The director identification number (director ID) requirement that is now available on the new Australian…
In today’s world, everyone has gone virtual, from schools to hospitals to …you name it … businesses are not left out of the equation. Even company registration is virtual – you are on an online company registration site right now !
Did you know that starting an online business is not just a quick and easy task that you can just whip up over a weekend or even a week? This task is grueling, from web design, market research, online company registration, product research, audience research, and of course, having to contact any regulatory compliance departments for permits or compliancy issues. But! do not be afraid as all it takes is careful planning, time, and dedication. However, there is quite a lot you need to understand before you get the ball rolling. This will help you to avoid errors and help you not waste your time and/or money.
There are so many people today who start online businesses with the misguided ideology that operating an online business is less demanding than a physical one. Although, you do enjoy the freedom of running your business from anywhere in the world.
Here are Ten No Brainer Tips to help you on this Journey;
- Find Your Niche
Just like any offline business, successful online companies should aim at solving worrisome problems that are being faced by their audience (their customers). Before thinking of venturing into the online space, you should do your research, find a product or niche that you’re interested in and go for it.
- Decide on your business structure
This is a very important task as you need to understand the difference between setting up a proprietary limited company and just using a business name. If you decide to go with the former, then you can begin your online company registration here. You can always contact our local Australian Support if you run into any trouble.
- Check and register your preferred company name
Once you have decided on a company structure, you should check for its availability. Your online company registration needs to be a unique name. Our online company registration form will not allow you to proceed if a duplicate name exists in the ASIC database. For easy accessibility, ensure that your chosen name is easy to spell.
- Understand that Marketing is Very Essential
You will need an attractive well written and inviting web page. Your web page needs to grow and contain as much original content as you can. A great Marketing Agency is able to help you here if you your company is in its infancy or well established. Ever since Microsoft founder Bill Gates came up with the phrase “content is King.” it has been used as a reference point.
- Target the right audience
Now that you have a clear understanding of what your online business is offering to your audience, the next phase will be reaching the right audience. Missing it at this point will spell ‘doom’ to all your marketing efforts. There are many tools on the internet that you can use to ascertain and find your key demographic. Hopefully though, you already pretty much know your target audience before you started this venture.
- Select your Web Design Team early
Ensure that you have an excellent web development contract in place because you do not want disappointments and delays. Websites do not appear overnight – it takes time to interview developers and to get your ideas across for them to develop your web site. You will need to decide on a reliable web hosting company. We would recommend you talk to Blue Ocean Web Hosting.
- Get Compliant with Local and State Laws
You need to create a tight consumer law compliant Terms & Conditions for your company and your web site. You could ask your preferred lawyer for help here or have a chat to SS Lawyers who are always willing to help. Obtaining proper legal advice before you start operating your new company or business can help prevent your business from colliding with the law. Once you have registered your company online, there are fees to make changes. Best to get it right the first time.
- Have sound systems set up
For example, have an excellent accounting package for your invoices, expenses, sales and purchases. Tools and systems like online accounting package can save vast amounts of time and make your company more efficient. Seek advice from your accountant if you are having trouble deciding on the best software to use here. If you don’t have an accountant, contact Alliance Partners who are extremely well versed in all financial areas, structures and systems.
- Build your website SEO compliant
Many web developers deliver amazing websites, and it is always a great idea to ask the site to be built SEO (Search Engine Optimised) compliant. There are many many factors that go into Google’s algorithm to decide where your site will rank. Ask you developer about SEO and even if you need to pay a little extra – get it done right the first time.
- Aggressively Diversify
Your online business will be volatile because it is heavily dependent on technology and how it evolves over time. Diversification and willingness to change, try new products, new systems etc will see your business at least keep up with the every changing technological world. Always think outside the box. The trend these days is to sell a product not once but over and over to the same client. It’s called the subscription model. Software these days is sold as like a subscription. It is becoming rarer for you to be able to buy software outright today. For example, if you offer online marketing, you can creatively diversify into creating an online course or something similar. I’m sure you understand what I am talking about..