10 Things You Need to Start Your Online Business in 2023
A Business Alrighty now, the first thing you would need to start a business is an actual business. Some of us procrastinate or experiment with pyramid schemes. While you may make an income doing these things they are not your business. You my friend need to figure out what type of business you want. This is usually something you are passionate about, skilled at, or something that is easy to get started in. Online businesses are booming right now. If you want to sell products like t-shirts and candles this is a business that is easily started. If you want to sell services then coaching, writing, and virtual assistance may be the way to go. However, if you want to get started today you must choose a business that you are passionate about.
Business Name After you have chosen a business then it needs a name. Choosing a business name is very important. However, you will need to follow your state's business name guidelines, avoid choosing a name that is similar to a competitor’s name, and choose a name that is memorable but consistent with your brand. Whatever you choose make sure to check and see if the domain name is available as well. You can do this via Google Domains. All you have to do is search your business name and it will let you know what is available.
Register Your Business You can register your business with the secretary of the state office. There are five different business entities Sole Proprietorship, Partnership, Corporation, S Corporation, and Limited Liability Company. Now the price for each entity varies per state. The two most common entities are sole proprietorship and LLC. The cheapest entity is the sole proprietorship an unincorporated business that has just one owner who pays personal income tax on profits earned from the business. A limited liability or LLC is the most popular entity. An LLC is a business structure in the U.S. that protects its owners from personal responsibility for their debts or liabilities. Now, who doesn’t want to be protected?
Obtain an Employer Identification Number No matter what entity you choose once you have registered your business. You will need to apply for an EIN number. The EIN is used for handling payroll, filing taxes, opening a business bank account, and securing business credit. You can apply for your EIN number online at irs.gov. How to apply: Your business must be located in the U.S. or U.S. Territories You must have a valid social security number or ITIN You must complete the application in one session. It will not let you stop and come back. After everything is complete you get your number immediately
Business Bank Account Now it is time to open a new business bank account for your business. A new business bank account allows you to keep your personal and business finances separate. This way you can protect your personal assets and streamline the process of recording tax reporting. Here is a list of my Top 3 online business banks:
Accounting Software Whether it be Quickbooks, Freshbooks, or Wave app. You will need accounting software to keep your business financials in order. Accounting software helps with accuracy, allowing you to process numbers faster. And help you complete your taxes with ease. Here is my list of the best and cheapest software: Waveapp Freshbooks Quickbooks Sage Xero
Business Email I know you are thinking that email is just an email. Well, I am here to tell you that it is not. Having a business email helps you build credibility and trust. It is the small things that matter when you are building brand awareness. Having a business email is also more secure than a regular email service. You also get more backup and storage as well as you look more professional.
Business Plan A business plan is just a document that describes your business activities and how you plan to achieve them. This proves that you are serious about your business and details your plans for business growth. A business plan helps you lay the foundation of your business and makes you think through the steps you need to take to succeed. Within your business plan, you will map out and understand: Lili Bluevine Novo
Content Marketing Plan We will start this with the definition of content marketing. This is a form of marketing focused on creating, publishing, and distributing content for a targeted audience online. Okay so in this day and age, it is hard not to market online. This is the simplest and easiest way to get your name out there. But you do have to put some work and thought into it. Here are a few questions to ask yourself:
Website Having a website creates legitimacy for your business and is a way you confirm that you are a real business. Showcasing your brand to your prospective customers is one of the most important things that you can do. Here is a quick breakdown of what a website could do for your business:
In this day and age, running a business without a website, coil makes it difficult to reach out to prospective and existing customers and engage them online. Looking to get your website going contact The Virtual Note for your FREE consultation.