5 Reasons Why An Online Business Is The Best Home Business

Over recent years, people from all walks of life have had their entrepreneurial spirit sparked into looking for the easiest business to start. The recessionary climate and increasing unemployment levels mean millions of people are waking up to the fact that they need to take control of their future. To do this, new entrepreneurs want good businesses to start so that they can generate a new and sustainable income stream.

So what is the easiest business to start? It’s sensible that the best business to start will have the least expensive set up expenses, they will have services and products that people want to buy and will have the biggest possible client base. Welcome to the world of online business! It’s not a secret that a growing number of people are purchasing products and services online because of convenience, choice, cost and service. Starting up an online business and joining the thriving e-commerce world really is easiest business to start.

1. Low set up costs.

The beauty of starting an online business is that the start up costs are very low as compared to a conventional bricks and mortar business. Starting conventional business requires substantial investments in human resources, inventory and financial capital. Industry is becoming more information-intensive and less labour and capital-intensive.This means that more and more traditional barriers to success in business are being removed.

2. You do not need to have your own products.

An online business is the easiest business to start because you don’t even need to have your own products to sell. In fact, you don’t have to stock any products, set up payment systems or worry about distribution or product fulfillment. This is possible with one of the most popular and best home business models called affiliate marketing.This is where you promote and sell other people’s products. It’s like being an online commission-paid sales person. When you make a sale, you get paid a commission.

The creator of the product is responsible for the whole development and fulfillment of the product. They will supply the marketing resources, manage the product delivery and follow up customer assistance. Your task is to find the customers and push them to the vendor’s online sales pages. There is an almost unlimited amount of products, services and online business ideas that you can promote this way. You can become an affiliate for services and products available on websites such as Amazon, CJ Affiliate, ClickBank or JVZoo. You can sell any products you want and receive commissions on every sale.

3. Your business is open 24/7 to customers all over the world.

One of the best advantages of an online business is that you can work from anywhere you want so long as you have a computer and access to the internet. The internet makes it possible for you to have customers from all over the world meaning that your business can quickly grow. You are not restricted to finding customers who live near to you. When you have an online business, your business is open all day long, 7 days a week, 365 days a year. You can literally earn money while you’re sleeping.

4. Use software to your advantage.

The great reasons for starting an onlne business is that a lot of tasks can be automated. For example, it is important to introduce your business to prospective customers, maintain contact and build relationships with customers and send out special offers. This can easily be done with email autoresponder marketing software that works on autopilot. An autoresponder works day and night for you, while you concentrate on other aspects of your business.

5. Easy access to training.

Although an online business is the easiest business to start, it’s possible that you will need guidance with certain areas at some time or another. To help you, there are a wide variety of high quality online business training programs available on the internet. Your journey to success will be quicker if you make an investment in your online business education. Remember that you can learn as you earn. Learning from a successful person who has gone before you can make a big difference to your business. They can precisely evaluate your efforts, help you make progress with your marketing and profits and explain the way around stumbling blocks.

Starting A Business In Australia? What You Need To Know Right Now!

Starting a business in Australia can be either simple or complex, depending on the way you choose to structure your enterprise.

Choosing The Right Structure For You

There are four basic structures that you can choose from –

• Sole Trader,

• Partnership,

• Company,

• Trust.

Most people commence in business as a Sole Trader or Partnership. As the business grows and takes on employees many people choose to restructure by forming a Company. Trusts are a less common form of legal entity and it is rare that a new business owner would set up a Trust in the early stages of their new business.

Regardless of the business structure you choose, the first thing you must do is to apply for an Australian Business Number, or ABN as it is more commonly known. Applying for an ABN is free and can be obtained in 10 minutes by visiting the Australian Securities and Investment Commission website.

If you wish to trade under a business name such as Jim Brown’s Pizza Palace you need to register this name with ASIC also. At the time of writing, this fee is $30 plus GST for one year or $70 plus GST for 3 years.

In Australia, if you don’t produce an ABN, other businesses will often refuse to trade with you. When applying for an ABN, you need to consider whether you need to be registered for GST. If your annual turnover is likely to exceed $75,000, GST registration is compulsory. If your turnover is under $75,000 registration, in most cases, is optional. Most new businesses choose to report and pay their GST on a quarterly basis.

GST: Exceptions To The Rule

• If you drive a taxi or a hire car, you must register for GST regardless of your turnover.

• If you operate a non-profit organisation, GST registration is not required until you have a turnover of $150,000 or more.

Getting The Right Business Advice

Before you start your business, it pays to get advice from a professional such as an accountant or financial advisor. However, this can sometimes be costly.

In Australia, free or low cost assistance is available from:

Business Enterprise Centres (found throughout the country)
The Australian Taxation Office (ATO)
Various State and Federal Departments eg. Regional Development, Ausindustry, Industry and Investment, Austrade, ACCC etc
Local business networks
Professional business networks such as your local Business Chamber
Industry Associations

Type of Business

Have you already got a business idea in mind? Will you buy an existing business or will it be a new start up business? Maybe you are setting up an online business. Have you considered the operating costs, the pricing structure, the staffing plans and the business hours? Will you operate from a shop, an office or home? Have you checked Local Council Regulations? Do you know what Insurance and Licences you will need? Have you done your research? Is there a market for your product or service?

Will you be starting part time or jumping straight in? Have you done a business plan? Is your business likely to be viable?

Don’t go into business until you have checked all these things out. Remember that business is a subject that needs to be studied, just like hairdressing, carpentry, accounting and web design. Do your due diligence.

The author, John Kirk, is a Small Business Trainer, Mentor, Public Speaker and former Financial Advisor. John teaches Micro Business Management at Illawarra ITeC, one of the largest Training Organisations south of Sydney, Australia. In addition, he regularly conducts workshops and seminars focusing on cashflow, budgeting, marketing, networking and the business mindset for small business owners.