Starting an online business requires the same care as starting a physical business, as well as a few unique steps. Whether it`s a dream you`ve been thinking about for years or you`ve just experienced a eureka moment, there`s an incredible appeal to starting your own business. But wanting to start and knowing where to start are two very different things. Not to mention, you know everything you need to do to get started and grow. If you don`t have professional skills like marketing, but enjoy landscaping or cleaning, you can develop a home-based business around these interests. “If you`re good at cleaning and have a basic knowledge of cleaning tools and chemicals, you can provide home cleaning services in your neighborhood,” says David Cusick, director of strategy at House Method. Those who work from home may not have the time or willingness to do these things themselves, and that`s where you can step in. Regardless of the structure used by your business (sole proprietorship, S corporation, etc.), you should have clear and consistent methods for tracking your income and expenses so that preparing your tax returns doesn`t take too long. You should also be prepared to pay the estimated tax throughout the year.
Choosing your company name is an important step in the foundation process. Since your business operates primarily online, the name you have chosen must be available to register as a business name in your state and digital space. Your social media plan for your business should be specific and goal-oriented. Make sure you engage with the platforms where your customers interact. Your business name should also work well on social media and easily translate into an identifiable pseudonym. It must also be distinguished from other company names. In many ways, the Internet has leveled the playing field for small business owners around the world. Online businesses are relatively easy to get started without the kind of upfront costs that a brick-and-mortar business needs. However, this relative ease doesn`t mean you can just jump up and hang up your shingles.
When looking at how to build your website, you need to consider the payment processors available. For many online businesses, hiring a website developer to help you build your website makes economic sense. Fortunately, starting a business is much easier and takes less time than running a business. However, there are certain steps you should take to ensure that you are working legally. Other steps – perhaps the most important – are to make sure you offer something the market wants. If you`re starting a new business, you`ll need to choose a name that can be used in your state and doesn`t go against another company`s brand. Dig deeper into research methods and applications to optimize your business idea, how to find a business idea that will make you money, and how to identify a business opportunity or product gap in your industry Work through this checklist and you`ll have a solid foundation to grow your business. Most LLCs need an EIN for many of the same reasons as other types of companies. For example, you usually can`t open a business bank account without EIN. Since the primary function of an LLC is to protect the business owner from liability, it makes sense to have that extra layer of protection against a federal tax number as well. You have this entrepreneurial will and you are willing to invest time, but how do you decide which business to start? The Complete Guide to Starting a Business is designed to guide you step-by-step from developing a business idea to starting a new business to understanding the legal and tax implications of different business structures.
Setting the stage this way allows you to focus your time on running and marketing your new business instead of dealing with the various fires that could occur if you neglect any of these milestones along the way. Everyone has a different reason for starting a business. If you`re still looking for yours, take a look at 10 reasons to start a business now and are you ready to start a business? 4 questions to ask yourself. Check out this infographic on how to find your entrepreneurial pose (i.e. your entrepreneurial goal) Since these requirements vary from state to state and the nature of your business, it`s important to do your research in order to meet all applicable requirements. Again, it`s often helpful to consult with a lawyer with experience starting a business in your industry to make sure you`re on the right track. If you have formed an LLC but want to run your business under a different name, you will need to officially register that name as a DBA, which is usually a simple process.
