The world has now exploded into a global commerce platform where anyone from a desktop or a laptop can start an online business and start making money. In the past people would have to get bank loans, buy or rent buildings or office space and hire employees. Today the majority of people are sitting home in a spare bedroom or at a kitchen table creating an income.
The Next Generation in Business
Before you get started in your quest for making money online you will want to first understand how some the laws work. The FTC has guidelines to starting and running an online business. These rules will state how you can make claims, what disclaimers you can have and much more.
Deciding on your business model
Establishing a strong successful business begins with deciding on a business model. For online businesses you can either have products or services. With a product based business you are focusing either wholesaling a product, drop shipping a product or creating a custom product and selling that.
For a service business you want to make sure that it is a business that you can run and can sustain you. The main problem with service based businesses is that you are the business. This means that you are the one doing all the work and if you are not performing then you are not making money.
There is a combination of businesses where you sell a physical product associated with a service based business. This still needs to be defined as either a product or service business for classification sake. Either your primary focus is to sell a product hence the service is an add-on or you are selling s service and products are the add-on.
The process of running an online business or a business in general the big question you will need to answer is how will you get paid or pay others. The first way is to do PayPal. PayPal is the standard for online businesses. However, there are some people that don’t like or use PayPal so other options are needed. The next would be to transfer money from one bank to another. This can be done a few different ways but will require you to have their banks account number and other details.
When creating an online income you will need to have shopping carts or another transaction barrier between you and the customer. The customer will first visit your website and decide if they want to make a purchase or not. If they do they will go through the shopping cart system. At the end of the process the customer will pay you. This is where you can decide on your payment options. Once your transaction is complete money will be transferred between everyone completing the sale.
It is important that you find an integrated system that works well together. Having multiple systems with a lot of moving parts will make the process more complicated than it needs to be.