Common wisdom says that having multiple sources of income makes for a solid base for financial stability and freedom. For many people, having an online business is a great way to generate income. Once you’ve figured out what niche product or service to sell online, conducted your market research and developed a business plan, what’s next? Here are some important things to ponder to achieve and maintain success.
The Right Platform
It’s important to select the right platforms to feature, market and sell your goods/services. If you’re selling handmade items, a platform such as Etsy may be the best setup for you. It’s a well-known site that attracts the type of buyers who may be most interested in what you’re selling. Perhaps your business would best be accompanied by a blog with posts that highlight or feature certain aspects of your trade. Social media is a powerful marketing tool and you’d best be served by something that connects easily to a YouTube channel or Facebook page. Multiple platforms exist with different features that help you easily create an online store.
Secure Shopping and Fraud Protection
Although online businesses have been around for years, it is incumbent upon you as a merchant to provide a secure, hassle-free shopping experience. Customers should feel that their credit card information is safe when they shop online. Similarly, you also need to make sure that you’re protected from ecommerce fraud. Merchants stand to lose a lot of money when customers commit chargeback fraud. This refers to a buyer purchasing products online with their own credit card and then requesting a return of their money after they’ve received the products. This return of money and loss of the purchased product is a double whammy for your bottom line. Consider looking into Ethoca chargeback protection.
Owning and operating a business comes with a fresh set of tax responsibilities to consider. You don’t want your profits to be decimated by tax debt or tax penalties. Even if you have a firm grasp on managing your taxes as an employee, you should consult a tax professional who understands regulations and can help you take advantage of credits and deductions to improve your bottom line.
The Internet is a great marketplace that holds a lot of potential if you know where to get in. Having an online business is not only a great place to bring in extra income, but it can be exciting and educational as well. With careful planning and a little luck, your online business may be so successful that it becomes your main hustle.