Question by : How do I set up an online business?
I’d like to try my luck in a small online business, though I don’t know how to go about it. Could anyone give me any advice, websites, help with starting up from getting a website to starting to sell things?
Answer by Jonathan P
If this is going to be a legitimate business, you might consider filing as a limited liability corporation with your state. Also — and this is something a lot of people turn down — if you really want this to be lucrative, start a separate bank account for your business transactions. Often with online businesses, people just tie everything to their personal bank account, but that means you’re not really taking it as serious as you should.
As with all businesses, draft a well-organized business plan. Sit down and think about your mission/vision, who you’re competing with, who your target is, make a budget, consider start-up costs, consider your own strengths and weaknesses, etc. A good business plan will do you wonders as your business starts to grow.
Specifically related to selling: Google Checkout and Paypal will likely be your best friend.
I’m not entirely sure what kind of selling you’ll be doing, but a quality, SECURE (this is really really important) website will probably cost you a decent amount of money. Don’t think you’re going to start a site on Blogger and sell things. That’s just unrealistic.
*Filing as a formal business with your state is inexpensive in the majority of states. If you can’t foresee making $ 100-150 with your business, you might as well not even start it.
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