Starting an online business is one of the best ways to earn a sustainable income. Sure, you can work in your 9-5 job, but how much money are you going to earn in the long term? More importantly, how much effort are you going to have to put up just to get that much money?
Well, you need not worry about that since, in this article, I will be giving you some tips on how you can start your very own online venture in 2020.
It Begins with an Idea
Any business always starts out with a concept. Think about Uber, for example. The ride-hailing service stems from the idea that people are always looking for ways to get to their destination in the best possible time; hence, the service was born.
To come up with your own idea, the best advice I can give you is to think about a certain need so that your business can be the one to provide the solution. Research about customer pain points so that you will know exactly how to solve the problem.
Create a Business Plan
There is an old saying that those people that fail to plan are planning to fail. Well, in a business sense, that is actually quite accurate.
Any entrepreneur should always create a business plan so that they will have a direct course of action. Just ‘winging it’ will not only provide slow results but can also lead to business blunders as well.
That being said, your business plan should highlight all of the things that you should do. This includes your manufacturers, vendors, partnerships, and so on.
Of course, a business plan may need to be revised as you go along but do remember that you should always create one before you can have your business ideas realized.
Register Your Venture
As with all business entities, you must always register your business. This is the part where you get the pertinent licenses, acquire business insurance if you opt to become a sole proprietor, and choose a business status that will benefit you the most.
Obtaining Some Funding
Every business would require funding to take off. There are so many ways you can get funding. Here are just some of them:
- Bootstrapping- This is where you will spend all of your resources to fund for your business
- SBA Loans- This is the loan that is given to would-be business owners. You may have to convince the financial institution if you want to get some funding through this option though
- Crowdfunding- If you generally have a pretty cool business concept, you can actually get funding from crowdfunding platforms. This is where you pitch your business idea to the public and when people see it as a really good thing, they will give money to your cause.
Getting Some Staff
Of course, running a business is not a one-man show, especially if you are going to put up a sizable venture. That being said, you’re going to need to hire some staff to help you.
Familiarize yourself with some accounting terms such as creating a balance sheet, cash flow statement, income statement, and others so that you will know how to account for different things moving forward.