Whether it is online or offline, starting a business requires the same efforts, patience, and hard work. But when it comes to opening an online business, it has become comparatively easier nowadays. This is because of lesser funds required than the offline business as well as the work demands in an online business are less.
In order to establish any business, the base should be very strong. Here mentioned are certain steps which can help you to gain an insight into how to register a business in the UK. These steps might not be followed in a sequential manner but are a strong base for an online business.
1. Get an idea about the New Business Idea’s feasibility
Since online businesses are easier to start, some people do not bother to dig more while doing their homework. But this should not be the case. Like for the offline business, you check everything before starting the business, similarly, the first step taken while starting an online business should be checking the feasibility of your business idea.
This is very important because the most amazing ideas can also flop if there is no reach to the market. This will just waste your money and will get you no gain at all.
In order to evaluate your idea, you can ask these questions to yourself:
- Does the product/service you’re about to launch solve the problems of the customers?
- Is the solution/service provided by you cost-effective?
- Are you open to spending more money to solve the problem?
- How much will it cost to reach the needy people?
2. Make a Plan for your Business
When you confirm that your idea is totally feasible, the next step is to make a business plan. At the initial stage, even if you do not plan to get funds, making a plan for your business is essential because it helps you in figuring out the problems that may arise down the line, the plan for future growth, and the profits involved.
A good plan is capable of clarifying your aims, assisting you in making better decisions, and differentiating between success and failure.
3. Choosing the name of the Business
This is a very important task as the name reflects almost everything about the business. Since the business has to be online, the name must be chosen keeping in mind that it must be available for registration in your state.
The name you choose must be available as a:
- Business name in the state
- Domain name
- Username on every social media handle you are planning to connect with
4. Think and decide on a Business Structure
Deciding upon a business structure is very important. The structure chosen will support the legal requirements you need to meet. Most businesses have one of the following structures:
- Sole Proprietorship: The most basic form of a business structure but lacks liability and is very simplistic.
- Partnership: This is preferred when you are looking forward to working with a partner.
- LLC: Limited Liability Company is one of the most popular business structures of all. It offers limited liability without any additional complexes of incorporation.
- Corporation: It is similar to LLC but is more complicated. It can work in certain circumstances only.
5. Taking special care of all the Legal Tasks
Like offline businesses, online businesses also require all the legal documents and paperwork in order to establish a strong legal base and foundation which includes:
- Registering the business with the most suitable government authorities.
- Getting all the required permits and licenses.
- Fulfilling all the tax requirements.
Legal tasks are important in order to make the business flourish. Once the legal tasks are sorted, the business can be free from any kind of crime or any other legal issue.
6. Create the website
It is one of the most essential steps while starting an online business. A website is the face of your online business which not only provides a virtual platform for the business to exist but also creates a virtual marketplace for the consumers.
While creating a website, choose the name very carefully because if you keep a complex name, people might find it difficult to remember. Also, check for the browsing speed is not very slow else the customers will get irritated and won’t visit the website more than one time.
The website should have a minimal design and most importantly it should have a faster loading speed. Also, make sure that your website doesn’t have on-site SEO errors. Ensuring that a website is good enough is really important because the business is online itself and the website is one of the most important pillars.
7. Develop and Apply the Prelaunch Marketing Plan
It is essential to make a good market plan for your online business. The business plan you make will contain the information related to developing the most effective marketing strategies for the customers. Irrespective of the plan and strategy made, you must not jump to the implementation beforehand.
By making a guess about the future target market, you will be launching successfully. The market gives an estimate about how the future growth and business sales are going to be.
8. Launch the New Business
In offline mode, it is known as “cutting the ribbon” but it will be a metaphor for the online business when you want to announce that you’re open in the business world.
The announcement of the opening can be made in varied ways like:
- By using social media platforms
- By mailing the recipients in your email list
- By starting online ads
- By using the traditional ads
During the launch, it is important to highlight the benefits and all the bests about
the business so that people are intrigued and show interest in the business.
Opening an online business might be a little easier than an offline business, but it still is no less than a task. Devoting proper time and thought is essential when you want to open an online business. It is important to let the people know everything about the business in order to draw them towards it.
Open Business Council offers resources, Trade Finance, business advice, SME Finance and a forum and directory for businesses! Improve your business and use the best digital, financial and funding tools to grow ROI – return on investment and ROA – return on attention!