Starting an Online Business From Scratch

If recent global events have shown us anything, then they have shown us just how precious our time is, and just how important it is to have a stream of income. At a moment’s notice we could be out of work, so being able to do something for yourself and that can be done from home, is a must. Getting started with an online business is something that can seem like a pretty obvious thing to do, as all you need is a computer and the internet and then you can build up a website and run things in your spare time. With the whole world potentially at your fingertips, it means that you can access a lot of users from all around the world. If you’re keen to get things going, then here are some of the things that you can do to get your business started from home.

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Market research

Market research is something that you need to do in order to see if there is a demand for what you want to do. It can also give you an idea of what people are willing to spend, which can help you to get things up and running. If you are reading this, then you probably have an idea of something that you’d like to do and that would work. But all is not lost if you’re not sure where to start; that is why you need to do some research. Getting in touch with friends and family, as well as other people doing what you would like to do can help. Think about things that you have done online too. Have you had a negative experience somewhere which your idea could eliminate?

Choose an online business model

When you’re ready to go with your idea, you need to think about your online business and how you are going to go about it and make money from it. If you are going to start selling things or run an online store, then you will need to create a business model around e-commerce, compared to something like starting a blog for money. You will need to think about how you will get paid too. Will you just use a platform like PayPal? If so, what are the fees associated with it? You could look to get something like a USD account if you live elsewhere but want to sell over here, as that can help with exchange rate and taking money out. So there are a variety of things to consider with your online business model.

Comply with online legal regulations

When you have a business online, there are a number of regulations that you need to adhere to. These are legal things, so do have to be complied with. For instance, in May 2018, the General Data Protection Regulation (GDPR) was introduced to give consumers control over their personal data. Any online business needs to be upfront about the use of customer data and give the consumer the option to approve or deny that. So with an online business under GDPR, you need to ask for consent before processing any customer data, as well as having a privacy policy around how you use the data. The Privacy and Electronic Communications Regulations from 2003 should also be considered. This is all about the use of cookies on a website, and making sure that they can’t be used in a negative way on your site. 

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