5 Things You Should Know Before Starting A Business

Written by Tammy Durden

Starting a business online looks so appealing these days. Marketers make it look so easy too. There are, however, 5 things you should know before starting a business online today.

5 Key Things To Know

There are 5 things to know before starting a business online today.

They are:

  1. Foundations To Start Your Online Business
  2. Knowing What Services Your Business Will Provide Online
  3. Start An Agency Model to Have More Freedom
  4. Know Who You Want To Serve Online
  5. Relationships Not Corporations Online

Knowing the foundations of an online business is important before you start your business. First, create your business by registering it with your State (after you name it). Next, you will want to obtain an EIN# from the federal government (in the U.S. or register with your Province or Country).

The next thing you will want to do is create a good website If you do not know how to build one then I recommend hiring a website designer. Ask them to build it with an easy design and page builder so you can make the light changes yourself.

You should also request one of the pages is a blog page. This is important for marketing.

One of the last few things you must do is obtain a business bank account. In the United States, you must have an EIN# to this (why I say that is a foundation).

And finally, you should obtain business insurance. Some may need liability if clients visit your home office but all should get Errors and Omissions (E & O) insurance for your online service business. The other type of insurance I suggest is cyber insurance. You may save this last foundation step until you sign your first client.

Knowing what services you want to provide is crucial to your business. I suggest providing services you enjoy doing.

If you are starting due to a critical need because of a big life change (fired from a job, divorce, etc.) and need immediate income you can start with the services and skills you know. Otherwise, I recommend providing services you truly enjoy as that will make your work more enjoyable and you will look forward to starting your mornings.

If you are looking for more freedom and not working 40+ hours every week an online agency is a great option. This can be done by hiring a virtual team trained in the services you want to provide to clients. You would subcontract them to implement or do the work at a higher rate than you pay your team.

There is a systematic way to do this. From bringing on each team member to finding the right clients for your business. In the end, you manage or build the marketing, manage the team, and onboard clients. Overall, this will give you more freedom and also assist you in providing services you may not have the skills to do.

You must know who you want to serve before you start your business online. This can be a specific industry or a type of people. You should do market and competitive research to help you understand if it is a viable market. Competitive research can help you find the gap areas and help price your services well.

Even Forbes agree:

The first step in any successful business venture is understanding your market, customers, and competition. Knowing who you are serving is key to providing the right products or services and understanding what other companies are doing to stay competitive. It would help if you also took the time to research customer trends so that you can anticipate changes in demand and adjust accordingly.

FORBES

Completing a Storyboard will help you significantly. It also helps you with messaging and doing posts that will reach your prospective clients.

When starting your business online it is all about building relationships not running a corporation. Building relationships will help form collaborations, strategic partnerships, and referral partnerships. These kinds of relationships will help you preserve your business for long-term growth.

I’ve given you many extra articles to view on specific topics related to starting your business online today. I hope you will also view these as many offer a more in-depth discussion on the topic. Finally, I offer you my help. I want you to succeed and I have systems set up to help you. The first step is simple – just click the button below and get a FREE mini-coaching session with me. I will help you set up your business for growth and success now!

Until Next Time and To Your Continued Success!

with love from Tammy Durden of Fearless Business Boss

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