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Start Selling Online: A Beginner’s Guide

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Start Selling Online: A Beginner’s Guide

Posted on by webadmin

Selling products online has never been easier. With the rise of e-commerce platforms and digital marketplaces, anyone can start their own online business. But, like any business, you must build a solid foundation before launching your digital shop. Follow these steps to give your new online venture a flying start.

You have a viable idea, a catchy brand name, and a fleshed-out business plan. Now what? The internet has made it possible for small business owners to turn their passion into profit. Selling your product or service online is a more accessible and lower-cost alternative to the logistical hurdles and high up-front costs that a brick-and-mortar business demands.

However, as with any business, you need to establish a strong foundation before launching your digital storefront. Follow the steps below to help your new online venture hit the ground running.

Step 1: Decide your business structure

Claiming the proper business structure is important because it dictates the legal and tax requirements you need to satisfy. Most small business owners either file as a sole proprietorship or an LLC.

Do your research before making a decision, and if you have additional questions, we recommend consulting with an attorney to determine the best business structure for your online store. Because each business structure also comes with varying tax requirements, you should also reach out to your local tax professional to field any questions.

Step 2: Get the proper permits and licenses

Wait, you need a license even if you’re running your business online? Yes! And depending on where you live and operate your business, you may need to obtain several business licenses.

Getting the proper e-commerce business licenses and permits is crucial to ensuring your online business operates within the law. Don’t stress, though. Most of these licenses are easy to obtain.

The good news is that you don’t need many business licenses, and the ones you do need are relatively easy to acquire. Again, licensing requirements can vary by state, so check with your state’s licensing boards to ensure you’re applying for the appropriate licenses. Some of the most common online business licenses include:

  1. Business Operation License

  2. Employer Identification Number (EIN)

  3. Doing Business As (DBA) License

  4. Seller’s Permit

  5. Sales Tax License

  6. Home Occupation Permit

  7. Occupational License

Step 3: Choose the right platform to sell your products on

Small businesses’ shift to e-commerce has exploded in growth over the last several years. Nowadays, 63% of shopping journeys start online, making online shops an increasingly lucrative option for selling your products. When it comes to sales channels, you have a few options to choose from.

Option 1: Create your own store

Many popular online storefronts include a fully-customized page builder to create your own store within minutes. These stores offer an all-in-one package deal; website, blog, SSL certificate, third-party app integrations, social media sales channels, and many other tools.

Option 2: Sell on marketplaces

If you’re not quite ready to launch your online storefront just yet, there are plenty of online marketplaces to choose from to help get your online business off the ground. There are several e-commerce marketplaces where you can sell your products. Some marketplaces cater to niches, while others are generalists. Some of the most well-reputed online marketplaces include:

  • Amazon

  • Handshake

  • Etsy

  • Chairish

  • Swappa

Option 3: Sell on social media 

Currently, you can list, sell, and promote your goods on Facebook and Instagram. You’ll need a Facebook business page and Instagram business account to get started, but both platforms offer comprehensive guides on how to get your shop set up in no time!

Step 4: Determine what payments you’ll accept

There are several ways to get your products into customers’ hands. You can sell through an online marketplace, social media or add a shopping cart to your own website by integrating a payment processor app.

When it comes to the number of payment methods your online store should accept, the more the merrier! Beyond credit and debit cards, don’t forget to consider accepting digital payment methods like Apple Pay and Google Pay.

Step 5: Decide how you’ll ship your product

Depending on what you sell, you’ll need to set up a supply and inventory management method and determine how to deliver your product to your customer. Before you list your shipping rates, it’s necessary to estimate your costs and their impact on profits.

Not surprisingly, 96% of customers report that free shipping impacts their purchase decision, and 25% are more likely to abandon their cart if shipping costs are too high. But higher fulfillment costs will drill into your bottom line. That’s why it’s essential to calculate the most competitive carrier pricing and shipping options for your online business.

Step 6: Spread the word 

While you’re working through the previous steps, you’ll also want to drum up excitement for your online business’s official launch. Your pre-launch and overall marketing strategy should be outlined in your business plan, but if you’re still struggling to determine the best way to reach your target market, we have some guidance to help get your product in front of the right people. By building up audience excitement and anticipation through social media and various advertising methods, you’ll set your business on the fast track for a successful launch.

Getting your online business off the ground doesn’t have to be an overwhelming experience. Covering your bases and completing the steps on this list means spending more time doing (and getting paid for) what you love!

Take your business to the next level. Launch your online store and reach a wider audience. Our secure and reliable advanced credit card payment processing can help you grow your business. Call today at (877) 847-4478. Check our IG for more information.

Reference: [https://www.sumup.com/en-us/business-guide/online-selling-guide/]

4 Strategies for Holiday Shopping Season Prep

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The holiday shopping season can be hectic for businesses of all sizes. With increased competition and heightened consumer expectations, preparing your business for the holiday rush is essential. By implementing a well-thought-out strategy, you can maximize sales, enhance customer satisfaction, and position your business for long-term success. Here are four key strategies to help you prepare for the holiday shopping season and drive sales.

Early preparation for the holiday shopping season helps small businesses boost sales, overcome challenges, and stay competitive during the most critical sales period of the year.

The final months of the calendar year are an opportunity for small businesses to maximize their sales and profits by targeting holiday shoppers. Getting a head start on your holiday sale plans several months in advance can ensure you’re prepared to make the most of the upcoming shopping season.

Here’s why it’s so important for retailers to start holiday season preparations early and some strategies you can use to set yourself up for success.

Why start holiday season prep early?

According to an American Express Survey, over 65% of small businesses report that holiday shopping directly impacts their overall financial health.

Kat Connor, co-founder of XO Marshmallow, said product-based businesses see the last quarter of the year as a time when revenue potential is the highest.

“During this time, everyone is struggling to finish out the end of year strong, and you often run into shortages, price hikes, or other seasonal surprises. As a business owner, you don’t want to be surprised — surprises tend to cost money,” said Connor.

Similarly, Nicole Pomije, founder and CEO of The Cookie Cups, noted that early for the holiday shopping season allows you time to adapt to any unexpected challenges and get ahead of your competition.

“The earlier you begin, the more time you have to fine-tune your inventory, marketing strategies, and customer service processes. It also gives you the flexibility to adapt if unexpected challenges arise, such as supply chain delays or changes in consumer behavior,” Pomije explained.

Tips for planning ahead for the holiday season

Here are four things you can do several months ahead of the holiday season to prepare for the uptick in year-end sales.

Hire seasonal workers early

The best thing your small business can do to get ready for a busy holiday season is to hire your holiday team as soon as possible.

“Start hiring in late summer or early fall so your employees are fully trained and ready to hit the ground running,” Connor said.

Get ahead on holiday social media campaigns

The late summer and early fall season is a great time to solidify your year-end marketing campaigns and iron out the details for any holiday promotions you want to offer.

Connor recommended working on your holiday social media strategy now and planning out as many posts, collaborations, and content on your social platforms ahead of time as possible. Otherwise, your social media presence may suffer if you don’t have the time to dedicate to it during the holiday rush.

“If you are already planning out October [through] December, go ahead and plan out your January and February,” Connor said. “This will set you up to have a moment of rest between the holiday and new year and stay in that upswing operationally.”

Audit your inventory and digital presence

For retail businesses, Pomije suggested conducting a thorough inventory audit before the holiday rush.

“This helps identify bestsellers and underperformers so you can stock up on the right products,” Pomije said.

Pomije also recommended using this period to refresh your website and any e-commerce channels you use to ensure they’re ready for increased traffic and are optimized for mobile shoppers.

Try something new

The holiday season is a great time to try new sales strategies and expand your offerings to capture more attention from shoppers.

For example, Pomije said her company is offering new themed Winter Wonderland Cookie Baking Kits for Kids this holiday season. The kits will be on shelves in hundreds of Kohl’s stores nationwide.

For XO Marshmallow, the year has been filled with experimental, limited products and experiences, and the plan is to continue that through the holiday season.

“This year, we are working on hosting a lot of events and having a few fun exclusives at our cafe space in Lincoln Park (Chicago). Our strategy always involves giving the customers what they love and throwing in a few sweet surprises,” said Connor.

Make the most of the holiday shopping season. Our secure and reliable advanced credit card payment processing can help you capture more sales and grow your business. Call today at (877) 847-4478. Check our IG for more information.

Reference: [https://www.uschamber.com/co/grow/marketing/holiday-season-planning]

Why is a Business Financial Plan Important?

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A well-crafted financial plan can be a game-changer for your business. It provides clarity, stability, and the confidence needed to make informed decisions. Discover more about its importance. When it comes to the payment solutions, have a conversation with us — we can keep more of your hard-earned money in your pocket!  

Many small businesses lack a complete, well-thought-out financial plan — even though evidence shows one is essential for long-term success and growth. A business financial plan can help an organization better manage cash flow, guide investment and financing decisions, and take advantage of growth opportunities with confidence. We’ll explain nine elements of a solid business financial plan. We’ll also share tips for writing a comprehensive plan to guide and nurture your company’s financial health.

Financial Solutions to Keep Your Business Running

Finding the right financial solutions for your small business is time consuming – especially in these tough times. business.com looked at dozens of options to come up with the following recommendations.

What is a business financial plan, and why is it important?

A business financial plan is an overview of an organization’s financial situation and a forward-looking growth projection. It can help you manage cash flow and accounts for months when revenue might be lower than expected. It also helps you plan for taxes and create a business budget that accounts for daily and monthly expenses.

A financial plan helps business leaders make informed decisions about purchases, debt, hiring, expense control and overall operations for the year ahead. It’s particularly important if a business owner is looking to sell, attract investors or enter a partnership with another business.

However, perhaps the most crucial benefit of a financial plan is helping you focus on your business’s long-term growth. It allows you to look beyond your company’s day-to-day activities and avoid losing sight of your goals. Focusing on your long-term vision ensures you prioritize your financial resources.

9 components of a successful financial plan for business

Your unique business financial plan may differ by industry and business type. However, all businesses should include the following nine components.

1. Sales forecasting.

Sales forecasting is a crucial element of your business financial plan. A sales forecast estimates how much of a product or service a business will sell in the next week, month, quarter or year.

Sales forecasting can help you identify patterns in your sales cycles and better understand — and improve — your business. For example, a seasonal business can use sales forecasting to inform strategies for improving off-season sales and becoming a year-round venture. Another business might use sales forecasting to understand how factors like the weather or the economy influence sales fluctuations and prepare more effectively.

This knowledge is invaluable as you plan marketing initiatives. Additionally, sales forecasting can be the foundation of your business growth plan and goals. For instance, you could aim to improve your sales by 10 percent over each previous period.

2. Expense outlay.

Your financial plan should include an accounting of all regular expenses, expected future expenses and associated expenses.

  • Regular expenses: Regular expenses are your business’s current ongoing costs; this includes operational and overhead costs such as rent, utilities and payroll. They also include standard yearly business activities, such as conference attendance, advertising and marketing, and the office holiday party. It’s advisable to distinguish essential expenses from expenses that can be reduced or eliminated if needed.
  • Expected future expenses: Expected future expenses are known future costs, such as tax rate increases, minimum wage increases or maintenance needs. You should also consider unexpected future expenses, such as damage to your business caused by fire, flood or other unexpected disasters (and costs for disaster preparedness).
  • Associated expenses: Associated expenses are the estimated costs of various initiatives, such as hiring new employees, investing in employee training, expanding your delivery area and opening another business location. An accurate estimate of associated expenses helps you properly manage growth and prevents your business from exceeding your cost capabilities. As with expected future expenses, understanding how much capital is required to accomplish various growth goals helps you make the right decision about financing options.

3. Statement of financial position (assets and liabilities).

Business assets and liabilities are the foundation of your company’s balance sheet and the primary determinants of your business’s net worth. Tracking assets and liabilities allows you to maximize your business’s potential value.

Small businesses frequently undervalue their assets (such as machinery, property or inventory) and fail to properly account for outstanding bills. Your balance sheet offers a deeper view of your business’s health than does a profit-and-loss statement or a cash flow report.

4. Cash flow projection.

You should be able to predict your cash flow on a monthly, quarterly and annual basis.

Projecting cash flow for the entire year allows you to anticipate financial struggles or challenges. It can also help you identify a cash flow problem before it harms your business. You can set the most appropriate payment terms — such as how much you charge a customer upfront or how many days after invoicing you expect payment.

A cash flow projection reveals how much money will remain at the end of each month, allowing you to plan for expansion or other investments. It also helps you budget. For example, you can spend less during one month to meet the anticipated cash needs of another month.

5. Break-even analysis.

A break-even analysis evaluates fixed costs relative to the profit earned by each additional unit you produce and sell. This analysis is essential to understanding your business’s revenue and potential costs vs. profits of expansion or growth.

Having your expenses fully fleshed out, as described above, makes your break-even analysis even more accurate and useful, allowing you to:

  • Determine pricing (set a price that gives you a comfortable margin over your expenses while allowing your business to remain competitive).
  • Understand how many units you must sell at specific prices to cover costs.

6. Operations plan.

To run your business efficiently, you must craft a detailed overview of your operational needs. You can make more informed decisions for your business’s growth and efficiency when you:

  • Understand what roles are required to operate your business at various output volumes.
  • How much output or work each employee can handle.
  • The costs of each stage of your supply chain.

Tightly controlling expenses — such as payroll or supply chain costs — relative to growth is essential. An operations plan can also help determine if there is room to optimize operations or supply chains through automation, new technology or superior vendors.

Focusing on profit margins is also essential for many businesses. For example, credit card processing fees can take a big bite out of your bottom line. Managing these costs can make the difference between turning a profit or going into the red.

7. Funding plan.

Your financial plan will include a funding plan. While some business owners bootstrap their companies out of their own pockets, many others will require funding. In your funding plan, you must consider whether to use debt or equity financing and outline the reasons for your decision. If you decide to take on debt, ensure you understand the process of applying for a business loan. U.S. Small Business Administration (SBA) loans are especially prized for their low interest rates and long repayment periods.

Equity financing involves finding business investors. In exchange for funding your company, investors will take an ownership stake in the business. It’s crucial to know how to present your idea to investors to maximize your chances of a successful pitch.

8. Investment analysis.

An investment analysis looks at industry trends, investment opportunities, and resource allocation to ensure funds are spent wisely and effectively. For instance, determining which projects will yield the highest return on investment (ROI) is crucial for long-term success. Acquiring customers is especially important for growing your business. So, for example, it’s essential to measure the ROI of digital marketing campaigns to maximize limited investment funds. By incorporating investment analysis into your financial plan, you can make informed decisions that drive growth and profitability.

9. Risk management plan.

While it’s essential to plan for success, it’s also crucial to identify financial risks and develop mitigation strategies. Does your industry tend to move through cycles of boom and bust? Is there an elevated risk of litigation? Does your business face potential disruption from weather-related events? Ensure you create contingency plans for potential financial setbacks and secure appropriate insurance.

Tips on writing a business financial plan

Business owners should create a financial plan annually to ensure they have a clear and accurate picture of their business’s finances and a realistic view of future growth or expansion. Here are some tips for writing a comprehensive business financial plan.

1. Review the previous year’s financial plan.

It’s a good idea to compare the previous year’s plan against actual performance and finances to see how accurate it was. That way, you can address any discrepancies or overlooked elements in next year’s plan.

2. Collaborate with other departments.

The individual charged with creating the business financial plan should collaborate — mainly with the finance department, human resources department, sales team, operations leader and those in charge of machinery, vehicles or other significant business tools.

Each division should provide the necessary data about projections, value and expenses. These elements combine to create a comprehensive financial picture of the business.

3. Use available resources and financial plan templates.

Business owners don’t have to go it alone to create their financial plans. Numerous resources exist to provide guidance and even templates. Consider the following options:

  • SBA: The SBA is an excellent resource for learning about financial plans. This knowledge includes the necessary elements and how best to work with the different departments in your business to collect the required information. Additionally, the SBA’s Learning Platform offers a course on how to create a business plan; this involves financial planning elements as well as worksheets and templates to help you get started. You can seek additional help and more personalized service from your local SBA office.
  • SCORE: SCORE (Service Corps of Retired Executives), the SBA’s nonprofit partner, is the largest volunteer network of business mentors. It began as a group of retired executives but has expanded to include business owners and executives from many industries. SCORE provides free advice, group and online learning, and mentoring resources. SCORE’s business plan and finance templates are excellent resources for small business owners.
  • Accountants and financial professionals: You can ask your business accountant for financial plan guidance; many accountants provide financial planning services in addition to their usual tax and finance services.
  • Microsoft 365: Microsoft 365 offers numerous financial management templates, business budget templates and other resources.
  • QuickBooks: QuickBooks has several resources, including business plan templates and budgeting tools.
  • Additional templates: BDC’s free business financial plan template, Hubspot’s financial planning templates and JotForm’s financial plan template.

Invest in your business’s future with Clear Charge Solutions. Our advanced credit card payment processing can streamline your operations and enhance your customer experience. Call today at (877) 847-4478. Check our IG for more information.

Reference: [https://www.business.com/articles/6-elements-of-successful-financial-plan/]

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