How to Start a Small Online Business in your Spare Time

If you would like to quit your regular job and enjoy the many benefits of becoming self-employed, you don’t have to take the plunge. What would happen if you quit your job and your new venture failed? This is a justifiable concern and if you have a family and have major commitments, it is very risky to give up a regular income, hoping your new business will be successful. Fortunately, there are ways that you can dip your toes into the world of entrepreneurism without risking your financial future, and starting a part time business is the ideal solution.

Choose your Product

This is the most important decision and the product should be in demand and your business should have a concept, something that rival businesses do not offer. Extensive market research will tell you whether or not your chosen product range is suitable for today’s market. Your marketing research should identify target groups and in your business plan, you should outline the marketing strategies that you will implement.

Funding

While you won’t need a great deal of money to set up an e-commerce platform, you will need to fund the following:

• Website design and creation – You will need some professional help designing your e-commerce platform, which should be a reflection of your business concept.
• Web hosting – You have to purchase a domain name (.com, .net or .org) and have the website hosted.
• Basic IT hardware – You will need a laptop or desktop PC, along with a quality printer-photocopier, plus you need to set up a Broadband Internet connection.

Many Australian entrepreneurs have used the services of https://nimble.com.au, which is a leading online lender that offers personal and business loans, and with an online search, you can apply and receive approval within minutes.

Digital Marketing

Aside from the startup costs for IT hardware and website design, you will need to invest in digital marketing, and this is not an optional thing, rather an essential ongoing expense that will drive traffic to your website. The SEO specialist would compile a digital marketing plan that is designed specifically for your business, which would include social media, perhaps the most powerful marketing tool of all.

Home Office

With just an Internet connection and a decent computer, you have everything you need to go online and begin trading, and by using a spare room at home as your office, you will save money. It won’t cost much to set up an unused room as an office, and by making good use of what you already have, you can quickly create a workstation that will be your business base.

Basic Accounting & Bookkeeping

If you talk to a chartered accountant, he or she will advise you on the best way to formulate your business, plus they will help you to create a bookkeeping system, and with a few minutes at the end of every day, you can accurately record all business transactions.

Many Australians began their business on a part time basis, and as the business grows, you can decide when the time is right to quit your job and give 100% of your energy to your new venture.