You’ve grown weary of attending to your 9‑to‑5 job as you do not foresee any prospects of career progression. You are very keen to go it alone by starting your online venture as you have seen many of your colleagues and friends strike gold by following that route. However, you have absolutely no idea on how to get started.
Since the time Internet emerged, online technology has progressed by leaps and bounds (and still continues to), rendering the process of incorporating a web‑based startup, remarkably easy. Nowadays, corporate organizations, as well as big and small brick‑andmortar businesses, need to have an online presence (read website) in order to be viable and competitive. Regardless of whether you want to turn your online venture into your chief source of livelihood or wish to develop the Online Business business as a secondary source of income, you can achieve success if you follow specific steps.
A typical web‑based online business has some inherent advantages over an offline or physical commercial establishment that makes the former more lucrative than the latter. For instance, your incorporation and overheads costs are lower, you can make do with less staff at least in the initial years, and overseeing the entire setup is more manageable. Abide by the steps outlined below if you are sincere about beginning your online undertaking, increasing its visibility across the web, attracting niche traffic, and raking in the moolah which is what ultimately matters.
1. Company formation and registration with IRS/Canadian Revenue Agency
The entire process of registering and incorporating a new online business has become much easier in the present times. You do not have to fill up endless forms and documents, make endless visits to the respective authorities for submitting the transcripts, pay a small fortune as registration fees, and finally wait for the approval‑these formalities used to be de rigueur in the past. Though you can hire an accountant or solicitor for entrusting them with the formalities of opening an online startup, you can also do the work of the consultant yourself as the rules and regulations are easy to follow.
First of all, you’ll need to decide whether you want to opt for a partnership or sole proprietorship mode or wish to fulfill the obligations of a public or private limited company. Each and every form of business has its own advantages and disadvantages. At the end of the day, it is completely up to you to decide which route you will take depending on your preferences and requirements.
Once you are through with the first step, your next task will be to decide upon a company name. Make sure the name is something that has a good recall value. In other words, it should be one that you or anybody else for that matter can easily remember.
Thereafter, you will have to accumulate all the details required for registration including company name, business address, and nature of the online business, share capital details, shareholder(s) details, and company director details. The next step would be to prepare the Memorandum and Articles of Association (a must if the venture is a public limited or private limited company). Thereafter, you’ll have to register your business with the