Starting an online business has never been easier. The costs for launching a new venture are minimal and the tools you need to make it happen are plentiful. And with the ability to connect at Internet speeds that are extremely fast (as well as the ability to connect anywhere there is an Internet connection) you can have a very profitable business without leaving your home.
There are some waters you must navigate in order to sail the information highway however, and as easy as it is to get started with your new business, it is essential to consider five rules or business tips before you make that commitment to push out into new waters.
1. Research Oklahoma Tax and Business Laws: The Internet gave us the ability to make sales across the globe in a blink of an eye, but it has seen quite a change as the IRS and local governments seek to find the best way to deal with online ventures. Some states don’t require an online sales tax, while others do. You also have to consider how the State of Oklahoma classifies online businesses and ensure your company is set up properly if you incorporate. I recommend hiring a professional accountant or attorney versed in operating on the web.
2. Find and Purchase a Great Domain Name: Finding a great domain name can be very difficult these days. Many standard or popular type names are already bought up and you will have to be creative in discovering one that works for your business name. You should always keep your business name short and memorable, and you would be best off if you can get the .COM extension because it’s always going to be the extension people check first.
3. Launch a Professional Website You Can Manage: One of the best ways to ensure your venture is a success is to invest in a professional website. This doesn’t mean you have to pay thousands of dollars anymore, but you do want to avoid cheap options like the GoDaddy website builder or other similar options out there. You get what you pay for and when you are counting on your website or blog to bring you sales, having a site that breaks can quickly kill your business. One other item to consider is the ability to manage and update your site yourself if needed. Don’t be held hostage by a “Web Master” who disappears or gets busy. Choose a platform like WordPress or SquareSpace that anyone can learn to use.
4. Get Social Online AND Offline: Social media isn’t a magic bean that you can just plant and watch it grow. You have to invest time into cultivating the seeds you plant and water them continually in order to grow fruit. Social media does work if you use it properly and choose the best tools that work for you and your situation. But you can’t just hide behind the computer either! While the web does make it easy to offer your services or products to the entire world, it is also beneficial to get out and build a community in your actual community.
5. Start a Business You Are Passionate About: There are plenty of opportunities for you to make a very lucrative living online, but if your only goal is the money, you will find it more difficult to build a sustainable business. I always advise entrepreneurs to start a business in something that truly interests them and that they see themselves doing five to ten years down the road. If you are passionate about your business idea, it’s more likely you will stick with it through the tough times – and there will be plenty of tough times!
Of course there are a lot more options or ideas to consider when launching an online business in Oklahoma. In the coming weeks, I will write more advice on this topic in an effort to help you be fully prepared for this type of adventure. In the meantime, please feel free to post your questions on our Facebook page or comment to this post.
