by Susan Paige
March 28, 2018
by Susan Paige
March 28, 2018
Most of us daydream of having our very own (small) online businesses over which we will have full control. Still, how many of us dare to venture into the world of business owning? We don't feel confident, we don't know the dos and don'ts, we wonder if there's a secret magic formula we need to be privy to in order to set the wheels in motion. In reality, there are only several simple steps you can take as soon as possible in order to embark on your small online business journey. Ready to see what it's all about? Let's do this!
Determine, Define and Write Down Your Vision
The first step is to write down your vision. What do you want to do? Do you already have a product in mind that you'd like to offer or do you yet need to come up with the intricacies? Is it going to be an Etsy store, an eCommerce site or your brand-new invention? What is the endgame? How would you like to get there?
Once it's all written down on a piece of paper – actual or virtual – you've begun the transition from the stage of it being merely an idea to the area where it's starting to become real. It doesn't need to be terribly detailed, but the more you get out in the first go, the easier it'll be in the future.
Articulate Your Goals and Basic Strategies
Related to the first step, but slightly more concrete. Once you've written the bigger outline down, move on to your objectives. Simply ask yourself: what is my goal here and how are you going to get there? Your first and very simple action plan will definitely get the ball rolling.
Be part of affiliate programs
To start off, let's briefly explain affiliate marketing in as little words as possible. Namely, the term affiliate marketing can be defined as a marketing arrangement in which you promote a specific product or service on your website, blog or social media through a specific tracking link. When choosing an affiliate program there are several things you should pay particular attention to. Some criteria you may already be aware of and others may not have even crossed your mind. However, a combination of a variety of factors is what ultimately makes an affiliate program good.
Don't Stress Over Minor Details
What's very likely is that many people will get stuck obsessing about the most trivial details, such as the name of the company you're about to found. Simple advice is: don't. Don't let it be your first obstacle. Just pick a name and dive into the world of administration. Trust us, that's where it can get tricky. The name is simply that – a name.
Plus, you can always name your product differently. The company name is the least of your concerns. Ultimately, you can even change it down the line. See? Nothing to worry about.
Obtain an EIN Number
Depending on where you are in the world, this step may differ. All the same, you'll need to identify your business and, in the United States of America for example, obtaining an Employer Identification Number lets you do just that.
The good news is getting the EIN number is free, an EIN number is easily acquired and it provides you security against identity theft. What's more, EINs don't have an expiration date. Once you've obtained an EIN, it doesn't need to be reissued – it's yours to keep!
Acquire a Business License
Of course, you'll need a business license, as well. The form shouldn't take you long to fill out and the EIN number should also come in handy here. Still, make sure you ask around if your locality requires additional licenses or permits. This differs from town to town and country to country, so it might take some asking around, but hopefully, it won't take too much of your time.
Open a Bank Account for Your Business
Naturally, we had to come to the money part eventually. You can't have a business without opening a special business bank account through which you'll be doing all your financial transactions. Also, make sure you choose a convenient bank, preferably one that is used to dealing with small businesses. Shop around and learn which banks are pro-small businesses. You like it? Go for it!
Good Luck with Your Small Online Business!
And… there you go! We won't lie; there are certainly steps in between and additional actions you might need to take, depending on your country laws or the type of business you're about to start, but this should be enough to give you an idea how it all works and to get you started. We hope you feel slightly more confident regarding your future small business and… good luck!