The more memorable your store and your store’s experience are for the customer, the better word of mouth you can expect. Your customers will go off to friends and family with your name in mind. Choosing a name also means that you are putting your own vision and values into the naming process. While being catchy is great, you also want it to mean something to our business.
In Indiana, there are some rules to keep in mind while creating a business name, but don’t let that stop your creative process or make your business a reality.
2. Conduct market research
This step lets you see your future customers’ wants and needs from a store like yours and plan accordingly. You can also look at your possible competitors and learn from them as well.
3. Choose a structure
To help make your business more credible and less likely for risks or liabilities. You could choose from an LLC, corporation,
Registering in Indiana
Once you can pick a business structure that represents your business perfectly, it is time to register it in Indiana. The state may ask for information such as the name, formation documents, employer identification number, and your registered agent who will handle your taxes.
Depending on which structure you choose, the state may ask for different documentation or certifications to legitimize the registration.
It’s All About Location
When you are opening a
Focus on Banking
Once you plan on opening your business, you will also want to open a banking account specifically for the business. This will keep transitions separate and make tax season a bit easier.
This can also be applied to a business credit card. Having a separate credit card can keep track of spending and create a credit score for your business as well. To help make tax season and business banking even simpler, getting an accountant (whether using software or an
Insure Your Business
Opening a business also opens your store to many risks and liabilities that can come along with it. To help against those, acquiring a form of insurance can help keep the business, you, and your employees protected. This could be Workers’ Compensation Insurance, General Liability Insurance, or Professional Liability Insurance. In Indiana, if your business has one or more employees, it is required that you have a form of Workers’ Compensation Insurance.
Hiring employees for your store can be an exciting step in your business. This shows growth and that you are doing an amazing job selling your product that you now need some helping hands.
To ensure you are hiring them right, you’ll want to make sure you are registered in the IRS for employee taxes while also reporting new hires to the state of Indiana.
One of the key components to help your business stand out is the use of proper branding. By branding your business, you create an experience for your customers, show your values, and make a space you are proud of.
What do you want your brand to represent?
How do you want to be seen by your customers?
Questions like these can be a great way to help yourself figure out just how you want to brand your store.
Another step to branding and standing out can be the use of a good logo. This logo will represent your company on price tags, bags, a website, and business cards. It is important that this logo has the perfect pictures or words to showcase your business properly.
We live in a very digital day and age, being online can make a huge difference to your store’s growth. Creating a website could be the first step. A website can help show off your brand, your vision, information about your store, and even the products you sell. It is a way for customers to find you outside of being in the physical store.
Being on social media, such as Facebook, Instagram, or Tik Tok, can be a great way to showcase your store whether you plan to sell online or not. In addition, looking into marketplace selling through eBay or Amazon can open your store up to even more new potential customers.
A website might have already crossed your mind if you plan to open a fully online store instead of a
They are able to help create a website, or help improve your current one and also help you sell on other platforms such as Facebook and Instagram. Once you are able to sell on multiple sites, you will have higher virtual traffic and more sales as a result. Ecwid offers a simple dashboard to help keep track of your sales on every site as well as your inventory to track what you need to restock and when. Ecwid could easily become your best friend if you plan on opening an online store.
Getting online is one thing, but marketing is when you will see your sales grow. Whether you are planning online or offline marketing strategies, you should have a budget of $250 to $1,500 set aside, depending on the size and goals of your business. This could also go towards some offline marketing resources such as business cards, pamphlets, signage, or community events you want to attend.
On the other hand, if you want online marketing, that money can go pay for ad space on platforms such as Facebook, Instagram, or Youtube. It can also be used for photography or videography of your products. While online, Google My Business is a great way to help connect with local customers and give them a rundown of your store and offer. It’s also a free
Everyone has their own reason for wanting to open a business, but not everyone will have the same empowering ideas as you. If you have a dream of starting your own business in Indiana, now’s the time to take the plunge!
Are You From Another U.S. State?
Learn the basics
Starting an Online Store Business is Easy.
We’ll Show You.
So you’re ready to start selling online. Now the
Need Legal Advice?
We Have It Here
- 25 Places to Find
Low-CostLegal Advice For Your Business
- Registering Your
E-CommerceBusiness: Sole Proprietorship, LLC or Corporation?
- Protecting the Brand: How To Register a Trademark For Your Online Store
- Legal Docs for Online Stores: Protection and Trust [with Templates]