Dream Big But Have a Product Or Service to Sell
The first step of starting an online business is constantly developing a product or service to sell or promote. You are either going to sell a product or service no matter what you decide to do. In today’s business market, many people are on some social media (Instagram) platform to promote a product or service. Even if all they do is tell you what they do daily, that is a service. Someone will then like or share that post, and if they have enough followers, they can sell advertising on their channel or get a sales commission on what they are promoting.
Write Your Ideas Down
Start writing down what your online business will provide. Don’t worry if it changes, but mentally something happens when it’s on paper, and you post it on your kitchen refrigerator or where it is you post your items to remember; your mind will see it and process the steps to get there.
- Have a service to promote?
- What products do you like to sell?
- Are you a writer?
- Do you have hobbies you want to share?
- Maybe you want to share your lifestyle change.
- The ideas are endless if you are willing to work.
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Make A Move
- Decide what product or service you are going to offer your audience.
- What void are you trying to fill for your audience or clients?
- Write down your business plan or overall Idea on how it will work or what you want to do, and let your mind process what it takes to get there.
Take ACTION!
Like anything worth starting, you must act and start the process. This is where most people stop. Once they write down what they want to do, they fail to take it any further.
It might be fear of failure or fear of embarrassment thing that stops you, but when you look at yourself in the mirror, it’s only you that’s stopping it. This is where it’s essential to surround yourself with like-minded business associates. They will help you by encouraging you and giving you the motivation necessary to start. When you look at other successful people, everyone says they were lucky somehow, but no one understands their work and failures to get there.
Start the process and act now.
Follow me to guide you on what I did right and wrong, so you don’t make the same mistakes.
- Decide what product or service you are going to offer your audience
- What need void are you trying to fill for your audience or clients
- Write down your business plan or overall objectives of what you want to do, and let your mind process what it takes to get there.
- Take Action
Business 101
- Legal Business Name and IRS EIN Number for the U.S.
- Please check your local laws if you are outside of the United States
The next order of business is creating a legal business entity. Hence, your audience takes you seriously, and, in most cases, you will need an IRS-filed EIN registered for sales tax and product resale purposes. I create my legal business name: GNA Global Services LLC, through LEGAL ZOOM.
Do you need to have a legal business name to start a business? No, but with everyone happy to sue everyone else, why do you want to chance losing everything you worked hard for? True, if you have nothing, they can not take anything, but at some point, you will, and you need to be sure your business is set up correctly with Legal Zoom.
LegalZoom
LegalZoom even files your EIN tax ID with the IRS, so you have to. They also have additional paid legal support when the need arises. Starting your online business through LEGAL Zoom is an intelligent and effective way to save money and time. Don’t hesitate to create your LLC process with LegalZoom.
What do you need to start an online business?
- Decide what product or service you are going to offer your audience
- What need void are you trying to fill for your audience or clients
- Write down your business plan or overall objectives of what you want to do, and let your mind process what it takes to get there.
- Take Action
- Come up with a business name to register through LegalZoom
Money Honey
It takes money to make money, and that won’t change soon. Depending on the type of business you want to start, you can easily spend hundreds of thousands or more to buy an established company. If that’s what you want, this post is not for you. My experience has always been starting every new venture from the ground floor. And do what you can to save money somewhere. I have a technical background and watched countless YouTube Videos along the way to help me understand what’s involved or straightforward enough to do it myself. I am not suggesting you take everything on yourself but be knowledgeable and understand what it takes to do the work needed. It comes in handy for negotiating prices.
Sample budget:
For my initial budgeting, I started with 6,000 USD in my business checking account for this venture. Once you register the LLC, you can open a business checking account. I bank with one of the larger banks in the US, and there is little fanfare about opening a business bank account if you show all your legal business documents from Legal Zoom. With most business accounts, you need to keep a balance of 2,000 USD or more, or they will charge you a monthly banking fee of ~$15.00. I always keep my account above the required balance. What’s important at this step is understanding your cost of goods.
Now the Cost Of Doing Business
Be sure you know what that price is and what it costs to make, move, store, and ship it. My inventory is small enough to keep in the garage until I build enough volume to move it to a Fulfillment warehouse. Do you have the space for inventory or an area to prepare your list? Many great businesses started in the garage or kitchen table. Do what it takes to succeed!
What do you need to start an online business?
- Decide what product or service you are going to offer your audience
- What need void are you trying to fill for your audience or clients
- Write down your business plan or overall objectives of what you want to do, and let your mind process what it takes to get there.
- Take Action
- Come up with a business name to register through LegalZoom
- Open a business account and be sure you understand the business fees your banks will charge
- Have an initial investment ready to start your business
- You will need to research and understand the ongoing costs.
- When you start your business, it can take at least six months to a year to see any money come in to cover your ongoing costs. Be sure you understand this step before committing your investment to your business
- Download the free Online Cost Of doing Business Worksheet to help you plan for your budget
Know your Business
What’s important at this step is understanding your cost of goods. Be sure you know what that price is and what it costs to make, move, store, and ship it. My inventory is small enough to keep in the garage until I build enough volume to move it to a Fulfillment warehouse. Do you have the space for inventory or an area to prepare your list? Many great businesses started in the garage or kitchen table. Do what it takes to succeed!
| My Online Business Starting Cost Planning | |
| Service | Cost |
| Legal Zoom Business Name | 250 |
| Legal Terms, Private and Refund Policy | 350 |
| Go Daddy web Hosting | 360 |
| Go Daddy Email Hosting | 100 |
| Business Consultants* | 200 |
| Word Press Consultants * | 200 |
| Web designer | 200 |
| Label/Banner Designer | 200 |
| Product Inventory (3 Products) | 2000 |
| Warehouse | 0 |
| Special Equipment | 0 |
| Rent (starting in the home) | 0 |
| Travel Expense | 0 |
| Business Seminars | 0 |
| Total Start Cost So Far | 3860 |
*Will increase
Download my free budget worksheet by registering for my newsletter below and start planning for your Online Business Today!
Wrap Up:
Finally, read MY STORY on how I was fat and unmotivated, turned my life around, and stopped eating ultra-processed foods. Not only will I tell you what I did to start the process of losing weight but also how I added exercise to do it right. I am a regular guy following a simple plan who was able to change his life around, and you can too. Also, check out Stop the Global Fast Food Insanity! – FAT FIT FREE , Losing weight with psychedelic mushrooms! and How Exercise Improves Your Mental Health– FAT FIT FREE
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