After you’ve decided on a shopping cart, you’ll need to choose a payment gateway (sometimes called a payment provider) that securely authorizes and charges customers’ payment cards, temporarily holds the funds in a merchant account that’s part of the service, and sends you the payments less transaction fees. Examples of payment gateways include PayPal, Authorize.net, Chase Paymentech, and Sage […]
If you search online for the phrase “PayPal sucks” you’ll find discussion board comments and even entire websites with bad things to say about PayPal. Many of the complaints seem to suggest that PayPal freezes funds and even shuts down the accounts of honest merchants for completely unfair and arbitrary reasons. Reading between the lines, I […]
As your business grows – and especially once you start to work with outside suppliers – you’ll likely need an accounting software package. For most businesses QuickBooks is the unavoidable choice. If you want to get help from an accountant or eventually hire a bookkeeper QuickBooks is practically mandatory. QuickBooks has the potential to make […]
One of the most bewildering aspects to managing a business that stocks and sells physical goods (as opposed to selling only electronic downloads, or items drop-shipped directly from manufacturers to customers) is understanding the huge importance of inventory that you keep on hand to sell. It’s entirely possible that at some point your accounting software will tell […]
Today there seem to be almost limitless ways for criminals to steal money from an online business. Your bank accounts, online merchant account, credit card accounts, website, and the computers you use for work will be under constant attack. You’re never 100% safe, but I can suggest some basic guidelines that should greatly reduce the […]
After the first full year of running a moonlight business, I found that we’d earned a nice profit. The money wasn’t yet as much as I earned from my day job, but it represented more spare funds than our family had seen in a long time. Unfortunately, anyone who knows US tax law* will tell […]
As discussed in our story about the inventory trap, if you sell physical products (as opposed to electronic downloads or items drop shipped directly from outside manufacturers to your customers) your ability to manage your inventory could be critical to the survival of your business. Minimizing excess inventory is essential to ensure you’ll have enough […]
After you’ve registered your company name online, registering your new business with the government can seem almost stress-free. I found our county offices to be surprisingly helpful – and no wonder, since over the years we’ve sent them a lot of sales taxes collected from customers in our state. A first step is to visit […]
Your choice of where to set up the bank and payment card accounts for your new business could have a big impact on daily convenience. You should choose carefully, since it could become difficult to move accounts as your business grows. It’s often easiest to create separate, linked business accounts at your current bank. But […]
Your shopping cart is software that allows visitors to select the items they want to purchase, calculates shipping and tax, and communicates the costs to your payment gateway so that customers are charged the correct fees. The shopping cart also provides reports to help you manage your inventory, keep your financial books, and perform other important tasks. […]
Keys to Starting an Online Business
If you’re thinking about starting an online business, here are some fundamental ideas to help you stay focused and grow. 1. Learn by Helping Others An easy way to learn about online marketing is to help a friend, family member, or organization set up a website to promote their product or service. As explained in […]
Part 1: Find Your Product Idea Contrary to what you might think, it’s usually not difficult to come up with a great product idea for your new company. Start by keeping notes about the products and services you’ve encountered in everyday life that really stink. Are you frustrated because your car mechanic ripped you off? […]
Choosing the right company name, in the form of a web address (or root domain, as it’s often called) is essential for your online business. Your choice of web address should determine the legal company name that you register with your government, and not the other way around. Just as important as choosing the right […]
If you’re going to own a web store, you’ll need a web address (often called a “root domain“) that will appear online in visitors’ search results, or when they type the name into their browser address bar. As discussed in my article about getting the right company name, your choice of web address is critical […]
Website Basics When starting your first online store, it’s usually best to start simple and keep your costs low. It makes little sense to hire an expensive web designer – or to sign up for an eCommerce service with high monthly costs – until you’ve proven that you can sell your first products and keep […]
As discussed in the article about making your website visible, there are important reasons to buy online advertising from Google* and others. The benefits of online advertising can include jump-starting traffic to your website, and keeping you focused on the key terms you’ll need to emphasize on your web pages and in your ads so that […]
For your business to succeed, you’ll need to build your online reputation like it’s your most valued asset. Achieving positive word of mouth requires you to respect customers’ money and time, and allows for very few mistakes. Dealing with a constant flow of questions, feedback and criticism isn’t for everyone. Among other things, giving good […]
It can be a challenge to start an online business while you keep your day job. At times the process could feel like a juggling act; you’ll need a lot of energy and determination. The general rules for starting a company while you keep your day job might seem like common sense, but some of […]
Once you start to sell online and prove your product idea, you can help your business grow by following some simple advice from a really smart CEO at a company where I once worked. This CEO is unusual because he shares so much information about running a company with his workers. It’s no coincidence that so many […]
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