Top Tips for Online Business

Tags: Online Business, Business Start-ups, New Business

By Evyenia Walton, Director, Interpret Legal

Setting up a new business can be daunting, especially if you are new to the online experience. Here are some tips for those just starting out (or thinking about it):

  1. Research your market. Find out what your competitors are doing. How will you be better/ do better than them? What is different about you? Know your offering, how you will sell it and who to sell it to.
  2. Keep it simple – register your domain name, company/ business name and ensure you have your structure right at the outset. Also look at trademarking your brand from the start. The process takes a while to get through so the more prepared you are in this regard, the better.
  3. Surround yourself with the right people – if your accountant doesn’t understand what you are trying to achieve with your business, get yourself a new one. Need to understand your legal position and risks associated with your business? Get yourself a lawyer that you can understand, and who takes the time to get to know you and your business. If you don’t have a good insurance broker, you need this too. Understand your risks around cybersecurity, privacy, protection of data etc. If you get hacked, you need to understand what to do and when to do it – if you are someone that deals with a lot of data, then you will need to get a good Data Breach Policy in place.
  4. Understand your integrations – which platforms are you using? Do you know how they store/ use/ collect data? What happens if something goes wrong? You need to understand how things work and what the consequences are if things go wrong.
  5. Don’t be afraid to be different – no one will do (or sell) your business like you, so get out there and make a difference!
  6. Celebrate EVERYTHING – starting and running a business is a huge achievement. Celebrate the small wins as well as the big ones!

Wherever you are on your business journey, we are here to support you in whatever way you need. You got this!