How to Start an Online Business?

Do you have a great product or service that you want to sell online? Maybe you already have a physical business that you want to expand to the online sphere? The internet is the great equaliser. Anyone can start a money-making online business—anyone with a computer, that is. But here’s the thing: virtually no technical experience is needed. Today there are plenty of tools you can use to build an online business that makes the technical work a lot easier than it was in the past.

You can also live anywhere you want, set your own schedule, and work as little or as often as you want, depending on how fast or big you want your business to grow. No business or marketing experience is needed either. It’s a truly democratic medium for entrepreneurship. Best of all, unlike a brick-and-mortar business, you don’t need a lot of startup capital. In fact, you can get many internet businesses up and running with no money at all because so many free services facilitate the possibility.

What Is an Online Business?

The number of online businesses has skyrocketed in recent years. During the UK pandemic lockdown in 2020, around 85,000 online businesses were launched. Easy to set up, online businesses can suit anyone looking to become their own boss. There’s an online business for everyone, from simple eBay shops and information sites to a full-scale online dating agency, blogging, or affiliate marketing. Even many traditional businesses can now be set up and run online. They are easily scalable — you can start small to test out a business idea, work on it part-time or as a hobby before deciding to take the leap and commit yourself to a full-time role.

How to Start an Online Business?

Knowing where to start with launching your online business can feel incredibly daunting. Here is our helpful checklist to help you get started:

• Know what the products or services are that you wish to sell.
• Do your market research, including investigating who your possible competitors are.
• Write down a business plan to outline the costs and the sales targets for your future website.
• Understand the logistics of being able to provide your products or services to your customers.
• Create a name for your business.

How to Build Your Website?

Unless you are a coding whizz and are confident that you can build a website from scratch, the next step is to choose a platform service that will host and help you design your website. But which platform service is right for your business?

The truth is, there isn’t a one-size-fits-all answer.

The best platform for you will depend on factors such as your business goals, your technical skills and the size of your ambitions. If you’re creating an online store simply to sell products and make money, then using a marketplace will be the best option.

• Amazon Marketplace - while there are plenty of marketplace options out there, the largest by far is Amazon Marketplace – third-party sellers are thought to be responsible for over 50% of the 12 million items listed on the site.

But if you want to build a brand, creating an online store might be a better option to provide your products or services than Amazon and other marketplaces. There are plenty of website hosting platforms to help you do this.

• WordPress - WordPress.com gives you all the tools you need to publish content and sell products from the same platform. It is the most popular platform choice, powering around 35% of websites on the internet.
• WooCommerce - you should choose WooCommerce if you’re familiar with WordPress and have the technical skills to create an online store. It’s a plug-in built by the people behind WordPress.com and uses the same, familiar interface as the Content Management System. Its ease of use means that it now underpins over 800,000 online stores globally.
• Magento - probably the most powerful and flexible option around, Magento is the best choice if you want to run a large business with thousands of SKUs and orders per month. Already the platform of choice for global companies such as Ford, Nestle Nespresso and Christian Louboutin.

How to Register a Domain?

Another challenging decision is determining your business or brand name and choosing an appropriate and available domain name. A domain name is your website’s address that people type in the browser URL bar to visit your website. You can buy domain name rights from one of the many domain name registrars, or the website hosting platform you choose may include a domain name in their service.

Ready to Start Your Online Business?

If you are ready to create your online business, it’s time to form your company. You have a couple of online business options — either register a limited company or go the sole trader route. Deciding and completing your company formation can be the most challenging part of starting a business, but it’s crucial to your success. At Mint Formations, we help you form your limited company or self-employed business and take away all the stress that comes with starting a business.

Are you ready to start an eCommerce business ? We’ll secure your business name and get your company registered fast so you can start doing what you love.

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