How to open an online business

Starting an online business is a mystery for many people, even in this day and age.

The problem with opening an online business is, there are so many things to consider: what kind of business will it be, who will you do business with, securing funds and a perspective business plan, making sure everything is legal and by the book and all that before you even set up shop and start doing business. Actually, many people who are engaged in online business ventures simply sell stuff rather than produce things or offer services.  Naturally, if you seek an easier way to make money online, there are tons out there, but if you want to start a legitimate business, things can get very complicated, and very lucrative, too. However, there are some rules and steps you should follow in order to make sure things go according to plan.

First of all, you need to figure out what are you aiming to do: are you looking to make a living, or simply to earn some money on the side? Are you selling your own products or are you trying to unload stuff you no longer need. Finally, you need to figure out what to do in case things go south or if your business takes up. Some people are trying to get rid of some stuff they no longer need whereas others are running genuine online stores. Others aren’t selling anything, but offering services, advice and such. Either way, this is something you should figure out before you start anything you can’t take back.

After you sort things out and make a business plan, you will need some basic funds. Your plan should account for a means of obtaining them as well as a general idea how much money will you need to get things up and running. Some people already have the funds they need while others need to borrow some form a bank, or a family member or something. You will need the finds, though. If you are running a store, you will need to acquire your merchandise, you will need money to set up your site, and there could be running costs you need to account for.

The next step is creating a website or setting up an account. This part could be tricky, as many names and domains are already taken, and it will require some expertise to be done properly. You could try it yourself using a manual, hire a professional to set it up and maintain it for you (although this will be the most expensive option by far) or just set up an account on eBay or something. There are many platforms that offer you a chance to sell stuff online, but if you want a legitimate shop or plan to provide some special kind of a service, you will need a dedicated website. Most people would choose eBay, though. It is easy to set up, it incurs no additional costs in terms of design or maintenance and it even has some security features. However, all transaction need to go through their site and they are the ones in control instead of you – some people are fine with that, others are not. Or you could just dabble in this stuff yourself and see where it leads you.

After your business is up and running, your stock should be full and hopefully, you will be making money. However, your troubles do not end there. There are laws and regulations to uphold and taxes to pay. Some countries even require a permit, so this could be a last straw if you are in a country with absurd bureaucracy and ridiculous laws, but if you are working from home, you should do just fine. Nevertheless, it might behoove you to brush up on laws, regulations, tax code and legal requirements in case the revenue service comes snooping around. If you do not seek to become an expert on matters of law and economy, you might want to hire somebody who is, like a lawyer or an accountant. They may be expensive, but a good accountant who knows all the tricks in the book (and then some) can be worth his weight in gold, considering the amount of money and effort he could save you. The reason you might need to consult a lawyer is that online laws are no joke, and privacy and intellectual property regulations can be quite severe. Make sure you are not breaking any laws so you don’t get sued. If you are running your own website, online security may also be an issue. Chances of your site being targeted are relatively low, but they exist. Make sure your transactions are safe and secure and that privacy of your customers is not in danger. Alternatively, you can just open an eBay account and sell stuff on a small scale and hope you don’t get caught, but I would not recommend it.

Your online business is just a few steps away.

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1 Comment

  1. January 14, 2017 at 3:24 am — Reply

    That insgthi’s perfect for what I need. Thanks!

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