How to Start an Online Business from the Comfort of Your Home

If you have been thinking about starting an online business, you have a better chance of succeeding now than you would have had a decade ago.

Here are the steps to follow when starting your own online business:

Decide Whether to Build Your Own Site or Use a Third-party Platform

Building your own e-commerce site is the most direct way to start your own online business. However, if you are not ready to take this big leap, you can always use a third-party site such as Amazon or eBay. Pick a platform that will make growing an online business easier.

Here are some things to consider when choosing a platform:

Hosting your eCommerce Site

Focus on user experience – with an ecommerce site, you will have to focus on maximizing the user experience. Make sure that you choose the right web design and choose the right shopping cart for your business.

Retain control – you will have full control over your store. You can customize all aspects of your site to suit your business needs. However, this flexibility can also make it harder to get started.

Using a Third-party Site

Focus on what makes you unique – when using an ecommerce marketplace, you will be competing with many similar businesses. Therefore, you need to use quality product images because they will set your page apart from the rest.

Pick the right platform – you need to choose a marketplace that attracts the people that you are targeting. Keep in mind that no single platform can cater to all your business needs but you can find the best one for you.

Start Business Planning

From the very start, you should know that business planning is a continuous process. Start by creating a lean plan that consists of the essentials only. Make sure that you consider the marketplace when coming up with a business idea – you do not want to end up with a product or service that nobody wants or needs.

You also need to consider your startup costs and the business metrics. Tracking your sales metrics will help you to figure out whether you are heading in the right direction.

Your business plan should also include your marketing approach. For instance, if you want to stream and produce content to advertise your items, you will need to look for materials to use and streaming software options. This way, people can easily view and interact with you so that you may gain leads through your efficient marketing approach.

Set up the Business Website

The first step in setting up a business website is picking a name. You do not want to pick a name that already exists. Make sure that you choose a company name that matches your domain name to make it easier for customers to find you.

If you want to sell something analog, you might benefit more if you use a templated ecommerce option or an existing platform. On the other hand, if you will be selling an online product, you will benefit from building an ecommerce site from scratch.

Although you can always hire a web designer, you should try to build an MVP (minimum viable product) site first, which does not have to be perfect.

You also need to make your site mobile friendly and use high quality images. If you are entering a crowded market, you need to focus on the quality of your images.

Make it Legal

You should read up on the regulations for online businesses before you start yours. You also have to choose a business structure (like an LLC, which you can learn more about on LLC Formation Rocket) that will work best for you. What are the tax obligations for online businesses? You need to familiarize yourself with the sales tax requirements in your state.

Conclusion

Starting an online business is quite similar to opening a physical storefront business. However, the main difference is that you can operate an online business from your bed. You should not underestimate the importance of creating a functional website.