Posts

How to Start Your Own Business Online

StrategyDriven Starting Your Business Article |Start an Online Business|How to Start Your Own Business OnlineAn online business, no matter how lucrative or appealing it may look, comes with its own set of challenges and it is often planning that helps launch and sustain any business, even if it is online. Similar to traditional business, there are key requisites that one has to meet before they plan on starting a business.

Good research and ideation is the beginning of any business, and several other aspects are important to determine before starting something, even on a small scale. Online businesses have a low barrier to entry and that is often the reason that most miss planning the key aspects and end up losing profits or creating the distinction for their brand online.

Fixate on the business idea

This step might seem like a no-brainer but it is important to fixate on an idea that is backed by proper research and is a result of proper planning. The important question to ask is as follows:

  • What are the strengths of my business idea?
  • Why is it important to contribute the product/services
  • What are the strengths of my idea?
  • What can be the potential risks of starting the business?
  • What problems is my product/service solving?
  • Who must be the target consumers?
  • Where must my business be present?

Business research writers from Paper Writing Pro say that upon asking some of these questions, it gets easy to determine the strength of the idea and spend considerable time solving the weak areas of the business idea. The first step is proper planning and research of an idea and determination of its potential success rates.

Decide on a name

The thing to keep in mind while deciding a name for your online business is the fact that it must be related and easy to pronounce. Think of exciting names for your business and decide according to the target group. Create a name and design a logo that is easy to recollect and creates a mark in the crowd of many such online businesses.

Carry out a quick search to check if the selected names are not taken already. If this step was missed, you might stand a chance to face legal allegations and procedures owing to copyright issues.

Validate the Idea

It’s often helpful to run a pilot project to validate the idea and the expected success rates. Start by evaluating your idea and upon confirmation, reach out to a small group of people to conduct a dry run. Observe their reactions and opinions closely to narrow them down according to the results.

Make use of technology and create a landing page and list down all important attributes of the product/service. Keep a close watch on the reactions, page landing and study the demographics of the traffic that the page generates.

Most people starting a business online seldom focus on a pilot and focus all efforts on launching a full-fledged business. Upon failure of the idea, the investment goes into waste, leading to a failed business when not backed by sting R&D.

Determine Funding

It is essential to determine and list down the finances required to initiate and run an online business. Determine the major cost heads and go ahead with a financial plan. There are multiple ways of funding. The first way to consider is self-investment. Self-investment also requires the need to determine the sustainability of the business with the funds available.

To upscale a business, you may need additional funding and that can come from outside sources by way of investors. Keeping a strong business plan ready makes a difference in nudging the interest of the potential investor.

Create and share a strong business plan, idea, and pitch to attract them towards funding your startup business. There are multiple series of funding and as the business grows, you could move ahead in funding levels to create a successful and profitable business.

Have collaterals in place

An online business is most reliant on a website and e-commerce listings. Invest the time in creating a powerful and appealing website. Find ways to create a pull strategy that gets the target consumers to check your website. Packaging makes for an important factor and, with the long list of online businesses, creates a certain distinction for easy identification of your online business.

It is also essential to plan the online platform you’d want the business to appear at first. Social media platforms like Instagram and Facebook are great mediums to leverage the audience and reach out to more people at the same time. If you are looking to sell products online, invest in a good photoshoot of the products and display them on all your online mediums.

An important thing to determine is whether you’d like to create a personal identity by way of a website or you are looking to reach out to the masses by way of e-commerce presence and listings. Once the business scales up, you could even participate in multiple e-commerce marketplaces to increase visibility and reach out to a larger consumer base at the same time.

Make the business legal

A crucial step is to legalize the presence of the business. Even if an online business, there are set regulations and legal issues as per your country’s laws and regulations. Read up on the legalities attached to the nature of your online business. The first step of all-registering your business online. The next step is to determine the tax regulations about the industry of operation.

Setting up the legal structure is important as it protects your business from online frauds, completion, and most of all with forgery and cases of duplication. Copyright your logo and products.

Look for brand partnerships and affiliations

Brand partnerships and collaborations are good ways to increase monetization and towards creating popular products/services. Get into affiliate partnerships with leading e-commerce brands to amplify the visibility of your business online. Cross-marketing with established brands can help a great deal in navigating consumers towards your business and its offerings.

When you plan to step into partnerships, establish a clear representation of your business and its particular offerings to avoid creating confusion in the minds of potential customers. Involve third-party apps and platforms that are authentic and have a good consumer base. Do check reviews and recommendations of the third party before getting into business together.

Improve the credit score of the business

You may consider taking loans to secure the future of your online business. To receive the loan grants with ease, focus on improving and maintaining your company’s and personal credit scores. A poor credit score may restrict the growth of the business beyond a point and create difficulty in taking external financial help.

The key aspect to keep in mind is that the growth of a business happens when the future is well determined and thought of. Think long-term ways and efforts to sustain your online business.

The bottom line

The launching of an online business is similar to launching a traditional business and most of the key aspects remain similar. It is important to consider and lay importance to get it right and making substantial efforts to increase the share of voice in the online market and attracting target consumers to purchase from your business. After a business launches, there is a need for effort to upscaling the business. A good online business can reach consumers on a large scale, offering immense growth opportunities when business plans are made with great research, a strong focus on the offerings, and determination to solve for consumer needs.


About the Author

StrategyDriven Expert Contributor | Tiffany HarperTiffany Harper is an experienced corporate sector writer, who sometimes helps as an expert to ninjaessay. She specializes in entrepreneurial development and start-up strategies. If you need essay help or business advice, don’t hesitate to contact her. When Tiffany is not working she is writing her book about self-growth and self-motivation.

Pushing Your Business Through a Period of Growth and Change

StrategyDriven Managing Your Business Article |Business Growth|Pushing Your Business Through a Period of Growth and ChangeYour business must change, and it must grow alongside your customers, marketplace, and industry. Suppose your business does not evolve and change over time. In that case, it will struggle to maintain its place within the industry and within customers’ and clients’ hearts, which could be detrimental to the future success of your business. To ensure that your business does not slide down the slippery slope into oblivion, it is important that you focus on change and growth and that you embrace and nurture it wherever possible.

Why Your Business Needs Change

If your business is to compete and grow, then change is required. You cannot expect to keep going the way you are, not changing a thing and in return, expect to reach new target markets and audiences. You have to be flexible and adaptable to your new target audiences and customers; you have to change to meet new growing market concerns. If you do not adopt change, then you will stay stagnant.

Seeking Adequate Funding

You can go down the route of organic growth, but this can be quite slow and unpredictable, and is this really what you want? Organic growth can be cheap, but cheap isn’t always the best route to take. To get the best results, you will need to seek adequate funding. Having funding in place will allow you to plan your business growth and change and be in control of whatever gets thrown your way. Having adequate funding and finance behind you can ensure that you can reach the new target markets and audiences you want to and, most importantly, need.

Adapting and Moving Forwards

Having a plan for growth and a plan for development is necessary no matter how much funding you are seeking. Understanding where your new markets are and how much cash it will take to reach them is essential for growth success. Having a plan in place also acts as a blueprint to which you can refer in periods of change. Change within business is not always welcome or appreciated, but change happens for a reason, and if you plan to welcome it, then you can be prepared to adopt it no matter how it changes your business.

Why Accurate Reporting is Essential

When you put together a plan for development, it is important that your report contains accurate data. Having all of your information together and collated in one place makes planning and execution a lot easier. Utilizing business intelligence and getting a provider on board to focus on training and consulting is essential if you want to achieve success. Inaccurate, difficult to read, or just downright messy data can put you off growth and change, which is not what you need in an everchanging world.

Staying Focused and Motivated

Driving your business through a period of change and through growth can take a lot out of you as a business owner, so it is important to remain motivated and focused. Keeping in mind what you want to achieve and why will help keep you on the track to success.

What Are Your Options To Fund a Business?

StrategyDriven Managing Your Finances Article | What Are Your Options To Fund a Business?If you are thinking about starting a new business, there are a lot of factors that you need to consider. One of the most important factors of how you are going to fund your business. Without capital for your business, it doesn’t matter what else you have for your products and services. You will not be able to pay for inventory, purchase supplies, or pay for marketing. Therefore, you need to take a closer look at the options you have available for raising capital. What are a few of the top options you have at your disposal?

You Can Start by Bootstrapping Your Company

A lot of people get their businesses off the ground through something called bootstrapping. This is the process of taking your savings and using it to get your business through the early stages. The biggest benefit of dipping into your own personal savings is that you will not have to worry about paying anyone back. On the other hand, you probably only have so much money in your savings account. What are you going to do when this money runs out? That is why you need to learn more about some of the other options that are available.

You Can Ask for Help from Family and Friends

If you are looking for a way to raise money for your business, you may also want to consider asking your family members and friends for help. In a lot of cases, they could be willing to offer you a loan without interest. Before you think about taking out loans that have interest attached to them, you should reach out to family members and friends to see if they have any options available. In order for you to run a successful business, you have to learn how to take vantage of your connections. The first connections you need to lean on are your family members and friends. They might even be willing to simply give you money in exchange for a souvenir or prop from your company, such as a coffee cup or a T-shirt.

You Can Look at Venture Capital Options

Another option you might want to consider if you are thinking about ways to raise capital for your company is through something called venture capital, such as Patrick Chung of Xfund. The idea behind venture capital is that you pitch your business and how it works to a board that has a lot of money to spend. Then, if they believe in the premise of your company, they will give you the money they are looking for in exchange for a small percentage of equity in your company. You ought also to have access to experienced business owners and leaders who can provide you with the guidance you need to take your business to meet heights. If you are looking for funding for your business in addition to experts who can help you, this could be an option that you would like to consider for your company as well.

You Can Give Crowdfunding a Try 

You may also want to try something cold Crowdfunding. Crowdfunding is the process of raising small amounts of money from a lot of people. For example, you may want to use a website that can help spread the word about your business. Then, by explaining what your company does, you may have people who are willing to offer you small donations. If you are willing to offer a small souvenir, such as a keychain, you may be able to collect donations for more people while still turning a profit on that small keychain. Consider using crowdfunding to help you raise money.

You Can Apply for a Business Loan

Finally, you can also go to the convention in route, which is applying for a loan from a small business company. Keep in mind that you are going to have to pay this loan back with interest. You also need to convince the lender that your business is going to be a success. If you do not have any other options, you may want to consider applying for a small business loan from a bank or credit union.

Raise Money for Your Business

These are a few of the many options you have available if you are trying to raise money for a business. You need to think carefully about where the money for your business is going to come from. If you do not have enough capital to market and develop your products and services, you will not be able to meet the needs of your customers. Fortunately, there are professionals who can help your business raise the money it needs. If you work with the pros, you can focus on the more exciting parts of your company.

How to Start Your Own Small Business

StrategyDriven Starting Your Business Article |Small Business|How to Start Your Own Small BusinessIf you have dreamed about being an entrepreneur and starting your own small business, the process may be easier than you imagined. Since you are not opening a large or medium business, the steps to create your business are much more manageable. You do not have to deal with stock, public trading, large demands for capital, or complex tax or legal issues. Here is what you need to know about taking on this endeavor.

Steps to Starting Your Own Small Business

You can quickly launch your business after completing these steps:

Business Planning

Every business should have a business plan. This is the foundation of your request for outside funding. However, even if you do not require funding from a bank or other financial institution, a business plan can be helpful in creating a roadmap on how to operate and grow your business.

Funding Your Business

You may need some initial capital to start your small business, such as to pay for inventory, equipment, staff, and other needs. You may have several options to fund your business, such as:

  • Using personal funds
  • Asking friends and family to invest
  • Using crowdfunding
  • Borrowing from a bank or other financial institution
  • Seeking out investors

You will want to consider the funds you need to initially start your business, as well as your capital needs for the future. You don’t want to make an initial ask for funds and then have to return to ask for more shortly later.

Pick a Business Location

The location you choose for your business can have a dramatic impact on the potential success – or lack thereof – of your business. The business location you choose can affect your revenue, legal requirements, and taxes. Additionally, if you choose a bad location that is associated with past problems or legal issues, this can negatively impact the community’s perception of your business.

Use appropriate tools to get an address report about locations that you are considering. This can help you to be informed about the location and any potential issues with it.

Select Your Business Structure

The legal structure you select for your business will impact important aspects of your business, including requirements on how to register your business, your potential personal liability, and the amount you pay in taxes. Common types of legal structures for small businesses include:

  • Sole proprietorship – This is the simplest structure to have and if you do not choose any other structure, this will be the default classification for your business. With a sole proprietorship, you do not have any protection from personal liability and your business income is taxed at your individual rate.
  • Partnership – A partnership involves two or more people who are in business together. It is possible to limit personal liability with certain types of partnerships.
  • Limited liability company – A limited liability company has the same types of legal protections as a corporation but provides tax benefits of a partnership.
  • Corporation – A corporation is a separate legal entity from the individual owners. It can own property, pay taxes, enter into contracts, assume liability, and make and defend against legal claims in its own name. Corporations provide protection against personal liability.

You will want to choose the business structure that best suits the needs of your business, now and in the future.

Register Your Business

You will want to register your business to make it legal and to establish a brand for it. You will likely need to register with the government, potentially with the federal, state, and local government. Corporations must file articles of incorporation that identify the business name, its purpose, the legal structure, and other pertinent information.

If you hire employees, you will need an Employer Identification Number.

Acquire Legal Permits and Licenses

You may also be required to obtain various legal permits and licenses to legally operate your business. These vary by your state, location, industry, and other factors. Some trades require you to maintain a professional license. You may also need a permit before you collect sales tax from customers.

Purchase Insurance

Keep yourself protected by purchasing a general business insurance policy. You may also inquire about other types of insurance that may be able to protect you, such as errors and omissions insurance. A competent insurance broker should be able to inform you of your options.

Seek Out Additional Resources

Fortunately, there are many places that you can turn to for assistance and information. The Small Business Administration offers a wealth of information, including many free resources. Many states also have other organizations that provide assistance to small businesses and can help with everything from market research to financial planning. You can also check with the agency where you must register your business for additional assistance.

Conclusion

By following the steps above, you can soon be on your way to starting your own small business and becoming your own boss. Good luck!

About the Author

StrategyDriven Expert Contributor | Ben HartwigBen is a Web Operations Executive at InfoTracer who takes a wide view from the whole system. He authors guides by sharing the best practices and does it the right way!