Start Your Online Business on the Right Financial Path
When you first begin selling digital products, it is very important to start your online business on the right financial path. This process can take a little time; however careful planning and implementation can save mistakes and time down the road.
Don’t Do What I Did the First Time Around
When I started my first online business, I committed to only invest $500 in the business. To my surprise, I was able to get up and running for so much less than that! The only fees I had when I first started over 10 years ago was $11.95/web hosting fees, $200 for graphic design software and $25 for the domain name. I already had a computer so I was good to go. Very quickly, the business became profitable but I made many decisions on the fly and lost money from chasing “shiny objects”. If I had more specific goals and expectations it would have gone more smoothly and been even more profitable.
The first time around I didn’t follow any specific steps but learned as I went along. The second and third time I started an online business, I was much smarter in my business decision making because the competition is fierce nowadays.
Start Your Online Business on the Right Financial Path
If you are in the beginning stages, here are 15 steps to start your online business on the right financial path. If you have already started your online business, review this list of 10 steps to prevent any issues down the line.
These steps are available in checklist format in the Running a Successful Online Business – 12 Checklists to Help You on the Path to Success digital download. It includes 120 actionable steps to take your business to the next level all in one easy to access format.
Plan and Implement these 10 Steps
- Write a business plan that includes my start-up capital requirements. Identify the start-up expenses required and allocated capital for those requirements. Be sure to identify and financial goals, both short term and long term, and created a plan to achieve those goals.
- Investigate your options, or get assistance, and register your business with required government agencies.
- Protect your business name and filed the appropriate documents.
- Register a “Doing Business As” name if you are going to conduct business under a name other than the legal name you filed with your state.
- Conduct a trademark search to ensure that your unique company name isn’t already being used.
- Create your articles of organization if required to open a business checking account.
- Obtain your Federal Identification Number, EIN, from the IRS. (An EIN is often required to open a business checking account.)
- Open the business bank accounts.
- Determine your payment processing system and link the payment processing system to my business bank accounts.
- Establish a system for proper accounting procedures to track my sales, expenses, and profits.
- Identify accounting help and knowledge. (Note: Consider hiring an accountant and maybe a bookkeeper.)
- Start the process of establishing business credit.
- Obtain a business credit card. (Note: A business credit card helps separate professional and personal expenses and can help protect personal assets from business liabilities.)
- Get the necessary business licenses and/or permits for your area.
- Double check other insurance and government requirements for your business niche and local regulations.
After you complete these 15 steps your business should be set up and you’re ready to start enjoying your efforts. It’s time to begin marketing, selling, and making money from your new business.
Resource – How To Start Your Online Business
Running a Successful Online Business – 12 Checklists to Help You on the Path to Success digital download includes 120 actionable steps to take your business to the next level all in one easy to access format. This resource includes the 10 steps on how to build a brand online in checklist format.
