Perhaps you have a store or local shop, but like many other business owners, you’re thinking of also setting up an online store. Before you can start one in Oz though, you’ll need to apply for ABN online. This number is required for all businesses, online or offline.
This may indeed be a good idea. Here are some of the most notable advantages of having an online store these days:
1. Increased Visibility
More and more people are shopping and searching for products online. With an online store, therefore, you get the chance of promoting your business to a much wider audience. This can be an excellent way of getting more customers.
2. Attract Tourists
When people visit places these days, they tend to do an online search for local shops and destinations they can visit. With an online store, you increase the chance of tourists learning about your business and including your shop in their itinerary.
3. Multiple Income Streams
Even if you’re already earning a good income from your brick-and-mortar store, it’s still a good idea to set up an online store. Wouldn’t you want to have a backup source of income/sales in case your store sales drop at some point? Having multiple income streams will also help you grow your business more quickly.
You may still treat your brick-and-mortar store as your main source of business, but that doesn’t mean you should completely ignore the growing popularity of online shopping. Just make sure your site is attractive enough to draw visitors yet simple enough to make the shopping experience enjoyable. In this Internet age, you surely wouldn’t want to get left behind.
You want to start your own business. The problem is that you’re not quite sure what business to start. How do you find out which particular business venture is the best for you? Here are a few tips:
1. Decide on the Approach
You can choose to approach the act of choosing a business in the traditional manner. This approach involves selecting an industry, researching the industry for specific business models, doing market research to identify unmet needs, analyzing the competition, and then drawing up a business plan. Another approach you can opt for is to do something you love and turn it into a business venture. This approach has become quite popular in recent years.
2. Take Stock of Your Skills
Ask yourself what things you do best. You may or may not like some of these things, but if you’re sure you’re good at them, they can be the best idea for a business venture. Of course, if there are things you’re good at, which you also love doing, that may be a better choice.
3. Consider Your Favourite Products
If you feel that the thing you do best is selling, you may want to consider selling products that you love to use. If possible, stick to a theme (bath products, apparel, etc.). It’s a lot easier to promote products you’re already fond of.
Generally speaking, service businesses are a much safer choice than product businesses. Ultimately, though, it’s still your choice to make.
Before you get a business up and running, it’s always advisable to have a business plan in place. This can be a short-term, medium-term, or long-term plan. You may even want to consider drawing up all three types of business plan for good measure.
Long-term planning is typically done because some of your business goals may take years to achieve and require several steps or phases to accomplish. Here are a few tips on how to devise an effective long-term business plan:
- Define what you mean by long-term. Five years? Ten years? You have to be specific with your plan so you can set realistic goals.
- Develop your long-term business goal or vision. This is what your plan will be geared towards achieving. It also helps to break your goal down into specific objectives to be accomplished at every stage of the plan.
- Create action plans for each long-term objective you specify. These action plans constitute the various stages of your long-term business plan. You also have the option of breaking them down into a set of short-term plans.
There’s a huge advantage to thinking long-term when it comes to business planning. You may not be able to foretell what the future holds, but if you have a solid plan to serve as guide, you’ll likely find it much easier to adjust to the ever-changing landscape of the business world. Remember that the amateur thinks only of the first sale, whereas the truly effective entrepreneur thinks of a steady stream of sales.