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Home Internet Business
A business that is conducted out of the home is called Home Internet Business. This type of business is carried out by using the websites for the purpose of attracting and communicating with the customers. it is a low-cost business that use websites and providing online services to the customers for making the extra money. On the other hand, a Home Internet Business is the most difficult business.
Some of the steps for starting a home internet business are discussed as follows–
Step 1 – Planning the business
- For planning, the first step of your business is to decide the products and services. You should ask the questions from yourself how these products and services can become valuable for the customers.
- After deciding the products and services, you must analyze the number of competitors in the market, identify the activities of the competitors, conduct consumer survey, and identify the needs of the customers.
- Every business is not based on an online format. For example – a home-based operation may not be considered as an ideal operation when it involves production, inventory and staffing. There are some ideas that run the business smoothly; blogging, craft making, graphic designing etc.
- You should identify the cost of your business. These costs may vary from the type of business. For example – In a small home-based business, you need a fund inventory for doing the business.
- After considering all the above steps, you should make a business plan by using business concept, marketing research, marketing plan, financial plan and operational plan of the business.
Step 2 – Establishing the business legally
- The first step is to determine the Legal structure of the business. For this, you must know the implications on how to file the taxes and how much you will need to pay to establish the business legally. However, the businesses are of various types such as – Sole proprietorship, Partnership, C corporation, S corporation, Limited liability company etc.
- When you are doing your business with other names rather than your own name, than you will need to register that name as a DBA (Doing Business As). If you are doing the business with your own name, then don’t need any DBA.
- Insole proprietorship business, there is no need of IRS to fill the Tax ID number. Other instances where you will need a tax ID – (a) The business will be responsible for half the payroll taxes of the employees and must have the tax ID to pay them. (b) When the business is filing the excise, tobacco, alcohol and employment taxes
- For running the business, you must obtain the license and other permits. Every small business will require different license and permits from both the state and the federal governments. The fee of these permits can vary based on the business location, business activities and government rules. If you are providing accounting for financial services, you will require a license in different states.
Step 3 – Creating Website of your business
- If your business adopts online marketing, you will need to hire a professional web designer. On the other hand, if your business uses the offline marketing, then you will develop your own website that will develop your products.
- For creating the website of your business, you must register your domain name with the Internet Corporation for assigned numbers and names. The registration fee of the domain name of the one year is between $ 10 to $ 35. The registration can be renewed every year with the same cost.
- Along with this, there are various options for creating the website. These options can depend on the web design ability, level of quality and time. You can also customize your website by using professional templates.
- After creating the website, you will need to add the content in your site. The contents include- (a) History of the business, (b) Descriptions and pictures of the products and services, (c) Purpose of your website, (d) A blog or any other content
- After adding the content, you should have to decide whether you handle the transaction with the help of the third party or to install e-commerce software on your site. Further, you can use the e-commerce software by using services such as Woo commerce, Magento, Webs, Big commerce etc.
- For making the site successful, you should follow the practices such as – (a.) A Site should be simple, (b.) It should looks like a professional, (c.) In order to find any essential information, it should be easy to navigate
Step 4 –Marketing the business
- For marketing the products and services, make sure that you are targeting the right customers. you can advertise your website in Google Ads (Ads appear in the sidebar) and Facebook (Ads appear in the newsfeed).
- You should provide value-added content by publishing the e– newsletter. Example – If you are a Graphic Designer, you must offer helpful information about how branding solutions and graphic design can attract the customers.
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I’m Jimish Shah, the person who started SkyZ Infotech, a Powerful and Result-Driven Most Reliable Digital Partner. I’m a professional blogger, digital marketer, and content marketer also with over 8 years of experience. My focus is on providing the most researched information to new startups, entrepreneurs, freelancers, and bloggers. My objective is to educate the youth of today on a broad range of subjects.