Tips for Starting Your Online Business

Since the downturn of the modern economy, small businesses have seemingly been popping up everywhere. People across the country are finding new ways to boost their incomes and others are looking for ways to start fresh. One way to do that is to create an online business. Online Businesses generally are cheaper options than creating a physical storefront. Online businesses don’t require rent payments, and that can save anyone a lot of money. Here are three things to keep in mind when starting your very own online business:

Be Creative – Because there are so many online small businesses in existence today, it is important to get creative with what you offer, how you run your business, and what your website looks like, to name a few examples. Before you begin, it is crucial that you have a business plan in mind. What will you sell? How will you sell it? How will you market yourself? How will you earn the profit you need to maintain and improve your business?

Understand Your Competition – When you understand your competition, it can help you know what you need to do to keep up and to eventually surpass them. If you are new to the industry, knowing and completely understanding your competition can help you figure out a starting part for your own business. Consider it as your inspiration and motivation.

Organize Your Storefront and Your Records – Organization is one essential key to a successful online business. The type of business you start will determine the type of organization system or software you will need. If you are selling items, look into some inventory software that can help you keep track of what you have in stock, what you have sold, and what you need to replenish your stocks. This can also help you organize your storefront, which can attract potential customers and clients.

These three simple things can provide you with a strong starting point, a stable foundation. You may not see profit right away from your new online business, but if you stick to the three points above and continue to add to your basis of knowledge, you’ll eventually see the results for which you have been hoping. While it may be intimidating to start something new in an unsteady and unstable economy, you can find success and fulfillment. You don’t have to start large. There are many websites currently up and running that offer a space to those selling their items or services. Start there and take it one day at a time.

Falling Out With Your Business Partners – Is a Formal Partnership Dispute Inevitable?

Even if a business partnership started out on the best of terms with a positive relationship. Things happen over time which can cause the partnership to end on bad terms. A dispute of this kind can be fairly time consuming and stressful.

If a business partnership dispute gets to the point where the partner simply cannot come to an agreement between themselves – one of the partners has seriously betrayed the other’s trust or acted against the partnership’s interests – it may be that the best and only option is to end the partnership entirely.

However, the process of ending a partnership because of a business partnership dispute is nowhere near as easy as many people think. Everything is not simply split in half for each partner. The outcome and legal situation is highly dependent on several factors. For example, if one or more partners want to leave the business whilst the others remain, you will need to consider whether or not there is a written partnership agreement is in place, and if so what are the terms – the alternative being that the business relationship is governed by the Partnership Act.

Unfortunately, there is a high correlation between any business partnership dispute and the failure of the business. This is because it is hard to smoothly run a business when there is dispute in the partners, or if the partners are not exactly seeing eye-to-eye, and may even refuse to work together in any capacity, until the issue has been resolved.

Many complications can arise in these sort of disputes. One partner may want to end the relationship and even the business itself, whilst another may want to continue to keep the business open. Third parties may be brought into the equation to try and come to a solution through either mediation or arbitration. If a solution can’t be found, the next step is usually trying to reach a resolution through the courts.

Sometimes litigation is the only option if all other avenues have been exhausted. However, if there is a business partnership dispute in which one or both of the partners thinks that the end of the partnership is inevitable then it may prove impossible to rescue the relationship.

Dissolution of the partnership may lead to the sale or closure of the business; make sure that this is done legally and correctly, and try not to be in a hurry to sell, as it’s likely that you won’t get the best deal possible.

If you and your partner are currently having a business partnership dispute and need legal advice, it is absolutely essential that you receive the best and specialist legal advice available so that you can analyse all of the options available. If your partnership looks like it is going to end, along with the business, be sure to take the appropriate steps and get legal advice as early as possible.

Can Your Business Pass the “3-C Test”?

If you own and operate any kind of small business, then there is something you can do right away to get a good indication of how well your business is doing.

No.

It does not have anything to do with money… or balance sheets… or profits… or any of that stuff.

Rather, this is a more of a “gut feel” idea.

And I guarantee it will tell you how well your business will do if anything out of the ordinary (like a down economy) creeps up.

Ready to see what all this is about?

Good.

The how about a test?

Don’t worry.

It won’t be any kind of brain buster.

No.

This test will be fun.

And at the end of it… you’ll discover something very eye

opening about your business.

Ready?

Give a listen:

Pretend for a minute that you hired me to make your business “better”.

Do you know the first thing I’d do?

I’d pick up your telephone. And I’d randomly call 3 of your customers. And when I got each on the phone, I’d ask them a simple question that would give me a good indication of how well

your business was doing.

What would I ask?

I’d ask each customer to tell me how well they know YOU.

And based on what they said, I could determine the health of your business.

How could that be?

It’s simple:

Doing business in 2012 is brutal.

Why?

Because in every field there is competition up the wazoo.

And the “X factor” that will help (or hurt) your business is how your customers feel about you.

Do your customers even know you?

And if so then how deeply do they know you?

If you have a “surface relationship” with your customers then that won’t cut the mustard.

You need to go deep with your relationship, and there are many easy and fast ways to do this.

In fact, I call this the “3-C test” because all I gotta do is randomly call any 3 customers in your database to determine how strong your business is.

And here’s something else:

If you are serious about growing your business, then more than likely all you need is a few more good ideas like the one in this article.

So ask yourself this:

Where can you turn for more good ideas like what you just read in this article?

In my humble opinion, you have to be careful where you look for good ideas because just about everybody and their brother claims to be a so-called ‘business expert’.

Remember:

Saying is one thing.

Doing is another.

And so if you connect with my style then take a look at my author’s box below because I’m full of plenty more small business marketing ideas.