2020 saw an increase in the number of people looking to move businesses online. Which totally made sense when we weren’t able to go out, and it gave us new opportunities to look at. So if you want an online business, how to start one is covered in this blog.
Treat an online business as a real business
Online businesses have been seen by many as a simple alternative to starting a ‘real’ business. Sure compared to bricks and mortar there will usually be a lower start-up cost. However, it would be a fatal flaw not to consider an online business a real business. Therefore, how to start an online business is the same in most respects to starting a bricks and mortar business.
Online business ideas
Firstly you want to come up with some online business ideas. What type of online business would you like to run? For some, the intention is for the online business to be complementary to their existing business. For instance, if you are a service, you may use an online business to sell courses, templates, and products that go with your service.
Others will look for a completely different market than what they do currently. A big trend a few years ago was to get into dropshipping which we will cover off in another blog soon. Many will take on some form of e-commerce shopping, which requires you to work out your suppliers, how you will maintain quality and in Covid times especially, how to deal with shipping delays.
Online business coach
Covid has made more people realise that online business coaching and other coaching forms, including health, life and personal training, can be done online. Therefore, it may be a small difference to add online coaching to your existing face-to-face coaching, whether in business health, lifestyle, or physical coaching.
Before starting any new business venture, I highly recommend completing a SWOT analysis. You can check out our blog or video on how to complete a SWOT analysis here.
Online business start-up
If you treat an online business as a normal new business, you will go through the same fundamentals as any other business. You will start with the idea and conduct market research to determine if the idea has merit and marketability. We run a workshop on DIY Low Cost Market Research.
If the market research looks good, you will do up your pricing and costing, making sure you could afford it, and continue by registering and setting up your online business. If you already hold an ABN, you can set up an additional business name in Australia under the same ABN. However, you may want to have a separate structure like a separate company for this new venture. You would need to set up the company first before registering a business name under the new company which would come with a new ACN, ABN and TFN.
Online businesses are obviously more susceptible to needing a good website and good search engine optimisation (SEO). After all, you can’t have an online business without being found. We offer many courses in SEO, website design and online marketing. Look for them hitting our online business school this year.
Online business courses in Australia
Currently, we offer face to face workshops and online webinars to certain people in Australia. In the background, we are currently building our online business courses into a global school to service the whole of Australia and the rest of the world. These apply to many online businesses as relevant topics.
Online business marketing
One of the first courses we offered was in Low Cost Online Marketing, and this is something we will continue to update going forward.
We operate a workshop called Setting up an Online Business to Avoid Costly Mistakes. This is because we are firm believers that fail is a First Attempt In Learning. However, that doesn’t mean you need to make all the mistakes and fails yourself! Learn from others and make the mistake process quicker and less costly for you. Don’t repeat others first attempts in learnings ourselves, but rather make our own exploring new opportunities.
How to start an online business summary
In summary, how to start an online business is just the same as what you do to start a quote-unquote ‘real’ business. You can see through the past events tab the courses we teach through FAQ Business Training. The FAQ Business Training school is currently being moved online for your convenience. You’ll see many of our courses are good at helping you with starting an online business. Please check out our session on Setting up an Online Business to Avoid Costly Mistakes to get you started.