Thanks to modern technology individuals can launch, operate, and manage a business exclusively online. There are a lot of perks including lower overhead costs, a limited need for employees, and the convenience of being to operate from virtually anywhere. Be that as it may, if your online business is going to be a success, there are a few things you’ll need to invest in. Below are just a few things to add to your list.
A Business Plan
Before you invest any money into an online business you need to have a clear plan. What kind of business are you starting, is there a need for it, who is your target audience, how do you intend to run it, and more need to be drafted into a plan. Haphazardly jumping into a business of any kind without a plan can lead to many challenges and bumps along the way.
Registered Name and Business Structure
Before you begin any form of business the first step is making it official. You will need to decide on a company name and register it with your state. You will also need to decide on a business structure including a sole proprietorship, limited liability corporation, partnership, corporations, or s corporation.
A Home Office
Though you don’t have to worry about paying for a commercial property, you will need a place to work from. For most online business owners, this is your home. You need a dedicated space within the home where you can go every day to focus on your business. Your home office should be set up in a manner that inspires creativity and enhances productivity. This may mean investing in office furniture, desk organizers, and office supplies that are necessary to complete your job.
Technology
No online business can run efficiently without proper technology. You’ll need a high-quality computer, scanner, and printer. You’ll also need a dedicated business phone and high-speed internet. Lastly, you’ll need various online tools and software to effectively manage your business whether it’s word processing and accounting software or project management and customer service applications.
Website
Your customers need a platform to conduct business with you on which is why you need a website. Your website needs to be well-designed, easy to navigate, customer-friendly, and aesthetically appealing. Though you could essentially design a free website on your own, it is often best to hire a web designer. They have the necessary skills and experience to provide you with a quality website that draws in traffic and increases revenue.
Payment Processor
Whether you’re providing a product or service you’re going to need to have a way for your clients or customers to pay you. As waiting for cash or a check to arrive in the mail could take weeks (and is also pretty risky), it is recommended that you select a payment processor. Companies like Blue Snap serve as a third-party vendor that accepts electronic payments on your behalf from customers for a small fee.
Manufacturing/Shipping
If you’re selling products online, you’ll need to determine how these products will be manufactured and shipped to your customers. In the beginning, if you only have a few customers, you may be able to produce and ship the merchandise from your home. However, as your business evolves, you’ll need to look to manufacturing and shipping companies to determine the best and most economically wise decision for your brand.
Corporate Account and Credit Card
When running a business it is important to keep your personal and professional finances separate. As there are expenses involved in operating an online business it will be necessary for you to create and apply for business accounts and credit cards to manage the company finances and make purchases.
Online businesses provide a number of conveniences. They’re easy to start, don’t require as much financial investment, and can be run from the comfort of your home. If you’re going to be successful with your new business venture, however, it is important to ensure you have all of the above before getting started.
