If you’re looking to change your career path completely, start a small business from home or turn your hobby or blog into something that is a more lucrative side hustle, there has never been a better time to try than right now. Having a better work-life balance has become increasingly important in today’s society, and more people are opting to work for themselves. While being your own boss is never an easy journey, it does give you the chance to pursue what truly makes you happy and gives you the flexibility to work around other obligations in your life such as family and friends.
Becoming a parent does not mean you have to sacrifice your career as there are now plenty of opportunities to start a business from home while juggling the demands of children. With many online platforms providing the basic tools you’ll need to get the ball rolling, you no longer need to be a computer genius to be successful. Here are the basic steps you’d need to take to start an online shop:
Decide what to sell
The first port of call is always deciding what to sell, and there are many factors involved here. It’s best to stick with products you’re familiar with and have the knowledge of how to take them to market and sell; consumers will want to buy from a reliable brand.
Take supply and demand into consideration. How easy is it to source your product, and is there a demand from consumers? You don’t want to end up with a mountain of stock that you’re struggling to get rid of.
Find the right suppliers
Finding the right supplier is crucial to having a successful business, so start by ordering some samples of what you want to sell. If the quality and price are what you’re looking for, determine whether the shipping times and logistics will work for you.
Do background research on the credibility of your supplier as any unlawful business practiced here will be connected to you. These checks are an important part of running a legitimate business and will prevent any unintentional involvement in VAT & MTIC fraud.
Set up a website
Choose an online platform where you want to start selling your goods; companies such as Shopify, and Squarespace can help you here. Compare the monthly rates and the services they can provide, which are often determined on how many products you want to sell.
Take advantage of any free trials; it’s the perfect way to test the water and see how you get on before fully committing to an annual online plan. You’ll then need to purchase a domain name and business email address too.
Register your business
When your business starts to make money you’ll need to register as a sole trader and keep a record of all sales and expenses, return a self-assessment tax return each year and pay income tax on any profits made.
While there’s a lot to think about when setting up your online business, these basics will get you started and don’t forget to enjoy this exciting time too. If you’ve done your research properly and put in the required time and effort, you’ll soon see the benefits of all that hard work.
