Starting your own business is an appealing idea for many ambitious people today. A study by Santander shows that more than 25% of university students in the UK run or plan to run their own business. Financial motivation is one of the most common reasons for starting a business, as well as turning your hobby into an enterprise and gaining work experience. Being your own boss and keeping your own hours may sound good at first, but it also takes a lot of determination and hard work.
If you have decided to become an entrepreneur, the Payza E-commerce School can help you out. Here is a list of things to do and keep in mind when you want to start your own online business:
Choose a Product or Service to Sell
Firstly, you must decide what your company will offer potential customers. This should be something that’s in demand, but also something that you know you can manage.
When picking a product or service to offer, you don’t always have to provide something that no one else supplies. On the one hand, uniqueness is good, it will help you stand out from the competition, but on the other, you do not want your business to offer something that no one wants.
If you need help finding a business idea, Entrepreneur has put together a list with 55 Business Ideas. The Payza Blog can also help you out – check out our list of Trending Products to Sell Online in 2018: 10 Hot E-Commerce Items.
Know Your Market
Do some market research and decide who the target audience is for your product or service. The first segment of the Payza E-Commerce School teaches you about creating your target audience. If you know your ideal target market, it will be easier to know how you can sell your business to your customers.
Create a Business Plan
You must have a vision of your purpose and targets when starting a business, which means that you need a business plan. A business plan should include the following details:
- A summary of the purpose of your business
- Your business’ mission statement
- Your target market and how you plan to sell to your customers
- Your marketing strategy
- A launch and growing plan for your business
Make sure your business plan is convincing because you may need it later when looking for funding and additional support.
Set Your Budget
A new business means start-up costs that need to be paid. These can include the cost of setting up a website, purchasing inventory or software, getting licenses or certificates, and much more.
How much money do you need and how much money can you invest in your future business? You might not need a large amount of money to start a business, but it’s good to set a budget so you know how much you can afford to spend and to be prepared for unexpected costs that may pop up along the way.
Look for Funding
Some people may be able to launch a new business all on their own, but if you need startup funds, you can always search for investors and business loans to help you get started. Use your business plan to pitch your business idea to possible investors to see if they are interested in funding your business. In some countries, there are also government funding programs available that can support businesses.
Take Care of Legal Matters
It’s important to choose the right the legal structure for your company. Speak to an expert to determine which of the following structures is right for your business:
- Sole proprietorship
- Limited liability company (LLC)
Also, depending on your country, you will likely need to register your business name with the government and get a tax identification number. Finally, check with an expert to find out if you need any special licenses, permits or certifications for your business.
For a new business, an attorney who practices corporate law can be a big help. They can provide advice on the legal aspects of business ownership. This can also help you avoid accidentally violating the law while running your business.
Build Your Website
Your website is your online presence, the most important part for an e-commerce business. When setting up your website, you want a domain name that your customers can easily remember and find, so keep it short and simple.
Also, pay attention to your branding. Make sure that the logo of your company is visible on your website and that you have an “About us” page where customers can find your story, as well as the contact information they need to reach you.
Set Up Your Online Marketing
Keep your online presence strong by setting up the online marketing for your business. To avoid having too much information about your products or services on your website, you can use landing pages. Landing pages are a great way to provide specific information to customers that are looking for exactly what you offer. The Payza E-commerce School has more information: Building Landing Pages.
Figure Out How to Manage Payments
Before you can actually start selling, you must decide how you will process payments. Make sure you keep your personal and business accounts separate, your accountant will thank you when it’s tax season.
A Payza Business Account gives you access to many great features: accept online payments by credit card, Bitcoin, or e-wallet; make payouts in both fiat currency and Bitcoin; handle transaction disputes; and so much more. Setting up a Payza Business Account is easy and our business support team is here if you need any help.
There are many things to keep in mind when starting your own business. This article is just a starting point, and on the Payza Blog you’ll find much more great advice for online business owners.
Stay tuned for more “Payza E-Commerce School” articles where we’ll share the e-commerce tips and tricks we’ve learned by serving thousands of online merchants. For all the latest news from Payza, be sure to subscribe to our blog and follow us on Facebook and Twitter.