STARTING YOUR OWN ONLINE BUSINESS CHECKLIST

Starting your online business is a bit like planning to build a store in the real world. You know, before you lay the foundation and stack up the blocks, you’ve got to put some important  things in place, but this time you’re doing all these things on the internet. These steps will be your stepping stone to your successful business career. 

In this article, we’re going to dig into 8 important things you should make sure you’re ticking off your checklist when starting your online business. 

It’s like a step-by-step guide to help you set things up right.

Step 1: Determine the feasibility of your business idea

While starting an online business may seem easier, it doesn’t mean there are zero costs involved. The initial step for your online venture is to check if your idea makes sense.

Even the most brilliant idea can fall flat if there’s no demand for your product or service. Even if you’ve cracked the code to a common problem, it’s a waste if people aren’t eager to invest time or money in solving that problem.

So, it’s crucial to evaluate your idea by asking yourself these questions:

• Does your product or service solve a problem that enough people care about?
• Does your product or service offer a cost-effective solution to that problem?
• Are people ready to spend money to solve the problem?
• How much will it cost to reach the people who need your product or service

STEP 2: Come up with a business plan

Once you’ve confirmed that your idea is feasible, the next step is to craft a detailed business plan. 

Even if you’re not immediately seeking financial support, having a business plan in place is important. It not only helps you navigate potential challenges but also allows you to strategize for future growth and profitability.

Building on the groundwork laid in the first step provides a strong foundation for your business plan. It’s important to also Utilize various online resources to get the key information to build a successful plan.

A well-thought-out plan goes beyond securing your idea; it acts as a guiding tool. It enables you to delve deeper into your market, define clear objectives, map out a strategic marketing approach, and aids in making decisions that could determine the fate of your business as time goes on. 

In essence, it serves as a crucial tool for your business’s overall and growth.

Step 3: Choose a business name

Selecting your business name is a very significant step in starting your business. 

Since your business will primarily operate online, it’s important to ensure that your chosen name is not only available for business registration in your state but also within the internet.

This involves verifying your if your preferred name is useable as: 

• A business name in your state
• Already a domain name
• A username on the social media platforms you intend to use

If your preferred name isn’t available as a domain or social media handle, explore different options, and keep in mind that there are various domain extensions asides the popular traditional “.com”. Also, you must  ensure that your chosen name and domain aren’t contradicting any registered domain, this is to safeguard your business from potential legal complications.

Step 4 : Choose your business structure

The reason for a business structure is to guide you on choosing the right legal and tax requirements you need to meet. Small business owners choose from either of these 4:

• Sole proprietorship: this is the simplest, and most popular option for most business owners. Your profits will be taxed at a marginal tax rate because you’re a sole trader. It’s easy to set up and cheap but the cons is that there’s personal liability for debts. 
• Partnership: this is for you if you intend on running a partnership business. You and your partner run the business while distributing the income and spending between each other. Unlike sole proprietorship, the liability here is unlimited and easy to set up. 
• Trust: this has to do with two parties, the ‘trustee’, who hold the property on behalf of the ‘beneficiary’. This type of structure is not a legal entity but a relationship. And as regards the purposes of tax, trusts are usually treated as taxpayer entities. A trustee will be responsible for managing the tax affairs of the trust. Though this is expensive and difficult to set up.
• Cooperation: a cooperation may be a good choice for you depending on your circumstances although it is complicated to both setup and maintain but it has limited liability. 

Before taking a step and making your decision, it’s never a bad idea to consult with a tax attorney  to discuss the tax requirements for each structure and choose the best for your new business. 

Step 5: Registering your business legally

Legally registering your business is necessary for credibility. Start the process by registering your business name with the Corporate Affairs Commission(CAC) .

This is to Ensure the name is unique and aligns with your brand. Complete necessary documentation, specifying your business structure. This legal step establishes your business as a recognized entity, safeguarding your operations and fostering trust with stakeholders.

Compliance with local regulations and securing necessary permits or licenses is equally vital. Legal registration not only enhances your professional image but also protects your business interests, laying a solid foundation for sustainable growth and operations.

Step 6: Building a website

Creating a website is necessary for your online business, serving as your virtual identity that potential customers visit. A well-designed website enhances your online presence, establishes credibility, and increases traffic. Investing in a skilled website developer will ensure a visually appealing and user-friendly site, creating a positive impression. 

Additionally, choosing a reliable hosting provider is essential for optimal website performance. A good host ensures your website is accessible, loads quickly, and remains secure. 

By prioritizing both a proficient website developer and a dependable host, you set the stage for a compelling online presence that engages and retains your audience.

Step 7: Pre Launch Marketing and advertising

Before your official launch, engaging in pre launch marketing and advertising is a strategic move. Leverage this phase to build anticipation and generate buzz around your upcoming online business.

Make good use of social media platforms, and targeted advertising to create a sense of excitement to your potential customers. Offering exclusive previews, discounts  or early access can entice potential customers.

By strategically promoting your business before the grand launch, you not only capture attention but also lay the groundwork for a successful introduction to your audience. 

Step 8: Launch your business

Getting your online business started is like saying, “Hey, we’re open!” without the actual ribbon cutting like in the physical business. 

In this case, you do a kind of virtual ribbon-cutting when you make your website live, telling everyone you’re ready for business.

You should share this news on social media, through emails, online ads, and maybe even traditional ads. The success of your launch comes majorly from the pre launch, creating excitement in the hearts of your target audience. 

Your journey is just starting, but these eight steps lay a strong foundation for your online business to grow