Getting set up to create your own internet business selling
products online can seem like an overwhelming project, but
it actually just involves following a proven process mixed
in with some creative ingenuity and the discipline to see
the project through. We will touch on a few of the most
important points in this article. All of this starts with
creating a plan of action and then executing.
First you need to figure out what you want to sell. To
verify your options, you have to do some research to see
if there is a demand for this product or service and whether
it is currently being sold successfully online.
Check your local discount stores and large online chains
like Amazon to see if they already sell this product.
Unless your product has some unique or valuable feature to
distinguish it from others,your customers are going to go
to big discount stores, or buy online from a large retailer.
After this research is complete, if you are still excited
about the opportunity of online business, you will next
need to establish your business (choosing your business
'type' - sole proprietorship, partnership, limited liability
partnership, corporation, etc.). You will need to choose a
business type that gives you the best tax benefit, and the
most protection against liability (if your product or
service may expose you to legal action).
You will get a Tax ID number when you set up your business.
This number allows you to collect state sales tax and
establishes your ability to buy products wholesale so you
can re-sell these products on your web site.
Next, you will need a business bank account. Some banks
require you to wait three months after your business paperwork
is filed, before you can open a business account.
Since your business is an online business, you will have
to get a 'domain' name. This name is the name of your web
site and the 'address' your customers will type into their
web browser when they want to visit your site.
You should be prepared with several options and spin-offs
of the name you think you want, since your first choice
may not be available. If the name is already registered to
another business, you will not be able to use it for YOUR
web site. The next item on your list is to find a web host.
A web hosting company will store all the files that make up
your web site, including a database of information, prices,
and content. Some web hosting companies are much cheaper than
others. However, you have to look at the features and services
your web host will offer before you choose the host that is
right for you.
Next, you will need to decide if you are going to design your
own web site or hire professionals to do it for you. You can
compromise by purchasing web 'templates' from a professional
company. With a little training and a little effort, you can
learn to update these templates to change or add information
to your web site.
Whether you are designing your own web site or hiring
professionals, you need to figure out what 'content'
you want on your site. Will you have educational information,
write articles, provide a description of your services or just
sell products?
If you are selling products or services on your web site,
you will need some way to accept payments. Make no mistake
you MUST provide a method to accept payments on the spot,
rather than asking your customer to send a check or money order.
If you intend to be recognized as a professional business, you
must offer your customers a simple way to order your products.
After you have done all these things, you will need to either
stock your product or hire your employees to perform services.
Your web designer (maybe YOU) will have to consider advertising
techniques and other methods to get customers to find and buy
from your web site.
As you can see, starting an online business is a significant
investment in time and effort. Your expenses may not be high,
but you do have to put in the planning time and ensure that you
have thought through all the aspects of the business.
The bottom line for prospective online business entrepreneurs
is to consider the time and effort, the cost and the findings
from your research.
THEN, decide whether you really think you can pull this off!
Article written by Will Cook. |
