Working for yourself and subsequently becoming entirely responsible for your own income and hierarchical progression is as exciting as it can be challenging. The power and earning potential of online businesses, regardless of the specific industry that you intend on exploring, can never be overstated.
That said, continue reading for some helpful advice for anyone who’s considering starting their own online company.
Consider Your Company’s Name Carefully
Aside from the obvious considerations when choosing the name of your brand and company, such as making sure there’s no similarly titled business operating in the same industry and that the name does “what it says on the tin”, there are other things to think about, too.
Your new online business name needs to be a domain name that’s immediately available and unreserved for registration and that, moreover, it’s allowed within the jurisdiction of the state that you reside in. You should also check whether or not the same company name is also available as a social media handle and official company website address, too.
Switch Internet Providers
Instead of being obligated to stick with your current cable provider, you should instead book an appointment for easy fiber optic installation with an established fiber provider which will mean your internet connection will be consistently reliable and higher quality.
Naturally, a solid internet connection is the one thing your new online business needs without question and the last thing you want is faulty and intermittent internet when talking with new suppliers and advertising your new company.
Make Sure Every Legal Box is Checked
Another hugely important aspect of launching a business online is to ensure all legal matters are taken care of thoroughly and in a timely manner.
This will cement your business with a solid and fully legal foundation from which you can build your brand and operate your company, and as a bare minimum, make sure the following are arranged and completed:
- The successful acquisition of all licenses and permits required
- The registration of your new business with the relevant authorities
- The fulfilment of both state and federal tax requirements
Finalize Your Core Business Structure
It’s all very well having a fantastic idea for a product or service that’s clearly, as you see it, a niche in the market with demand to be filled, but if you’re not crystal clear on how your business is going to be structured, you’re frankly setting yourself up for failure.
Essentially, there are four different types of company structures for small business owners, with the simplest overall being sole proprietorship, although this option doesn’t provide any limited liability.
Corporation structures are perhaps the most complicated but do allow for more wiggle room when it comes to how much money you invest in your new company upfront and LLCs (Limited Liability Companies) are the most popular choice as limited liability is provided.
The fourth and final common small business structure is a partnership, where you’ll be launching the company with a loved one or a business associate.