The world of business is getting smaller and smaller thanks to the Internet.
Formerly unheard-of marketing teams from Asia and Eastern Europe are launching campaigns that rival that of elite ad agencies from Los Angeles and New York which used to dominate global marketing.
In recent years, social media and other online platforms have made it possible for small eCommerce platforms and marketing companies to take on the global stage.
So if you’re an entrepreneur in this digital era, what can you do to ensure that your own online business starts off on the right foot?
Do Your Homework
Do everything you can to accurately determine the market potential of your product, service, or whatever big business idea you have. This includes computing the initial costs, factoring in social media and web presence, weighing up any potential risks and problems down the line, and basically determining whether or not the business idea is worth bringing to fruition online.
Furthermore, as the guide to market research for startups by 8px Magazine outlines, being armed with these necessary details also makes it easier to impress and gain potential investors.
The more you know about your target market, competitors, and industries, the better you can work with investors and partners to turn your idea into reality.
Hire Remote Staff
There are several reasons why hiring remote staff is beneficial for small online businesses.
One study by Stanford University in California details how work-from-home employees were found to be at least 13% more effective compared to those who work in physical offices.
Furthermore, remote hiring and outsourcing also allow startups to pay reduced salaries, which can result in up to 90% savings in labor costs when hiring workers from countries like the Philippines where the cost of living is comparatively lower.
As the world embraces remote working, it’s also easier than ever before to find the remote workers that can take your business idea to the next level.
Form a Limited Liability Company
Compared to a sole proprietorship, partnership, or corporation, a limited liability company (LLC) offers more flexibility for small online businesses.
Forming an LLC not only offers liability protection for its members but also the option to choose how the business will be taxed.
For example, in Washington, the latter can come in handy due to the notoriously complex taxation process, particularly involving the business and occupation tax as well as the sales tax levied on online businesses.
As the guide to LLC formation in Washington by ZenBusiness discusses, members may opt to be taxed on either their personal returns or as a corporation.
An LLC through its operating agreement may also determine its own structure, down to the division of responsibilities and distribution of profits and losses. This flexibility allows its members to easily navigate complex taxation and other rules for online businesses, whether in Washington state or elsewhere in the country.
These are of course far from being the only concerns that a fledgling eCommerce or digital marketing startup needs to worry about when starting a new business online.
However, if you start out with a flexible business structure, the advantage of remote or outsourced staff, and accurate market research, you’re already paving your way to eventual success.