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After being online since 2008 I have had many failures and many successes! With both experiences came many lessons and today I want to share some major ones with you!
Watch The Video Below!
Most people start a Small Business Online but fail to plan it properly!
Today I am going to give you 7 things to start an online business properly.
It is crucial that you decided on the entity. Will it be a sole proprietor, Limited Liability, Corporation, etc? : This is a very important step for many reasons, but the one that sticks out to me the most is the type of liability you have. I highly suggest you connect with an attorney to set this up properly. They do have websites online like LegalZoom if you are working with a limited budget.
Register your business name. If you don’t register it any things can happen but the one that stands out to me is paying a higher tax because you are not registered properly. Again please seek legal counsel on this matter.
Get the appropriate license. In certain industries certain license is required, make sure you get your license. It reminds me of having a drivers license. If you don’t have one you can’t drive. And if caught driving without one you are ticketed and fined. The same case with your business.
Set up Your Business Bank Account.– If you are going to have an online business you must treat it like a business, that includes setting up a separate business account from your personal account. When you do this you are making it easy to track things and file your taxes at the end of the year.
Chose an accounting system so that you can be prepared at tax time and so that you can know your numbers. You very well could be spending too much and not even know i
Do you Have a Business Plan? If you don’t have a business plan you will have no idea where you are going. Many offline businesses write up business plans to get loans, but just because your online does not mean you should skip this step. A business plan will keep you on track and headed to your vision and mission.
Every successful business has systems. Look at franchises like McDonald’s, Starbucks. When you buy the franchise you must use their system. Why? Because it is a proven formula that works. Create a system for your business and if you have no idea how to do that I would like to invite you to join me in a free boot camp that will teach you how to create one for your business. Grab the Free Bootcamp details here. with my millionaire business partner Misha who has helped thousands of people fire their boss to be at home with their children.
Rachale Kelley helps moms who have children with physical and mental challenges pursue their dreams. She believes every parent should have a way to escape their 9-5 and access to systems and strategies that will keep them from becoming overwhelmed in the process so that they can have more time freedom with their family and less time being overwhelmed.