Awesome Tips To Start Your Own Online Business Successfully

With the advent of technology, it has become easier to start your very own business. Nowadays, you have the option to put up an online store, which can reach more clients all around the world. To put it simply, the internet has opened countless of opportunities that are all waiting to be explored.

If you want to take advantage of what the online world has to offer, then this article is for you. Today, we will be listing simple, but very effective tips that will help you to have a good start on your business. Let’s say you have registered it already and have processed all the necessary documents and requirements, here are the steps that you may want to follow:

First of all, you need to choose your product well. Do a research of what niche would sell the most. Keep in mind that niche is crucial since it can spell the difference between success and failure. Some of the most popular niches include health, fashion and beauty.

For a lot of newbies, picking the product to sell is one of the most challenging steps in starting an online business venture. The key here is to take your time to do your assignment of finding the latest trends and stats that will help you in your decision. There are a lot of factors to consider and you have to make sure that you have covered all of them.

Once you have chosen the product, the next step is to evaluate it. Do more research about it and your target market. Ask yourself, “Is the product a good idea or not?” You should also know about your competition. Write your business plan and come up with specific steps and timeframe. With the plan, you should always be specific. Also, your goals should be measurable and time-bound. Doing all of these will help keep you on the right track.

After doing a thorough evaluation, it is now time to contact the manufacturers of the products you will try to sell in your online store. Check out various suppliers to get the best price and quality. If you want to build a strong online business, you should be able to get the trust of your customers, and this is only possible with a good product and an exemplary customer service.

While finalizing your products, you should also work on building your online platform. There are a lot of free website makers available today. You can easily do your own website depending on your preference. If you are not so sure on where to start, you can always ask for the help of professional website builders. The advantage of getting the help of an expert is that they can execute perfectly what you have in mind, all you have to do is to give the idea.

Aside from the website, you also need to work on your launching strategy. A lot of business owners give away discounts to introduce their products. You can also giveaway coupon codes if you want. So many established online sites do this. One example is Beauty Bay which has a wide range of beauty, skin and hair products in their site. They have available Beauty Bay discount codes for their loyal customers. Another wonderful online store that is very popular is Pink Boutique which sells clothes, footwear and accessories. They also have a Pink Boutique discount code for their clients who want to shop with them with big savings. You can follow this strategy and use this to your advantage.

Lastly, promote your online platform well. The promotional strategy should, of course, be included in your business plan. One effective way to disseminate information about your new business is through social media sites. Using Facebook, Twitter, Pinterest and the likes will help you to reach more potential clients.

There you have it! These are the steps on starting a new online business. What you need to remember is that just like in any business, putting up an online store is a risk, but as long as you have done your research well, you do not have to worry. Just don’t give up and see for yourself how your small business turns into an empire right before you very eyes.

Mistakes Every New Entrepreneur Should Avoid

Mistakes Every New Entrepreneur Should Avoid

Starting your own business can be quite exciting and can also be a bit overpowering at times. If you’re new to the trade industry, there are so many things that may go through your mind when you think about your business.

Being a rookie is something that every successful business owner experienced. Because of the busyness, excitement, and other emotions or scenarios you are encountering, you’re at the risk of committing mistakes. Making mistakes is okay, that’s part of the trade business; but knowing a thing or two about the most common mistakes new entrepreneurs make can give you a heads up. And, who knows, you may possibly avoid these mistakes, too.

Not creating a plan for your business is a common mistake among upcoming tradesmen. While ‘go with the flow’ is a popular motto in life – unfortunately, it does not apply to businesses; most especially when you’re just starting out. Create a business plan and stick to it so your business can follow a firm, established direction and you may just be directing your business towards guaranteed success.

Disregarding marketing of your business is another usual mistake rookies make in trading. Even if you have the best, incomparable, unsurpassable goods or services to offer, you may not get clients if you have not marketed your business well enough.

Not checking if your planned business name is already taken by another business is a careless mistake done by some new businessmen. Do an online check if the name you plan to use for your business isn’t owned by somebody else yet. Otherwise you may be paying a lot of cash in settlement even before your business boomed.

Another typical mistake beginners in the business industry make is not opening a separate bank account for their business. Even if you’re a sole proprietor and trading business is just a sideline for you, you should separate your business’s bank account from your personal bank account. This way you can track your business funds better.

There are a lot more mistakes that can be committed when you’ve just started to find your way in the business world. Being familiar with some of these mistakes may help you avoid them; after all, business mistakes may not only delay your business plans, they can be costly as well.

Young man wearing pyjamas with feet up on desk using computer

Managing Your Business from Home

There are many benefits you can gain from running your business at home: no boss to tell you what to do, you manage your own time, no need to get stuck in traffic on your way to work, and many other perks.

Since working from home can inevitably combine your personal with your professional life, it may be hard to draw the line between the two – but you must. Running a business at the comforts of your home may be convenient, but can be distracting too.

Here are some useful tips you can apply to be able to manage your business effectively from home:

Dedicate an office space for your business – You should reserve a space in your home where you can work smoothly without any distractions or hindrances. Your office space should be restricted to other family members, especially to your children because important files and business documents will be in this area. Your office space should include all the devices needed for your business – computer, telephone, printer, etc. You should also neatly organise all your business-related files in this spot.

Set working hours for yourself – The absence of a boss when you start working for yourself is tempting. But without someone who monitors your productivity means you need to have more self-discipline. When you run a home based business you might end up adjusting your business tasks to the schedules of your family members, and this may affect your productivity and will affect your business as well. Set a schedule for your business so you can stay focused on making it flourish.

Schedule and spend time with your family – If you should reserve time for work, of course you should set aside time for your loved ones, too. This will help you unwind and relax a bit. Going out is also a great idea so you can de-stress and be refreshed for the next business day.

Learn some new basic skills for your business – Running a small business from home would mean you are the accountant, secretary, I.T. representative. Learn the basics of these skills so you won’t have to hire someone else to do these jobs for you.

Being able to manage your business from home can genuinely be rewarding, especially that you get to earn money whilst staying with your family.


My Journey Into Amazon FBA

I have been living in China for the past 6 years and have looked into a few business ventures, however it may surprise you that I never really looked in to exporting which would have been the obvious choice. The reasoning behind it was that I felt I wasn’t really in a position to sell the products within the UK if I was based in China. For this reason, I was always looking into importing products into China to exploit the growing middle class here and their demand for foreign goods which they put a premium on. Whilst I have had some success selling on sites like Taobao, and I continue to sell some foreign brands on that platform, it has never been able to grow beyond what I would classify as a hobby. This is for a few reasons but namely being the large amounts of regulation that is involved with importing products and the large amount of upfront capital that is required.

Late last year I came across Amazon FBA. Amazon FBA will essentially remove the problem of logistics when selling in the UK as Amazon will do it all for you. You can store the products in their warehouses and when a sale is made through their platform they will pick and pack the product and deliver it often times the very next day. Of course you have to pay Amazon a small fee for this but due to their economies of scale I am sure it will probably work out cheaper in the long run as well as saving me a lot of time so that I can concentrate on marketing and driving traffic to the product listings.

I have picked my product which will be fruit infuser water bottles. Honestly, I didn’t do much research into them other than they have a good amount of sales volume. Out of luck when inspecting my bottles here in China I realized I have the same supplier as many of the top sellers in the US and UK such as InfusionPro and Aquatiser. I am quietly optimistic, after creating a small marketing site targeting buying keywords such as, best fruit infuser water bottle, I have already been sending a few sales to Amazon.  It is not a far stretch to also add my own bottle to that site and it will be able to send some traffic to my future listings.

The bottles are scheduled to arrive on May 25th and so will probably be available for purchase in early June. I have also created a brand new site for my fruit infuser water bottles under the brand name FruitMe. If you are interested here is a picture of what my bottles look like!

In future posts, I will go into greater detail on how I sourced the fruit infuser bottles and also my marketing plans going forward!

UPDATE 08/06/2016: The bottles, after taking close to 1 week to travel just a few miles, have finally arrived in Amazon’s warehouse, so if you are interested in buying my fruit infuser water bottle you can do so.


Risks of Import and Export Businesses

Risks of Import and Export Businesses

Every business any entrepreneur builds has its risks. Merely establishing a business, not having assurance of its success, is a risk.

Businesses which involve importing and exporting items can be exposed to higher risks, particularly because these businesses deal with goods and people overseas. Dealing with suppliers or clients from another country can be difficult not only because of distance, but because of cultural differences as well.

Having knowledge of the possible risks of engaging in import and export business can help you prepare for it. You may also minimise the probability of risks and plan strategically to avoid them if possible.

So, what are the risks of having an import and export business?

Having your own business related to importing or exporting goods can help you earn big sums of money. You can import goods with lower costs. Additionally, there are many customers who are interested in products from foreign lands. When it comes to exporting, you can sell exported goods at a higher price overseas.

The risk of your imported goods being damaged while being delivered from your supplier is one of the risks of importing.  The event wherein your ordered goods are damaged in transit is beyond your control. Still, you can establish an agreement with your supplier prior to doing business regarding who will be responsible if the goods are damaged while being shipped. A clear, firm contract is what you need to avoid spending money on damaged goods.

Another risk is the inevitable delays in delivery or shortage of supplies due to uncontrollable factors such as natural calamities. It wouldn’t hurt to stock some extra products or place orders in advance so you still have something to offer your customers while waiting for the new imports to arrive.

Changes in exchange rates are also one of the risks of importing goods. Discussing this with your supplier and sticking to the agreed payment currency can help you resolve this.

Just as with importing goods, exporting goods to other countries has its risks too.

Being an exporter entails making sure that your goods will reach your customer safely and in time. One of the risks of exporting is the possibility of your products being delayed, damaged, or even lost while being shipped.

Not being paid by your customer is also one of the risks of being an exporter. You may want to adjust your payment conditions with the customer to prevent being unpaid.

If you have a new customer, you may be unable to fully check this customer’s credit standing. You may not have enough resources to make sure that your customer is capable of completing payment. One of the best steps you can take is to gather adequate, correct details about the customer before starting business. A contract with a clearly settled payment terms can also help you ensure payment.

These risks should not stop you from creating an import or export enterprise, these should just help you prepare so you can have an idea on how to handle these risks in case you encounter them in the future.

Responsibilities of a Sole Trader

Responsibilities of a Sole Trader

A sole trader is someone who operates his or her own business.  Sole traders or self employed individuals have contributed a great deal in the growth of the business sector in UK continually since 2000.

If you’re aspiring to be a sole trader yourself, you must take into consideration that being a sole trader comes with important responsibilities.

As a sole trader, here are some of your key responsibilities:

You must register yourself as a sole trader. You must register to HM Customs & Revenues or HMRC as self-employed. Doing this is relatively easy. You may just give their helpline a call or simply accomplish an online form from them. Registration as self-employed must be done within three months from the start of trading. Otherwise, you would have to pay a penalty for not meeting the deadline for registration.

You should check if you need to pay National Insurance Contribution (NIC) and Value Added Tax (VAT) and how much you need to pay. Determining whether you need to pay NICs and VATs will depend on your annual income from your business.

You would have to manage your employees’ NICs as well as income tax returns and forward it to HMRC. You have to prepare a special payment system for this.

You should ensure proper documentation of your financial records. Keeping a detailed record of your finances, expenses, and everything related to your business’s funds is necessary once you become a sole trader. On the other hand, you may also opt to employ an accountant or bookkeeper instead.

You should be ready to multitask and perform many jobs. When you’re just starting your own business and don’t have employees yet, you will have to accomplish many roles such as being the manager, accountant, marketer, customer service representative, as well as hiring specialist. You must be able to do these jobs well.

You must be able to manage your time effectively. Just as with being able to do different jobs, you must also learn to manage your time so you can attend to the needs of your business promptly.

Managing your own business is a big task. Just be patient and continue doing these responsibilities. You’ll eventually realise that every effort you put into being a diligent sole trader will pay off.




Startup in progress concept. Successful start-up with growing potential.

The Basics of Starting Up Your Own Business

Setting up your own trade business can be a challenging task. You must be careful in every step you take to make sure that your business will prosper; otherwise you might just end up wasting a lot of money and being bankrupt.

However, if you try to learn everything you can about starting a business prior to establishing it, you may just achieve success in this industry.  Importing or exporting goods in the country has proven to be an effective way of generating income for local trading businesses. This is one of the primary reasons entrepreneurs involve in trading ventures.

So, what are the basic requirements you need to take care of if you’re planning to start up your business?

One of the most important factors you want to consider before starting up your business is planning or choosing the location where you want to put up your office or shop. You have to make sure that the land where you decide to put your business on falls into the appropriate Use Class. The nature of business and all the activities this business would entail would greatly influence the type of neighbourhood you can construct your business in. Additionally, whether you’re intending to build a new premise or aiming to renovate an existing building for your business, you would need to get in touch with your Local Authority Planning Department.

Another essential matter you have to deal with is ensuring that your business will be in compliance with the health and safety regulations set by authorities. To know more about this you must get in contact with the Environmental Health Department.

The equipment and appliances that you will use in your business such as air conditioning systems, heating systems or refrigerators would have to friendly to the environment. For more details, call the Environment and Energy Helpline.

If you’re planning to import products or goods, you must know that there are particular items that you would need a permit for. Proper documentation is absolutely necessary if you’re starting a business. To check which types of products would require licence, you may use the UK Trade Tariff.

If your aim is to employ workers, you need to know about their rights. You have to prepare a written contract for your potential employees, plan a training schedule for them; you have to find out the wage compatible to the type of work you are assigning, you have to ensure that the workplace is safe for the employees as well. These are just some of the rights of employees. To get to know more about the complete rights of the employees and the lawful duties of an employer, it’s best to consult a lawyer or law firm.

Registration of your brand name or logo is also one of the priorities in starting up a business. Approval for registration of trade mark can take time, it’s best to make the registration as soon as you start your venture. Contact the Central Enquiry Unit of the UK Patent Office for full details on registration.

Another critical thing you have to attend to is updating your own details when it comes to tax and National Insurance. If you need assistance in registering as a self-employed, you can phone the Newly Self-Employed helpline.

Getting insurance for your trade business can cost a lot of money, but insurance can provide you with valuable security especially in times of calamities and accidents within your business premise. There are various types of insurance, including insurance for your employees.

These are just some of the basic requirements in starting your own trading business. There are plenty more you can discover as you go along in building your own business. The best thing to remember is to start slowly but surely; so you can make sure you cover everything obligated by law.

Pros and Cons of Starting Up Your Own Trade Business

Pros and Cons of Starting Up Your Own Trade Business

Setting up your own trading business is a tempting idea. Just picture this: you, managing your own business where you’re the boss, maybe even hiring some employees of your own someday – simply imagining it can make anyone who wants to be an entrepreneur smile.

However, no matter how enticing the thought of managing your own business sounds, just like everything else – managing your own enterprise isn’t as easy as it seems; starting up your own trade business also has its cons.

If you’re planning on establishing your own business, it’s best to analyse the advantages and disadvantages you may come across so you can make up your mind and be truly prepared for what’s to come.

Let’s start with the pros of starting your own business:

  • Being your own boss – ‘Being your own boss’ doesn’t mean feeling power or importance over your employees, but rather being free from anyone ordering you to do anything. It means being independent in implementing your ideas and doing your work without anyone telling you what to do.
  • Being able to make changes to your business quickly – Another advantage of having your own business is the ability to swiftly adjust your business if needed. For an example, if you just found out that you have to change your working hours (maybe lengthen it) because of business needs, you can do as you please in an instant. There’s no need for you to get approvals or permissions from anyone.
  • Being able to adjust to your needs – If you can make necessary adjustments when your business calls for it, of course you can adjust your business according to your needs, too. If you need more time for resting everyday because of an illness, then you can simply adjust your business hours without the need to produce an official medical recommendation from a physician.
  • Being able to enhance and widen your skills – If you will start a business alone, then you’ll get an opportunity to enhance your skills on many fields. You can improve on your management skills since you’ll handle your own business. You can work on your marketing skills since you’ll be the one to promote your business. You can enhance your recruitment skills as you will carefully screen, choose, and hire people who will work for you.

Now that we’ve established some of the pros of having your own business, let’s discuss the cons.

  • Being your own boss – Yes, being your own boss can be an advantage as well as a disadvantage. Being the boss means all the responsibilities of decision making fall into your hands.
  • Playing different roles at the same time – Although running your own business by yourself means a chance to utilise and enhance your marketing, advertising, management, and hiring skills, all of these roles may mean a lot of work. Excellent time management will be critical. Performing a lot of different work can also be stressful, so you need to be able to handle stress well.
  • Absence of benefits – Once you run your own business you won’t have the free company benefits you once enjoyed as a regular employee such as free dental and health benefits. You would have to start paying for your own health insurance. Another downside is having minimal time for vacations or days off. Running a business requires a lot of time and effort that you may not have enough time to take long vacations, especially when your business is new and you have no one to entrust its management to.

Running an enterprise is not an easy job. Having knowledge of what to expect, as well as getting familiar with business management’s up and down sides can aid you in making an informed decision. If you believe that the benefits outweigh the disadvantages, then operating your own business may just be for you.