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What is the first step in starting an online business?

I am interested in starting an online business.
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2 answers

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Jasanpreet Kaur’s Answer

I would like to highlight the essential things that you need first before starting a business and then followed by the steps that you need to take in order to start an online business.

  1. Identity what type of products you want to sell
  2. Do market research on the products you want to sell.
  3. Learn about your competitors.
  4. Study the market you want to tap. (By this I mean, what type of customers)

In short, plan well before you execute something.

Now, below are the steps to start an online business:

  1. Select a name for the Company
  2. Purchase Domain name
  3. File your Company formation (Legal work which is utmost important)
  4. Set up your finances (Again, utmost important)
  5. Sales Tax and Licensing requirements knowledge (Again, utmost important)
  6. Design and build your website
  7. Start doing marketing of your Company through Google Ad-words, Facebook, Instagram, Twitter etc. in order to invite more traffic.

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Aretha’s Answer

Research to see if it is a viable business choice, then you may want to start by choosing a domain name that represents your vision and product.