How to Initiate an Online Business


Most business ventures are online these days. Running a business online involves less cost, risk and effort. The business also benefits from reaching a lot of people.

To begin a business online, you have to do enough research. The research on the market will help you know the target market, know the competition and assess demand. Also, you require a business plan.

Determine whether your venture will be a limited company, a sole proprietorship, or a corporation. The simplest form of business is sole proprietorship. If you wish to attract investors, a corporation is ideal for you.

Every business needs a name for identification purposes. Select a name that is unique for your online venture. The name will serve to market your business. It'll as well increase the chances of acquiring a domain name that's matching. Conduct a name search to find out whether there's another company going under the same name.

You must be VAT-registered because you need to pay taxes. For your website to be successful, you must market your business. Search Engine Optimization (SEO) is a good digital marketing tool. Your website will be highly placed on result pages of online search engines. This is normally done by using frequently searched words. You can go for paid advertising services on online platforms as well.

You should make a decision on whether you'll get someone else to design your website or you'll do it yourself. There are platforms that enable you to create your own website. However, it's recommended that you find a professional web designer for your site. A professional will help you customize your website. You can insert images, logos and videos on the website.

For a professionally developed website, the price ranges between $300 and $600. With $2,000, you can buy web hosting and domain name. Creating a budget can help reduce costs.

The most ideal domain is one that ends in ".com." You have to check if the domain name is still available. Domain names cost as little as $12 yearly.

Your online venture should have a refund and exchange policy, terms and conditions, and contact details. Your prices and stock need to be well updated. Include Value Added Tax in all your products.

Your website requires a shopping cart with a payment platform for clients. An online enterprise should have a merchant account for payments.  Inquire from your bank to know whether they provide this service. You will pay a monthly service fee, set up fee, and service charge.

Before you launch your website, test it. Ask potential customers for their opinion on the usability of the website. Protect you site from online threats and backup essential data.

It's important to complete your paperwork before launching your website. To ensure you smoothly run your business, manage your inventory properly.  Know more about Eric Chua.