Regain your Freedom: Top 10 Reasons you Should Start an Internet Business

The internet has transformed the way many things work, and business is undoubtedly one of the foremost areas in which the internet has become a sure-fire key to success. An internet-based business may or may not have a brick-and-mortar home in the real world (and if it does, it’s called a click-and-mortar business), but it can certainly provide a strong financial foundation. An internet business, once it takes off, can be a gift that keeps on giving. Read on and you will find even more reasons you should consider for starting your own internet business.

  1. Increased job security
    Corporate machines will often downsize and get rid of people just to cut costs, no matter how loyal they are. On the other hand, jobs are getting scarcer and suddenly losing one can be catastrophic if you can’t get another one soon. Job security is one of the top priorities to look at before entering any venture, and it should be no different for internet businesses. The good news is that since the internet is not going anywhere for a long time, job security with an internet business is almost always high. Just think of how long Amazon and eBay have lasted (and will last for years to come)!
  1. Do-it-yourself nature
    Pretty much anyone with internet access and business savvy can create an internet business. Access to the internet spreads wider by the day and the cost falls too. Even if you can’t code, you can either learn to or hire someone else to do it for you. So no matter what your age, educational qualification or skill set is, you can set up an internet business.
  1. Smaller startup costs as compared to traditional businesses
    With an internet business, you don’t need to worry about renting office space in a prime location: any real estate you need is virtual. Domain names can be registered for lesser money than take-out at popular restaurants – BigRock and GoDaddy offer .com domain names at Rs. 200-300 per year. If your business involves creating a large database, you can do that too! To take baby steps at the beginning, all you need is a computer connected to the internet.
  1. Wider range of products and information
    If you look at ads of websites like Flipkart and Snapdeal, they boast of a wide range of products and indeed, they do offer a staggering range of products online. When ordering these products and paying for them can be done remotely on the internet, you don’t have to worry about storing them yourself. Warehouses will do the trick and the possibilities of automation there are immense.
    In addition to this, considering the limitless space available on the internet, you can also provide more and more information to your customers.
  1. PR more manageable
    On the internet, websites get ranked based on how many legitimate connections they make and how positively they are reviewed. This makes public relations and managing the company’s image much easier. For instance, if you tweet in a friendly way, you’re viewed as a company with a soul. With just a little consciousness, you can make sure that your business puts its best foot forward.
  1. Put an end to limitations
    When you set up an internet business, you take charge of your profession: you decide how long for and how hard you want to work. Of course, you can reap more benefits the more effort you put in; but if you decide to just do enough to supplement your income, you’re free to do that. And when you’re free to do what you want, you end up loving what you do.
  1. Work from anywhere
    The internet is the same all over the world. This means that you can control your business from anywhere with a computer. Your customers can live in any part of the world yet reach you with just a click of a button. Geographical boundaries mean nothing on the internet.
  1. Open all day
    An internet business need not take lunch breaks, vacation or time off on holidays. Your business need not go to sleep with you; it can remain open and make money for you as you sleep.
  1. Control your income
    You can either make your internet business your primary source of income or just use it to supplement what you already make. Put in more hours, provide good products and services and you’ll make more money.
  1. Get a share of money spent on the internet
    How do you even make money online? Well, the convenience of ordering products online and having them delivered to one’s door means that people are increasingly spending money on the internet. Your salary can very well come from that; you just have to sell something people will want to buy.

7 Payment Options Every New Business Need to Consider

7 Payment Options Every New Business Need to Consider

Technology has changed the landscape on how businesses can accept payments for goods and services. The old days of collecting cash payments and then taking them to the bank to deposit them into a business checking are becoming outdated, as new forms of payment processing take hold.

If you are starting a new business, here are seven payment options you need to consider to make your payment processing easier and faster.

  1. BACS

The BACS (Banker’s Automated Clearing Scheme) payments system allows you to accept direct debit authorisations from customers and it allows you to make direct credit payments to the bank accounts of your suppliers and employees. You need to get a SUN (Service User Number) number to set up an account up before you can use the BACS service.

The SUN number is used to track the debit and credit transactions your business makes and to ensure that your payments are processed efficiently. You must be sponsored by a major bank based in the U.K. to qualify for a SUN number. As a new business, you typically won’t qualify for sponsorship until you have been in business for three years and you’ll have to rely on a third-party who has a SUN number to process your BACS payments.

  1. PayPal

PayPal is useful to send and receive money from many different areas of the world through your website. PayPal is also useful if you are going to do auctions on your business website as they will bill the buyers and send them reminders about ongoing auctions you may be doing. You need to set up a premier or a business account with PayPal to take advantage of its services.

A premier account is useful for businesses that expect to do a lot of credit card transactions per day through the website. The business account allows you to accept credit card payments and send out mass payments. Signing up for PayPal is easy and is done online. You’ll pick the services you want to use at the time you sign up for an account.

  1. Faster Payments

Faster Payments allow customers to send money directly to your bank account. The customer will need the sort number for your bank and the account number you want the payment to be deposited in. The payments typically get deposited on the day it is sent by your customer. You need to be a member of a bank that utilises the Faster Payments system to take part in the program. You should also be aware that there are limitations on how much can be sent at one time over the Faster Payments system. The limits vary depending on how the payment is sent.

  1. CHAPS

CHAPS (the Clearing House Automated Payment System) is another system people and businesses in the U.K. can use to make payments to accounts housed at member banks. The CHAPS system is typically used when a business has to make high-valued payments to suppliers. CHAPS is particularly useful if you are establishing a real estate business where fund transfers typically have to take place on the same day you are signing the paperwork to consummate a real estate transaction.

The CHAPS system transaction happens in real-time and the recipient doesn’t have to wait for the money to clear. They can use it the moment it is deposited into their account.

  1. Android Pay

Android Pay allows your customers to pay you through their Android phones. You will need to have an account with Google’s mobile payments system and have a Point of Sale (POS) device that accepts contactless credit and debit cards. The customer needs to download an app from a participating bank and enter the debit or credit card information into the app. All the customer does is swipe the phone over the monitor on the POS device and the transaction is automatically processed without handling cash and debit or credit cards.

  1. Apple Pay

Accepting the Apple Pay system over an iPhone is very similar to the process used to set up the Android Pay system. You will need a contactless POS terminal system to accept the Apple Pay system.

  1. Nochex Online Payment Services

You are able to accept online transactions with a Nochex account. You will need to set up either a merchant or a U.K. Trader Account in order to utilise the Nochex system. The U.K. Trader Account is good for new businesses as the account doesn’t have any set-up or monthly fees while you are starting out.

If you’re just starting to break into the world of business, the above are a just some of the key payment options you should consider implementing.

Kick Start Your Career as an Online Entrepreneur: What to Do and What to Avoid

Kick Start Your Career as an Online Entrepreneur: What to Do and What to Avoid

Starting an online business is in many ways similar to setting up a brick-and-mortar store. You must firs identify a need and a market for it, draw a strategic and practicable business blueprint, arrange for funding, develop a unique and value added product and get to work on branding and marketing for sales and profits.

However, there a few unique differences when running an online-online outfit you need to consider as an entrepreneur.

  1. Plan your business

Like every serious business, you need a roadmap that draws up the path that originates with your vision up to your mission and expectations. Your business plan will include a market analysis, your funding plans, as well as a SWOT analysis to properly position to gain market leadership.

  1. Write your business plan

After you’ve come up with a unique business concept and plan, you will need to write it down. It’s also important to keep your business plan lean, except of course if you’re planning to get a big loan from the bank. A lean business plan is easier and quicker to write and breaks done the plan to basics.

  1. Register your domain name and set up your website

Next is to create a brand-able and a keyword-rich domain name and register it using the right TLD, most preferably .com or your country-specific TLD, such as co.uk to achieve better market visibility and recognition.

  1. Make it legal and insured

There a number of guidelines to legalising and insuring your business. It is also important to get the right insurance cover to ultimately protect the business to ensure it outlasts any crisis or even the owner.

Generally, the same rules and principles apply, but there are still a few subtle differences you should take note of.

In online entrepreneurship, the most important legal requirement is the online business law which essentially aims to protect customer’s personal data, as well as their privacy and intellectual propriety.

Make sure to get yourself familiar with the aspects of business law applies to you.

5. Don’t hesitate too long to launch a product/service

There’s a common rut a lot of online budding entrepreneurs fall into when setting up their business outfits: They get stuck for months and are unable to produce or create something the market needs.

Many entrepreneurs make several excuses forgetting hung-up, but whatever those reasons are which may also resonate with you, shake it off quickly and create value and make sure your product has a solid USP and with a tangible market.

Understandably, your first attempts at creating a product or service may have some flaws, but it gets better with time, along with its money-earning prospects. It’s important to remember that success is not something that comes instantly. Many of our greatest business minds have only been able to get into the positions that they’re in today after making a series of failures, learning from their mistakes, and building a business that is successful.

How Much Time Do You Give your Ecommerce Business Before You Adapt

How Much Time Do You Give your Ecommerce Business Before You Adapt

The famous American baseball player Yogi Berra once said, “It ain’t over ‘till it’s over.” This truism has found its way into the world of business and has been reinterpreted to mean that even when things get tough, it’s not over until you’ve tried everything.

If your enterprise e-commerce site is suffering from insufficient sales, you may want to rethink your strategy. But how do you know when things have finally hit an impasse? Is it possible to change things too soon?

This is an interesting question. On one hand, you want to be agile and productive; but on the other hand, hasty decisions could bury what otherwise may have been a successful venture. Below we will discuss some of the important factors leading up to this decision and what you can do to ensure a smooth transition.

Cosmetic Changes

If your e-commerce store is struggling, you might want to examine your website through the eyes of your customers. Something as simple as a clunky and cumbersome user interface could sink your sales.Take advantage of A/B testing to see features are working and which ones are holding you back.

Remember that consumers love a clean website design. Don’t try to overcrowd your homepage with flashy sales, new product offers and distracting banner advertisements. At most, you should display just one featured product or special offering on your page. And ensure that your search bar, FAQ section, ‘about us’ and contact pages are simple to find as these are vital to the success of your e-commerce site.

Marketing Makeover

If your company is starving for sales, it might behoove you to revamp your marketing strategy. Are you taking advantage of email newsletters, on-page blog posts, SEO conversions or social media marketing? If the answer is no, you are probably missing out on large audiences of interested shoppers.

While it isn’t necessary to use all these, your business should at least be employing one or two of techniques listed here. Use social media to establish two-way conversations with your customers and encourage them to share your offers with friends and family. Entice one-time buyers to regularly check out your site for new sales and offerings with an email campaign. It might take a little practice to find the right balance, but in the end, you’ll be happy with the results.

The New You

Sometimes it’s not what you are selling, but how you are selling it. An often quoted mantra in the world of marketing is that you should be selling ‘ideas, not products.’ For example, there is a lot of competition out there when selling jewelry, but if your business sells “posh accessories for the modern woman” you might have a better chance at building a dedicated fan base or finding a specific niche.

Developing a brand identity will require a little experimentation, but do your best to incorporate the same feel in all your products and promotions.

Hitting the Reset Button

However, if none of the above methods have improved your sales, it might be time to rethink your business model. Maybe the products you are selling just aren’t appealing enough to online shoppers. In this case, it is time to hit the reset button and start over.

Some enterprise e-commerce platform providers, like Shopify, make it easy to rebuild an e-store using a straightforward template. Others might prefer to build an entirely new website before closing the previous one. It’s really up to you and your business needs.

While no one likes having to rebuild the wheel, a fresh start might be just what you need. Be sure to employ the same technique above from the get-go to put your e-commerce site on the right track.

5 Tips to Help You Start Your Own Business with only $250

5 Tips to Help You Start Your Own Business with only $250

“Chase the vision, not the money, the money will end up following you.” —Tony Hsieh, Zappos CEO

Are you perhaps considering the option of launching your own start-up? Does the thought of working in a 9-5 job make you want to stay in bed and not get up in the morning? You might be in a position where you cannot find a full-time position, or you might be a stay-at-home parent with a couple of hours per day free each day.

It doesn’t matter what your reasons for opening your own business, what is important is that you would like to start your own business. Apropos to this, the rise of the world wide web as well as the ease in which the global denizen is now able to access the internet, has and continues to make a case for pursuing an online career.

5 Tips to Help You Start Your Own Business with only $250

Launching your startup

Once you have decided to open your own business, the next important step is to decide how you are going to earn an income, and where you are going to operate your business from. Because the assumption is that you only have limited startup funding,  I believe it makes sound financial sense to start an online business of sorts from your home office. Furthermore, in my opinion, the best business to start is a company that invests in one or more of the global financial markets.

How do you go about launching a stock market investment company? As with all startups, it is important to plan your business in intimate detail; consequently, here are several tips to help you launch your financial market investment startup:

Don’t overthink thing; just start

It’s important not to spend a long time pondering about whether you should start your own business. In my opinion, you should find a starting point and just start. You can think your ideas to death and nothing will ever happen; therefore, the idea is to begin working on your startup as soon as possible.

Business plans and business models

As part of the start-up process, it’s vital to draw up a sound business plan as well as a working business model. These documents cannot be static in nature; however, they need to provide a strong foundation for your business. In other words, they are designed to guide you in the face of changing economic and market conditions.

There are many reasons why every business plan and model needs to keep on changing as time goes by; however, one of the most important grounds for a financial market investment startup business model to change is every-changing, volatile geopolitical and socio-economic conditions under which we currently reside.

Education and Research

In order to invest successfully in the global financial markets, it’s vital to find the right online trading broker to partner with. As with all niches, the rise of the information age and the ease with which people can now access the internet, have allowed for many fly-by-night brokers to open their doors for business. Thus, it is critical that you conduct a comprehensive review of all of the current online trading brokerage firms before you decide which online trading broker you are going to sign up with.

Once you have decided on a trading partner, the next step is to open an account, pay the minimum deposit, and then to work through the broker’s education center to ensure that you understand fully how to go about placing successful trades. Your broker should have a demo trading platform that will allow you to practice investing in your chosen financial markets before you progress to the live trading platform.

Trading strategies

Much is being made of the current financial market volatility; as a result, one of the most important ways of overcoming the instability in the market is to stick to your trading strategy no matter what happens to the global financial markets. Don’t change your mind halfway through a trade; otherwise, you risk losing your entire investment.

Final words

Starting an online options trading business has never been easier. You don’t even need large sums of money to start trading on the global financial markets. Conversely, you need the following: a solid understanding of how to invest in options successfully, a trading strategy which suits the current, volatile market conditions, and finally, an investment partner (broker) who you can trust to give you sound trading and financial advice.

The Right Way to Start a Business

The Right Way to Start a Business

Yes, there is a right way and a wrong way to start a business. This can be easily determined by looking at the ventures that have succeeded and ones that have failed. Due to the way that industries are now structured, it is easier than ever for individuals to launch their own company. This is why small businesses and startups are quite so prolific. At the same time, a majority of these schemes fail within a relatively short period of time. It is a startlingly low number that actually manages to stay afloat let along go on to be successful. To be a part of this exclusive group, there are a few secrets that you need to know first:

The Right Way to Start a Business

Don’t Believe the Hype

Magazines are littered with success stories of entrepreneurs who suddenly quit their job and ventured out on their own. Fast forward to several years later and you are looking at a content, prosperous millionaire. The reason that such accounts are newsworthy is because they happen so rarely. If you really want to start your own business, the last thing that you should do is quit your job. Instead, while you are earning a stable paycheck, make a point to save every last penny that you make. The longer that you can do this for, the better of you will be. This will help you to avoid the inevitable pitfall that most small businesses face – running out of money.

Don’t Quit Your Day Job

In the same vein, you will actually find it a lot better to work on your own business while still maintaining your regular job. Most people prefer not to do this as it means an incredible amount of hard work. You will spend most of your days working around the clock. The advantage of this method, however, is that you are giving yourself a safety net. Business ideas, plans, and investors do not materialize overnight. All of this takes time so you can’t really afford to give up your career while you are waiting for things to fall into place.

Make Sure Your “Good Idea” Has a Place

A common misconception is that a good idea equals profit and success. The unfortunate truth is people have good ideas every day. The real test is to determine whether they hold water in the real world. This means determining whether or not your product or service is actually something that people want. The more widespread a need is, the more likely that your idea will be profitable. Therefore, the first thing that you will need to do is to identify this need. Now, avoid only consulting with friends, families, and colleagues on this point. This information is too biased and the sample size is too small. Try to find a way to survey large and diverse groups of people. This will give you a better idea of whether you have a genuine shot at success.

Learn as Much as You Can Before You Start

If you don’t have a formal education in business or if this is your first venture, there is a lot of danger in simply figuring it out as you go along. This puts you at greater risk for falling into common pitfalls. While it may seem tedious, try to attend classes or seminars to discover how you should go about starting your business. This will be quite useful, especially when it comes to the legalities that you will need to abide by. If this is still not an option for you, try to find a mentor or a business partner that has done this all before. They will be able to set you on the right path. Make a point to learn as much as you possibly can from them.

Now, there is no foolproof way for starting a business and you will always be faced with obstacles and challenges at every turn. Nonetheless, having the right foundation will make all the difference and turn the tide in your favor.