Basic Steps Of Starting An Online Business
Starting online businesses is very similar to a business you would start in a brick and mortar location. You do need to take all the same steps but the fact that you move online is going to bring in some unique challenges to take into account.
For starters, you have to understand the various types of online businesses:
- Ecommerce Sites – a direct online business form in which you sell services and goods directly to customers.
- Etsy Store – similar to the ecommerce site but you use the Etsy platform, which does bring in some restrictions.
- Ebay Store – in this case you use the eBay platform, which offers access to a buyer base that already exists.
- Site Without Physical Goods Sold – an option in which you offer consulting services or similar. In this case something as simple as hosting WordPress as a chosen CMS is all that is needed.
Starting the online business normally involves the following steps.
Planning The Business
You are going to need a plan when starting the online business, just like with any other business out there. The planning process has to include market analysis, dealing with funds, product production, SWOT analysis and as much as possible in order to end up with a plan that is as viable as possible.
Writing The Business Plan
After preliminary planning it is time for you to write down the business plan. Based on the type of funding that you are going to need, this can be simple or quite complicated. Lean business plans are normally preferred as they are much easier to write and faster. They only include essentials. However, they are not enough if you will need external funding.
Register Domains And Set Up Sites
When you decide to create an eCommerce business without the common platform mentioned, it is time to choose a domain name that can be utilized. Secure that and then look for a hosting platform that is suitable. Keep in mind that different site types have different platform needs. Also, besides hosting and domain name, you will want to get the design work done.
Make Sure Everything Is Legal
Unfortunately, this is where most online business owners make mistakes. Due to a belief that running business online is very simple we see entrepreneurs not thinking about the legal aspect. The truth is that there are basically the exact same rules that need to be respected as with the brick-and-mortar stores but we do have differences that have to be taken into account.
The important thing to remember is that online business regulations can be different. A huge distinction appears on laws regarding customer personal information distribution, together with intellectual property and privacy regulations. You want to be sure that you are extremely careful with this since problems can lead to you faced with huge fines and even bankruptcy. Fortunately, all the information that you need in order to make properly informed choices is available for you for free online these days. Take advantage of this opportunity when you launch an online business.