How To Set Up Your Online Business

How to Go About Setting Up an Online Business

The best way of setting up an online business today is as follows:-

1.                  Choose a niche and then specialize in it.  Do not think that you are going to make big bucks by selling everything under the sun (unless you are using Ebay, but even this is getting more competitive today).

2.                   Choose or create a product.  You can either use affiliate products or create your own.

3.                   Probably one of the most important things to do when setting up an online business is to find a good name.  It should be short, easy to remember and reflect what your business actually does.  Your domain name is the name by which your online customers will remember you by.  A good domain name is one that is memorable, short and easy to spell.  There are many websites around offering domain names, and prices can start for less than $1.

4.                   Get your own website.  Do not go for a free page on some affiliate site, but get your own.  It is much easier to do than you think.  Get some hosting (there are plenty of companies on the web today offering their services).  Then buy a template system if you can not program (again take a look around the web and you will soon find plenty of companies offering web templates).  Now all you have to do is start learning how to use it.  However, if you are not technically minded then you will need to hire someone to handle all the technical aspects of your online business.  This could include such things as building your website for you, the handling of your website hosting and the setting up of any domain names that you may require.

5.                 Always look for a secure and reliable host service provider.  It is important that you examine the “uptime guarantee” that each service provider offers.  Also, analyze the physical infrastructure of where your online business will be stored.  But probably most important of all is that you should scrutinize the hosting providers “Back Up” and “Data Security” systems. This includes calculating how much time would be required to reinstall your online business if there was a complete infrastructure failure on the part of the hosting provider.  This will help you to calculate the least possible loss to your business if such a situation arises.

6.                  Build a list.  This is important so that you are able to repeatedly talk with visitors to your site.  It is important that you keep the visitors updated as to what is happening with your site. This also enables you to contact them numerous times regarding whatever offer(s) you wish to present them.

7.                   Look at the ways in which you will handle the payments made by your customers.  If you are selling an affiliate product, then this will not be a problem as the affiliate program will handle the payments for you.  However, if you are selling your own product, then you will have to set up your own payment processing system. This will be looked at more closely in another chapter of this book.

8.           Look at the ways in which you will arrange for goods to be delivered to your customer if selling your own products.  You must look at local courier companies, as well as the postal service and find out which will be more cost effective for sending goods to customers.  Also, you will then need to decide on the pricing system for the sending of packages to your customer’s.  But it is important that you choose a shipping company who you know is going to be reliable.  Look especially at those companies who offer an online tracking system.

Types Of Suitable Online Businesses

What Type of Businesses Can You Have as an Online Business?

In this chapter, we will look at some of the more common types of online businesses that people are running.  Keep in mind, the decision is really up to you as to what type of business you want to run online.

Marketing Business

This is one of the most common types of online businesses around.  You can either run this business by exclusively marketing your own products, or by marketing those of other big budget companies.  But this needs you to produce a visually striking web page that has all the necessary information and purchasing options on it for the products in question.  In order for this business to be successful, it needs to be promoted effectively to potential customers via search engines, email or other sources.  We will look at marketing in more depth in another chapter of this book.

Turnkey Internet Business

This is a very trendy type of business to have online.  This is where you would purchase a website from an already established sector and then run the business on a web platform that is provided to you by the established business.  In order to promote such an online business, there are many different methods that you could use, such as promoting individual products or services to your online customers.

Internet Services

This is a business where specific services are provided to online customers at a reasonable price.  Such businesses are often set up according to a person’s professional expertise and will provide services to their customers in relation to this.  The types of businesses that will come under this umbrella are online consultancies, computer software assistance, and hardware trouble shooting and even such things as how to start an online business.

Medical & Health Care Facility Services

This is where someone will set up a complete online pharmacy and the services related to this type of business will be offered to online customers.  Such businesses will provide customers with medical consultancy, selling of medications and other medical charges.  If you look further into this line of business, you will find that there are several medical

institutes who can franchise a person to run a virtual medical and health care facility for them.

But besides the ones mentioned above, there are many other kinds of online businesses around, such as entertainment websites, home decoration, dating, article writing, fitness, allergies, online chat and interaction and email servers are just some.  But no matter what type of online business (“niche”) it is you decide to get involved in, it is important to plan carefully and have the ability promote the business professionally over the internet.

Setting Up A Business Plan For Your Online Business

How to Set Up a Business Plan for an Online Business

By setting up a business plan, you are road mapping your way to success.  It will help you to develop your business goals and strategies, as well as providing you with a better understanding of the marketplace.  It will also highlight any business strengths or weaknesses that you may have, as well as providing you with an opportunity to take a close look at your competitors.  If you want, you can also include financial projections, historical data and growth expectations into your business plan.

With any good business plan, it should show who the target audience is, and just how the product or service that is being provided will meet or exceed their needs and expectations.

When organizing a business plan it is best if you break it down into sections such as:-

1.                 Business summary – The product or service you want to provide.

2.                Market analysis – Research on the product or service and how the competitors are doing.

3.                Product positioning – How to make it more prominent compared to your competitors.

4.                Market strategy – How are you actually going to market it?

5.                Customer analysis – Look at what the customer wants or needs.

6.                Financial analysis – What you need to invest in order to set up the business and to keep it going while it is just getting started.

7.                Overall business goals – What you hope to achieve in, say, a year’s time.

But what is more important is that once a business plan has been developed, it should not lay in the back of a drawer somewhere.  It should be a working plan that you can refer to when you need to.

The best way to make a business plan is to keep it simple (one or two pages should be all you need).

Certainly one of the best things you can do when starting an online business is to create a plan then stick with it. 

Things To Do When Setting Up An Online Business

Things That Need to be Considered Prior to Setting Up an Online Business

During this chapter, we will look at things that you need to consider before you actually set up your online business.

What product or service will you want to provide?

For many people, they will start an online business based on knowledge and experience that they have already, while others may spot a gap in the market.  But the most important thing that you can do is carry out research with companies and individuals that you do not know in order to get a more unbiased view. 

Also, do as much reading and research on everything you can about particular areas of interest, as well as studying the pros and cons that this will have in relation to your overall goals.  Plus, make yourself familiar with your competitors, as this will boost your confidence and enthusiasm for setting up an online business.

Where to work from?

You do not need to work from home, but this is an option that many online business people prefer.  But others prefer to have an office away from the home, as they find it difficult to focus, as well as feeling isolated.

How to market the business?

It is important, if you want your online business to thrive, to ensure that you establish a web presence.  The best way of doing this is by direct mail, networking, display advertising etc.  But what approach works best for you will depend on the product that you are selling.  The best way of finding out what will work, is by trying a different number of methods initially, and then go for it once you know which one is best.  However, if you are unsure where to start, then look at how your competition is marketing their goods…if it works for them, it may work for you also.

Develop a Plan.

Without having a blueprint on how to reach your goals, you may find that not just your efforts, but the resources may well be squandered.  Having a plan provides you with focus, direction and momentum to keep the business on track.  We will look further at setting up a business plan in the next chapter.

Check Laws and Regulations

It is important that you check to see if there are any local laws or regulations in relation to setting up an online business from home.  Also, you will need to get laws and regulations in regard to being self employed.

Setting up the Office

More often than not, an online business will be conducted from the person’s home.  So it is important that you set up a home office prior to starting up the business.  You should arrange to have all the necessary equipment that you will need such as computer, internet connection, printer, fax machine (but not essential) are just a few things that you will need if you want to be successful with your online business.

Why You Need To Start An Online Business

What Reasons Are There for Starting an Online Business?

There are plenty of reasons as to why many people start an online business, and below we will provide you with just a few of them.

For many people, the main reason that they decide to start an online business is to earn an extra income.  Usually, this is in addition to the income that they are already earning.  However for others, what starts as a part time venture, soon becomes a full time one.

Another reason that people decide to start up an online business is that they have more control over their working life. 

Also, it provides them with a chance to spend more time with their family and friends.  Today much too much time is spent working, and many people find that they have little or no time to spend with those that they love. 

Furthermore, there are other reasons as to why so many people now choose to set up an online business.

What rush hour?

No longer do they need to get up in the morning to rush off to work and get caught up in all that traffic.  Now that time which would normally be wasted sitting in traffic can be used to their advantage.  Plus, it is up to you when you work, so if you don’t want to start until late in the morning, you do not need to. 

Prosperity

Because of the rapid advance in technology, many online businesses today tend be prosperous, and so getting involved in this type of business is a good way to make some money.

Costs of Starting Up

This is probably one of the biggest reasons as to why many people choose to start an online business.  As many of the transactions are completed online, there is little or no need for lots of paper and documents.  What one really needs in order to get an online business going is a computer, a high speed internet connection (ADSL), printer, fax machine and few other essentials that an office may need.    

As you can see, these are just a few good reasons for why setting up an online business might be the ideal choice for you.