Did you know that worldwide shopped online last year? Starting an online business is a great way to make a living but it is important to know all of the components that work together in order for it to succeed. There are certain things you should invest in like digital advertising and honing your marketing strategy in order to have a successful online company.
Once your online business is up and running you’ll gain the great benefit of working from anywhere for your remote business, but you’re probably wondering what the steps are to get to that point. The good news is that you’re about to learn about the eight great steps for creating your own online business.
Continue reading more to get started with making your remote business dreams a reality.
Table of Contents
1. Choose Your Online Business Structure
The best way to get started with creating your own online business is by determining your business structure. Do you want your company to operate as a limited liability company, a corporation, or a sole proprietorship?
A sole proprietorship is one of the most simple business structures to choose from. You don’t need to sign any papers or jump through any hoops in order to get your online business set up. You’ll be held liable for anything that goes wrong with your company with a sole proprietorship, so that is something to be aware of before choosing this option.
The most popular option is the limited liability company route. This option keeps your personal assets separate from those of the company. If the company goes into debt then it is likely that it won’t affect your personal accounts or assets.
If you’re wanting to get outside investment for your online business then going the corporation route might be the best option for you. It requires more reporting and paperwork, but it is the best way to get the funding you need for your startup company.
2. Determine Which State
Another important consideration is deciding where to form your online business. If you decide to pursue an LLC business structure then you’ll need to file paperwork with the state your business operates from. Choosing the state you live in is wise because it saves you money on an out-of-state agent that would help with getting your business started in a different state.
3. Choose a Name
When you’re starting your online business you’ll want to choose a name that stands out and is unique. It might sound strange, but this is an area of starting a business where you should spend a significant amount of time. First impressions are everything in business just like in other aspects of life.
You’ll need to make sure that your name complies with the legal obligations of a name that unlike any of the registered businesses in your state if your company is structured as an LLC or corporation.
You’ll also want to pick a name that will help you get a domain name for your website that matches your company name or at least comes close to it. Another important thing to make sure of is that your name isn’t too similar to a different company’s name. It is possible that you could get sued for having a name that is too close to their trademark.
Lastly, choose a name that is easy to market and easy for your target audience to remember. This will help you grow your brand quicker and build a loyal customer base.
4. Get Your Domain Name
The next step involves getting your domain name for your online business. You shouldn’t proceed to this step until you’re entirely sure of the name you’ve picked for your online business. Your domain name is how your website is displayed. It is everything leading up to the “.com” part of a web address.
A great way to check on desired domain names for your online business is by typing into the search bar of the internet browser of your preference. If your domain name isn’t already taken then you’ll be told that the browser couldn’t find the page.
5. Submit Formation Paperwork
In order to officially start your online business, you’re going to need to submit the right paperwork with the state you’re registering your business in. You’ll need to file your paperwork with the right agency in your state and pay any filing fees associated with the process.
Once your business is given the green light, you’ll receive your LLC or corporate certificate.
6. Establish Your Finances
You’ll need to get a federal tax ID from the IRS once your business is officially established. If you’re a sole proprietor or a single-person LLC then you’ll have the option of choosing your personal social security number as your tax ID.
If your business is a multiple-person LLC or a corporation then you’ll need to set up a business bank account as well as a PayPal account for processing payments online through your website.
7. Learn Licensing and Sales Tax Requirements
Once your business is set up it is important that you follow the licensing and sales tax requirements for businesses in your state. A good approach to take is to contact the taxation department in your state in order to get more information about their requirements and responsibilities as a business.
8. Set Up Your Website
You should consider getting the help of an experienced IT Staffing Firm to help with getting your website set up. This will get your website up and running in no time so that you’re able to start doing business and bringing in money. You’ll need to buy web hosting in order to make things operational.
The IT folks will give you the peace of mind that your website will be easy to use and read so you can focus on the other parts of running your business like your marketing strategy and online ads.
Start Your Dream Online Business Today
There is no better time than now to get started with your own online business today. It allows you to be your own boss and use your knowledge and skills to gain financial independence. It also allows you the opportunity to work as a remote business anywhere that there is internet service. Be sure to follow these eight steps to make your business dreams come true.
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