If starting an online business is on your radar for 2020, now might be a great time to get stuck in. Given the current global situation, many are finding themselves with a little extra time on their hands – a rare situation that lends itself to finally getting around to that idea you’ve had.
Pod Legal Directors Jamie and Karan White have had their fair share of experiences in business, and have rounded up their top 5 tips for those wanting to start an online business in 2020.
1. Choose a business name wisely
Naming your business is no mean feat. While you might feel certain that your long-thought-out pun is the perfect name for your business, there are several important factors to consider.
From a legal perspective, it’s important to conduct a trade mark search to ensure your choice of name won’t infringe upon an existing trade mark. These types of searches also help you establish the likelihood of that trade mark being available to you in the future.
From a marketing perspective, you’ll need to think about how easily understood your name is. Does it sound like other names? How would it be heard if you ever did radio advertising? It’s also worth checking for any dicey translations in other languages. Even if you’re not planning to go global, double checking you’re not accidentally naming your business with an inflammatory word at the beginning will save you a lot of headaches later on.
2. Legitimise from day one
No matter how small you plan to start, legitimising your offering from day one is crucial. Investing in properly prepared online terms and tailored privacy policies will ensure you’re legally compliant, and establishes authority in your online presence.
In addition, making the proper registrations for your business, including business naming, trade marking and GST should be on your start-up to-do list.
3. Consider scalability
When making decisions for any business in its infancy, a long term mindset makes all the difference. Thinking too small can make scaling your business more difficult, and keep you trapped in start-up stage for longer than you need to be.
Speaking to someone with experience growing and scaling businesses may help you gain a sense of clarity, and feel more confident making big picture decisions.
4. Explore viability and demand
Our brains have an incredible ability to see things through rose tinted glasses. An idea that you’ve fallen in love with might seem like a golden opportunity to you, but look to obtain insights from impartial people, too. A fresh set of eyes can identify issues with viability that you weren’t able to spot yourself, and save you time and money down the track.
5. Make sure it aligns with your values
Starting a new business is exciting and empowering – but make sure you’re in it for the right reasons. Define your ‘why’, and set a plan of action that ensures every business decision aligns with that ‘why’. Many keen entrepreneurs find themselves down an unexpected path, which isn’t in itself a bad thing. If, however, this unexpected path means you’ve lost sight of your long term vision, you may end up with regrets.
FREE 30 minute consultations
Wish you could discuss your business idea with someone with business experience, who can give you impartial, actionable advice on getting off the ground? Lock in a free, no-obligation chat with Jamie White and Karan White – and get just the support you’ve been looking for.
With experience in businesses large and small, Jamie and Karan will help you iron out bumps in your path to business ownership, and help you get that all-important clarity on where you want to go and how you’re going to get there.
Sign up for your consultation below, and we’ll be in touch to confirm a time.