Jasmine's Place Issue No. 9 - January/February 2014 - Page 46

FEATURE 10 Steps To Setting Up An Internet Business From Home Practical tips to help you begin your own home Internet business. Navigate everything from legal, branding, and technical aspects to launch a successful venture. By Ramona Hirschi Winner of Business Boost Awards 2013 If you are thinking of running your own business and would like to sell products online, then this simple guide will take you step by step through the process from setting up to running it from home. This is not from an MBA or a business book but from personal practical experience setting up our online business. 1. Research The Market Before you start your business,, research the market: Find out: • what consumers are buying. There’s no point selling things people do not want. • what other businesses are selling (ie. the competition) • what prices your competition is selling things. If you can sell it for cheaper than your competitor or offer “added value” for your product to the consumer, then go for it. If you can’t, look for another product • from where you can get the products (ie. your supply source) • what gross profit you can make from each product (roughly the retail price minus the cost to you) • How or where you will store the stock; home garage? Self-storage unit? Industrial warehouse? 2. Write A Business Plan Failing to plan = planning to fail. Write a business plan. Did you hear that? Write a business plan. It will force you to think of issues you’ve not thought of and show you any areas that need more attention. It’ll show you if you need more money and whether you’ll make a profit. JASMINE'S PLACE 46