Having an online business offers an appealing picture to many people. But as great as it would feel to be able to take your business with you wherever you go, work from home and or set your own work hours, a lot of people simply don’t know where to start.

There are a number of steps that an aspiring online business owner should take before launching an online business. If you’re considering it, the following tips should help you cover your bases and get started on the right foot:

Know your Product

The first thing you will need to do is write a business plan and figure out how to monetize your business i.e. how you will make money. What need do you want to fill for your customers? Maybe you want to start an online store where you buy wholesale products and ship them to customers, or maybe you want to sell digital products such as e-books or software. Maybe you want to sell a service, or an online course, or affiliate products.

Choosing a Name

You will need to think of a good, brandable name for your business. We highly recommend choosing a name that is a) relatively higher up in the alphabet, so as to increase the chances of being noticed on alphabetical lists, and b) register your domain name.

Legal/Financial Groundwork

Next, you will need to research all your obligations as a business owner in your area. Researching tax requirements, registering your business, acquire any special permits, and opening a business bank account are all measures you should take before you take your business live. You can find some great resources for government regulations for businesses here.

Marketing

With this groundwork, you can now move on to the fun stuff where you work on marketing your brand to potential customers. Friends and family are a great place to start and can be a valuable resource for feedback. Further down the line, you can start developing your website and building your social media presence.

That’s it! Now that you have all your bases covered, you can reap all the benefits of owning an online business and being you own boss.

 

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