Small Business Online ? Cheap, Smart and Effective | Small Online ...

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Small online businesses are doing extremely well and are becoming large businesses, and it?s because of good economics. The overheads are low and the market is gigantic.

Even getting finance doesn?t involve much of a risk ?cause depending on your location, you can get fast loans to cover your expenditures easily. The fact is that a lot of people are taking advantage of these factors to create multiple streams of income, and it?s working out brilliantly.

Here?s a quick look at what it takes to setup and run a small-scale internet driven business and why it?s a cheap, smart and effective move .

Basic Cost Of Running A Small Business Online

The core costs of small online businesses are pretty basic:

1. Computer: A basic consumer-type desktop computer or laptop notebook will do, but you may want a ?clone? with custom features. These computers aren?t particularly expensive and could cost you as little as $300 when the major IT outlets are having a sale.
2. Internet Service Provider (ISP): Your internet access needs to be costed in advance. In countries like Nigeria where the service can suddenly vanish for days, it?s advisable to have at least 2 internet service providers just like I do.
3. Web Hosting and Design: When hosting your business online, you?re better off starting off with the best when it comes to quality and premium customer care service. I can never recommend Hostgator too much. They are one of the best in the game and that?s why I host all my sites with them . Also remember that you may need special services like online stores depending on what your business model is all about.
4. Payment Processor: No online business is complete without an efficient way of collecting credit-debit card payments. 2CheckOut not only processes your credit card orders but also handles PayPal too. Check out 2CheckOut Online Credit Card Processing Application Guide.
5. Materials: Depending on your line of business, you may have to acquire production materials and equipment. Check out these costs thoroughly. Also remember you can rent equipment if required and reduce upfront outlays.
6. Bookkeeping and accountancy: These are critical for businesses. Administration and keeping track of your financial records is absolutely vital, particularly if you?re getting finance/loans. Getting professional help in this area will save you a lot of time and trouble. If it?s a family business and someone in the family has some stunning insight into the world of business, you can count that as a save .
7. Tax: Never, ever, ignore this element of your business. You need to be well on top of this area of doing business, because you can get hit with some heavy charges if you?re not.

Basic Skills Needed To Run An Online Business

The skill sets in doing good online business are also relatively straightforward.

1. Business training- Yes, you do need this. These skills pay for themselves, many times over. It?s like learning a language, and it will also help you to understand your clients? needs a lot more effectively. You don?t need an MBA, but you do need to know how to work with your business materials, handle financial information, invoicing, receipts and other basic business operations.
2. Appropriate qualifications and certifications for jobs: Depending on the field you?re working in, you may need to show credentials for many types of contract work. If you?re a graphic artist, you may need to show proof of your ability to work on mainstream platforms like Adobe, for example.
3. Client relations: This is the business version of ?people skills?, and it?s a big issue when working with clients. Communications and the ?interpreter? role of contractors explaining business issues and options are core skills for online business.

Standard Sources Of Finance For Small Online Businesses

All small online business ideas vary in terms of their need for finance. The fundamental rule is ?Don?t borrow more than you can cover easily?. Cash flow is the primary issue for online businesses, and the truth to be learned here is that you need to keep the financial pressures off yourself as much as possible.

Stick to basics when borrowing, and try to keep your borrowing down to cash loans levels where you can get the things you need without risking future income or assets used as security. Always look at alternative options for getting the things you need, and don?t pay top dollar unless you can?t avoid it.

The bottom line for small businesses is survival. It takes time to get any business up and running, but you?ll be glad you spent that time setting yourself up properly. Small businesses are cheap, smart and effective ways of making money online. Focus on those angles, and you can?t go wrong .

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Source: http://www.strictlyonlinebiz.com/blog/small-business-online/2202/

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