Starting an Online Business

Create a Business Plan

The first step of creating an online business is to come up with a business plan. When assessing your business idea, it is important to attempt to pinpoint any weaknesses your concept may have. Many people do not think through the potential weak points, leading to a very rocky beginning. Next, analyze the market and any competitors you will have in order to strengthen your idea. This should help you identify some opportunities or aspects that you have not yet considered. You will need to determine your target market and what the best ways to reach them will be. In order to be successful forming a successful team, you will need to show any potential partners and employees that you are serious and dedicated to your idea so that they can put the same energy into it. Part of this confidence needs to come from your research. You will need to carefully calculate when you expect your business to begin making a profit, so you can properly prepare for the required startup capital.

Determine Your Business Name and Domain Name

The name of your business is the foundation of good branding and a successful business. When creating your name there are several aspects to consider. Is the name easy to pronounce and spell? How does it sound when I say it out loud? How does the acronym look? What do others think of the name? How does the name compare to others? It is advised to avoid making names that include a geographic location or trends. A great name is memorable and conveys the mission of the business.

Form Your Business

For most small businesses, registering a limited liability company (LCC) is a great option to increase credibility and protect yourself from personal liability in the event that your business is sued. In South Carolina, you can set up an LCC for as little as $110. Other great options include looking into sole proprietorship, partnerships, and corporations. If you want to protect the name, a word, or a symbol then you will need to trademark it. In order to obtain an Employer ID Number, you will need to register on the Internal Revenue Service (IRS) website.

Create a Web Presence

Regardless of if you are ready to make a website immediately or not, it is smart to look and see if the web domain you desire is available. You may want to buy the URL regardless to prevent others from acquiring it. However, a professional website is critical to the long-term success of your business, regardless of what industry you are in. It will provide customers to discover your products/services online, as well as increase your business’s credibility.