Since 2020, COVID-19 has allowed many companies to successfully run their regular operations online. This cultural change in the practices of the business sector proves that viable ways exist to make income online, such as starting an online business.
If you’re looking to create an online business, you should first identify your areas of strength. Then, you should consider how to use these strengths to fit a consumer’s needs. Once you decide on a business, then it’s time to get to work!
At Nearside, we want to present you with this basic guide on how to build an online business from the ground up. Here are our five ideas on businesses you can easily start online today.
How Do I Set Up a Successful Online Business?
Before suggesting online business ideas, we have compiled some recommendations on how to start your business. Here are five steps that you should take:
Decide on the scope and legal nature of your online business
Find a name for your business and register it
Create an online domain for your business
Open a business bank account
Decide on a strategy for bookkeeping and finances
Decide on the Scope and Legal Nature of Your Online Business
You have two options to register your business: as a Sole Proprietorship or a Limited Liability Company (LLC). What are the differences? Briefly, the law holds sole proprietors personally liable for all debts you would incur during business operation. In contrast, an LLC provides you with limited legal protection against the company’s debts and obligations.
Find a Name for Your Business and Register It
You can register either using your name or create a “doing business as” (DBA) name. Check with the United States Patent and Trademark Office (USPTO) to see if the desired name is available. Each state and city has a different registration process.
Create an Online Domain for Your Business
You can either purchase a website domain name for your business or use pre-existing websites. For example, many artists use Etsy to sell their goods online. Online presence is, however, essential.
Open a Business Bank Account
Be sure to put savings for both business expenses and annual tax payments in a business account. At Nearside, we offer a great business bank account option for small businesses.
Decide on a Strategy for Bookkeeping and Finances
Organize your earnings by either downloading a bookkeeping app or simply using an Excel spreadsheet. Keep track of your income and your business expenses for both taxation and tax deduction purposes.
Five Online Businesses to Start Today
Here are five ideas of online businesses that you can start:
Become an Online Freelancer
Teach or Create an Online Course
Flip Old Furniture, Kitchenware, Etc.-Then Resell
Become a Web Designer or App Developer
Sell Your Handmade Goods Online
1. Become an Online Freelancer
If you have any specialized skills, consider online freelancing. Video editing, writing, accounting, using legal knowledge, marketing, and so on, are all desired online freelancing fields.
To start an online freelancing business, you should join websites like Upwork and Fiverr. These freelancer sites allow you to connect with clients and build your portfolio of work. However, these websites normally charge commission on your jobs.
2. Teach or Create an Online Course
Consumers value gaining knowledge from online classes. All you need is a camera and video editing software. Decide on a topic that you are familiar with, and then create your course.
You can post your course either on your website or on sites like YouTube or Vimeo. YouTube pays you in ad revenue after hitting a certain number of subscribers and watch time. Vimeo allows you to put your course on “private” so people must pay to see it.
Udemy and Skillshare are other options as well. Successful online courses eventually become a source of passive income but require a lot of work upfront.
3. Flip Old Furniture, Kitchenware, Etc.-then Resell
For those shopaholics reading this, flipping furniture and other goods is a great way to make money. As long as you have a creative eye and attention to detail, you can easily make this into a successful online business model.
First, you should browse either your local thrift store or Facebook Marketplace for items that are cheap that you can flip. Then, do some work at home to restore them.
Finally, list the item on Facebook Marketplace or Craigslist at a higher price that covers both the materials you used to restore it and a profit margin. You can also offer shipping options so that you can sell your restored items throughout the country.
4. Become a Web Designer or App Developer
Anyone who has coding and graphic design skills can become an online web designer or app developer. You can use websites like Upwork or Boxmode to gain a client base. As you build your portfolio, you will find more clients and higher-paying jobs.
Learning skills like SEO marketing for search engines or email marketing can give you an edge that other designers or developers don’t have. The more experience and skills you have to offer, the more likely people will hire you.
5. Sell Your Handmade Goods Online
Selling food or art online is a great way to make money. If you are an artist, using sites like Etsy, Craigslist, and Facebook Marketplace allows you to reach a larger audience to make sales. You can also attempt to start your online retail shop.
If you are a fantastic baker or cook, you can also start a food delivery or pickup service. All you have to do is advertise your services online. Make clients’ orders at home then find an online delivery service or do it yourself.
Who Can Help Me Get My Business Started?
If you are looking to start an online business, Nearside can help. We provide new business owners with banking and lending services to help jumpstart your company.
We believe that lending is not a permanent solution and that your business should start earning money as soon as possible. That’s why we offer a 2.2% cashback when you use your Nearside debit card to purchase items for your business.
Why wait? Open your small business bank account by calling our Nearside team at (888) 516-2369 today. You can also submit an application for a new account in minutes on our website.